ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595
Markets

Oil lower in Asian trade on profit-taking

SINGAPORE: Oil fell in Asia on profit-taking Thursday following a rally overnight, with persistent concerns over the US
06 Oct 2011

oilSINGAPORE: Oil fell in Asia on profit-taking Thursday following a rally overnight, with persistent concerns over the US and European economies weighing on sentiment, analysts said.

In morning trade, New York's main contract, light sweet crude for November delivery fell 10 cents to $79.58 a barrel and Brent North Sea crude, also for November settlement, eased 38 cents to $102.44.

Analysts said oil prices were down despite a rebound in the equities market as investors sold for profit after posting strong gains in New York.

"The correlation with stocks is not always perfect," said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz.

"Given the uncertain prospects for the global economy and eurozone debt issue, it's not unusual for some pullback in oil after making some substantial gains overnight," he told AFP.

Other analysts said the gloomy economic picture in the US and Europe continued to be a drag on the market and had led prices to fall in recent weeks.

"Crude oil benchmarks all weakened over the past week, principally reflecting the increasing lack of confidence in the US and European economies," said Sanjeev Gupta, who heads Ernst and Young's regional oil and gas practice.

Analysts expect the European Central Bank to cut interest rates in an attempt to stave off a recession when it meets later Thursday in the German capital Berlin.

Central bank chiefs from the 17 eurozone countries will gather in the German capital for one of their twice-yearly meetings outside Frankfurt with some economists suggesting it could announce a rate cut.

However, ECB watchers are divided as to the timing of such a move and whether the guardian of the single currency will choose to act as early as Thursday or wait until later in the year.

Copyright AFP (Agence France-Presse), 2011