Crude prices mixed in Asian trade
SINGAPORE – Oil prices were mixed in Asia on Monday with downward pressure coming from a slip in US industrial output, analysts said.
New York’s main contract, light sweet crude for delivery in March eased 14 cents to $95.72 a barrel while Brent North Sea crude for delivery in April added 26 cents to $117.92.
Trading was restrained “after an unexpected dip in US industrial production spurred concerns about lagging economic activity”, Phillip Futures said in a report.
Official data Friday showed industrial production in the United States – the world’s largest economy and oil consumer— contracting 0.1 percent in January, with manufacturing output falling 0.4 percent.
“Economists had been expecting a modest increase in industrial output in January,” Phillip Futures said.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94