Quantcast
Latest Stories

Oil down in Asia on profit-taking



A woman waits beside a taxi fuelling up at a Sinopec gas station in Beijing. AFP FILE PHOTO

SINGAPORE— Oil prices eased in Asian trading hours Monday as investors took profits following last week’s rally triggered by concerns over rising tensions in the Middle East, analysts said.

New York’s main contract, light sweet crude for delivery in July, dropped 19 cents to $97.66 a barrel while Brent North Sea crude for August delivery shed 10 cents to $105.83 in morning trade.

“Markets are close to a resistance level after last week’s surge, and the feeling is that the major impulse this week will be downwards,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.

“The downside impulse could be sparked from a further build-up in US crude inventories or poor US and Japanese economic data”.

Uncertainty over whether the US Federal Reserve will continue its monetary stimulus programme is also weighing on prices, McCarthy said.

The Federal Open Market Committee, which sets the benchmark US dollar interest rate, meets on Tuesday and Wednesday and investors are expecting greater clarity on whether it will hold down long-term rates with its $85 billion-a-month bond buying program.

Meanwhile, investors are continuing to keep a close watch on the Middle East.

Prices had surged in late trading on Friday after US officials said they had evidence of the use of chemical weapons by forces backing Syrian leader Bashar al-Assad and signalled that Washington could begin arming the opposition.

“The fear of a contagion of conflict and a consequent supply shock in the Middle East region remains in the background even as traders are looking at the other factors,” said David Lennox, resource analyst at Fat Prophets in Sydney.

Russian President Vladimir Putin, speaking on the eve of a G8 summit in Northern Ireland, warned on Sunday against arming Syrian rebels and insisted that Moscow had abided by “rules and norms” when providing weapons to the Syrian regime.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Asia , economy , oil , Trading



Copyright © 2014, .
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
Advertisement
Advertisement

News

  • Like Passover, Easter festival of deliverance
  • How other faiths in PH observe Holy Week
  • Collector Danny Garcia says Inquirer worth more than news
  • Cardinal Tagle: Start new life with true peace
  • ‘Dry spell’ delayed, thanks to busted valve
  • Sports

  • Pacquiao top Mayweather contender
  • Rain or Shine, Ginebra clash for No. 6 spot
  • Ateneo eyes quarterfinal spot vs Benilde
  • Style contrast marks OneFC ‘Rise of Heroes’
  • ‘Pacquiao a great ambassador for basketball’
  • Lifestyle

  • How Zsa Zsa Padilla found Conrad Onglao; Sharon Cuneta played Cupid
  • Palawan favorite getaway of show biz celebrities
  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Entertainment

  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Awarded TV couple brings Jesus’ life to the big screen
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • 5 Filipinos with MERS in UAE reported in stable condition
  • Marketplace