Quantcast
Latest Stories

Oil prices flat in Asia


AP PHOTO

SINGAPORE–Oil was flat in Asia on Friday amid an extended sell-off in equities on concerns over the US central bank ending its multi-billion dollar economic stimulus measures, as well as poor Chinese manufacturing data, analysts said.

New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in August, was flat at $95.40 a barrel in morning trade and Brent North Sea crude for August delivery added five cents to $102.20.

WTI lost $2.84 in late New York trade Thursday, and the Brent dropped $3.97, its biggest loss since November 7.

“There is no substantive factor to support oil prices at this moment,” Victor Shum, managing director at IHS Purvin and Gertz in Singapore, told AFP.

“Oil futures will continue to move downwards in sync with equity markets after the US Fed announcement and poor Chinese manufacturing data,” he said.

The oil market joined a global sell-off in stocks and gold Thursday in response to Fed chairman Ben Bernanke’s comments that the US central bank could begin to wind down its $85 billion-a-month bond purchases if the economy continues to improve.

Markets were also hit by poor manufacturing data from China — a key global economic driver and the world’s top energy consumer.

HSBC’s preliminary purchasing managers’ index (PMI) released Thursday hit 48.3, worse than May’s final reading of 49.2 and its lowest since September.

A reading below 50 indicates contraction, while anything above signals expansion.

The data follows another batch of weak indicators in May that fuel concerns over the flailing strength of the world’s second-biggest economy.


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 , Ben Bernanke , Commodities , Consumer issue , oil , West Texas Intermediate

  • eight_log

    Not in the Philippines …. whichever way or turn you go, prices of petroleum products are going up … kung hindi dahil sa mga oil companies .. dahil sa advice ng DOE!!!! Kung hindi dahil sa peso na bumababa ang $$$$ ang tumataas … kung tumataas naman ang peso …. ang guerra naman sa Syria … soon it will be about the haze in Singapore at hindi makita ang refinery … hahahahahaha!!!!!

    Tawa nalang para hindi highbloodin!!!!!



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

  • US teacher fired over comment on black president
  • Magnitude-7.5 earthquake shakes Mexican capital
  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • 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

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Marketplace