Quantcast
Latest Stories

Asia, Economy, Oil, trade

Oil higher in Asian trade on hopes of stimulus



In this Monday, July 2, 2012, photo, tanker trucks take on loads of gasoline and diesel fuel at Arkansas Terminaling and Trading Inc., in North Little Rock, AP FILE PHOTO

Singapore – World oil prices were higher in Asian trade Monday on expectations of stimulus measures to boost economic growth in the United States, China and Europe, analysts said.

A collision between a US guided-missile destroyer and a Japanese-owned oil tanker near the Strait of Hormuz also rattled nerves among investors concerned over potential supply disruptions on the strategic waterway.

New York’s main contract, light sweet crude for delivery in September, was up 47 cents to $93.34 in the morning, while Brent North Sea crude for September climbed 69 cents to $113.64.

“Potential policy actions in the US, Europe and China may boost economic growth — I’m talking about stimulus measures,” said Victor Shum, an analyst with Purvin and Gertz energy consultants.

There are expectations the European Central Bank will restart its bond-buying scheme to support under-pressure economies such as Spain and Italy.

In the US, investors are expecting Federal Reserve to unveil its own drive to pump cash into the economy, while another batch of poor trade figures from China last week increased the likelihood Beijing will also intervene to kickstart growth.

The Strait of Hormuz connects the oil-rich Gulf to the Indian Ocean and around one fifth of the world’s traded oil passes through it.

Shum said the accident nearby “has raised some concerns about supply disruption” in the waterway.

The Bahrain-based US Fifth Fleet said the collision “was not combat related”.


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 , Trade



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

  • Ukraine FM: We are ready to fight Russia
  • Slain officer’s ‘diagram’ rocks PNP
  • 2 contractors fined P25,000 for delays in Edsa rehab
  • Luisita beneficiaries take over renters
  • 5 years of hard work pay off for top UP grad
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • Love it or hate it? Kris Aquino’s new hairstyle
  • A brand for life
  • Wear a rainbow on your wrist
  • Wearing Kate Moss
  • Sail into summer
  • Entertainment

  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • OMB exec’s assurance: We work 24/7
  • Business

  • Gaming stocks gain, PSEi eases on profit-taking
  • Cebu Pacific flew 3.74M passengers as of March
  • Corporate bonds sweeteners
  • Professionals in the family business
  • Foreign funds flowed out in Q1, says BSP
  • Technology

  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Afghan hospital guard kills 3 American doctors
  • Career diplomat is new PH consul general in Los Angeles
  • US4GG: Aquino should ask Obama for TPS approval, drone technology
  • Complex health care system for California’s elderly and poor explained
  • Tiff with HK over Luneta hostage fiasco finally over
  • Marketplace