Quantcast
Latest Stories

World oil prices down in Asian trade



In this Sept. 10, 2012, photo gasoline prices are displayed at a Mobil station in Needham, Massachusetts. AP FILE PHOTO

SINGAPORE – Oil prices eased in Asian trade Monday, weighed down by a fall in regional equities and on lingering concerns over the eurozone debt crisis, analysts said.

New York’s benchmark contract, West Texas Intermediate crude for November delivery, was down $1.01 to $91.88 a barrel in the morning, while Brent North Sea crude for November dipped 94 cents to $110.48.

Victor Shum, an analyst with Purvin and Gertz energy consultancy in Singapore, said the drop in the oil prices “is not surprising given that Asian stock markets are also coming down”.

He said differences between France and Germany on how to deal with the eurozone debt crisis remains a worry for investors.

“Concerns over Europe have caused some selling in Asian equities, and in connection to that also in oil futures,” he told AFP.

The leaders of Germany and France at a meeting on Saturday clashed over plans to monitor Europe’s crisis-hit banks.

Despite affirmations that European unity was the only way out of the debt turmoil, German Chancellor Angela Merkel and French President Francois Hollande differed over a key plank of crisis-fighting: tighter checks on the European banking sector.

Shum also said comments by top crude producer Saudi Arabia that it will take steps to keep prices from rising too high should press down on prices.

“It looks like on the supply front there’s no need for worry,” he said.


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

  • http://pulse.yahoo.com/_DFBLLPZNMLRXQKJZAONIAUCKRE Charlie

    good news for us here the ordinary people…



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

  • Bernice Lee arrested by NBI team
  • Group: Bataan cop killed to stop him from exposing colleagues linked to drug ring
  • Chemical Engineer licensure examination
  • Troubled history fuels Japan-China tension
  • Palace: Our concern is to ensure MRT runs smoothly
  • Sports

  • NLEX fights off Derulo Accelero to remain unbeaten
  • Mayweather diehard Bieber eats pride, poses with Pacquiao for photo op
  • Power Pinays rip Singapore to enter quarters in Asian volley tilt
  • PBA D-League: Waves edge skidding Superchargers
  • Ilad’s last-second basket lifts Gems over Bakers
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Century Pacific Food sets IPO price at P13.75 per share
  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Balikatan could spoil peace talks, says militant group
  • DFA officers hold workshop on aiding human traffic victims
  • Canada in communication with PH on toxic wastes
  • Filipinos in Middle East urged not to panic amid MERS-CoV scare
  • Obama on mission to quiet Asia skeptics
  • Marketplace