Quantcast
Latest Stories

Oil prices down in Asian trade



INQUIRER FILE PHOTO

SINGAPORE — Oil prices fell in Asian trade Thursday on signs of weaker US energy demand and as positions hardened in a fiscal showdown in Washington that could push the world’s biggest economy back into recession.

New York’s main contract, light sweet crude for delivery in January was down 16 cents to $87.72 a barrel in the morning and Brent North Sea crude for January shed nine cents to $108.72.

A weekly US government report released Wednesday showed a surge in supplies of gasoline and other products, indicating softer demand in the world’s biggest oil consuming nation.

The supplies of distillates, which include diesel and heating fuel that are closely watched at the onset of winter, rose by three million barrels, while gasoline inventories leaped by 7.9 million barrels, five times more than forecast.

“Oil prices fell… after data showed a huge increase in gasoline stockpiles in the United States last week,” Phillip Futures said in a market commentary.

The political impasse in Washington over avoiding mandatory fiscal cliff of tax increases and spending cuts in January that may toss the US economy back into recession was casting a cloud on sentiment.

President Barack Obama on Wednesday warned Republicans not to hold the US economy hostage to politics.

Obama and Republican foes accused each other of intransigence as vital hours passed without serious negotiations on the looming crisis.


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 , Asian Trade , Business , Commodities , Energy , oil prices



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

  • Luzon grid power reserve ‘enough’ for Holy Week
  • Pimentel proposes incentives for companies that will hire ex-convicts
  • State seeks guilty verdict for Abalos
  • SBMA execs, 2 others face graft raps
  • Pangasinan beachgoers warned vs jellyfish
  • Sports

  • My ideal weight is 140, declares Pacquiao
  • Freddie Roach: I’m satisfied; Manny Pacquiao did well
  • New-look Azkals tie Qatari side
  • San Miguel Beermen eye No. 2 slot, battle Air21 Express
  • Filipinos yield to Iraqis anew Asian club volley
  • Lifestyle

  • Celebrate Easter Sunday at Buddha-Bar Manila
  • Moriones feast: A slow, steady transformation
  • Weaving ‘palaspas’ a tradition kept alive in Tayabas City
  • Finalists announced for best translated books
  • Summer treat for your aspiring astronomers
  • Entertainment

  • Miley Cyrus hospitalized, cancels US concert
  • Otaku Summer Jam 2014: Summer’s hottest J-rock/Cosplay event
  • 2NE1 returns to Manila with “All Or Nothing” Tour
  • Gary Valenciano just keeps moving
  • Noisy celeb spews venom, backs off when confronted
  • Business

  • Longer TRO sought on rate hike
  • Make a stylish statement with the all-new Yaris
  • Hearing set in Olarte case
  • BOC sues steel importers
  • BIR continues to miss collection target
  • Technology

  • Tech company: change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Philippines may watch ‘blood moon’ online
  • Opinion

  • We may never know
  • Couple of things
  • Mommy D’s magic
  • Stop bizarre and bloody Good Friday rituals
  • Holy Week taboos
  • Global Nation

  • No travel restrictions to Middle East amid MERS-CoV scare
  • Measures set against entry of MERS-CoV
  • Japan backs PH in case before UN
  • Las Vegas union starts pickets over wages, benefits
  • Fil-Am Daly City councilor has eye on Superior Court seat
  • Marketplace