Oil prices eased in Asia Monday on softer US demand, but tensions in the Middle East where jihadists have declared an Islamic state straddling Iraq and Syria will likely keep prices high, analysts said.
By Riza T. Olchondra
Gasoline and diesel products may increase by up P1.50 per liter this week amid fears the worsening sectarian crisis in Iraq may disrupt exports from the world’s No. 3 supplier of crude oil.
Motorists may enjoy savings on fuel next week as prices are expected to go down on tempered speculation in the international market, the Department of Energy (DOE) said.
The price of oil fell Monday, edging off a two-year high as the likelihood of a U.S. attack against Syria appeared to diminish.
ABS-CBN Corp., the listed television broadcast arm of the Lopez Group, has tapped a new partner to offer additional channels aimed at Filipinos based in the Middle East.