• SA cities need foreigners

    We need to protect our cities' cosmopolitan nature, says Mzwandile Jacks.

  • Am I a racist?

    Does hating government's arrogance, nepotism and greed make me a bigot, asks Anton Ressel.

  • Recipe for disaster

    Malema's flames of frustration are fuelling white extremism, says Leopold Scholtz.

See More

Oil falls amid US economic concern

Jun 03 2011 10:03 AFP

Related Articles

Oil bounces as dollar falls

Oil slides on weak US economic data

Oil prices rise ahead of energy report

Oil rises on hopes of Greek resolution

Oil higher as dollar slips

Oil slips below $102 on weak jobs report


Singapore - Oil fell in Asian trade on Friday, erasing early morning gains that were brought about by a slightly weaker dollar amid concerns over the US economy, analysts said.

New York's main contract, light sweet crude for July delivery, dropped 11 cents to $100.29 a barrel and Brent North Sea crude for July delivery fell 7c to $115.47.

A strong US currency makes dollar-priced commodities more expensive for other currency holders, prompting investors to exit the market.

In afternoon foreign exchange trade, the euro was changing hands at $1.4485 compared with $1.4486 earlier in the day. The euro traded at $1.4484 late on Thursday in New York.

The dollar has been pressed by fears over the state of the US economy and dealers are looking to the release later in the day of key jobs figures to get a better idea of the outlook.

"The US non-farm payrolls report for May will be tonight’s key focus," analysts from Singapore's United Overseas Bank said in a commentary.

"While the European debt crisis remains fluid and unresolved, focus is now on the US economy, where it has taken a decisively weak tone as the Fed prepares to wrap up its $600bn government bond-buying programme."

Meanwhile, the US Department of Energy reported Thursday that the country's crude reserves soared 2.9 million barrels in the week ending May 27, instead of declining as expected by most analysts.

A rise in crude stocks is seen as a sign of demand waning in the world's number one oil consumer.

commodities  |  markets  |  oil



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Must see! The most luxurious dog house!

This dog house comes with a treadmill and hot tub, you have to see it!


Luxury living

Ridiculous demands people with too much money make
8 of the priciest places to dock your yacht
Habits of the world’s richest people

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Government’s call for the private sector to add power to the grid is:

Previous results · Suggest a vote