Data provided by McGregor BFA
All data is delayed
Loading...
See More
Where am I? Home

Oil mixed in Asian trade

Oct 16 2012 07:53 AFP

Related Articles

Oil dips on softer global demand forecast

Oil up on Middle East tensions

Oil dips on global economic worries

World oil prices recover in Asia

Oil dips as EU stability fund launches

Oil prices extend gains

 

Singapore - Crude was mixed in Asia on Tuesday with global economic concerns putting a lid on prices which were supported by tighter European Union sanctions against Iran, analysts said.

New York's main contract, light sweet crude for November delivery shed 22 cents to $91.63 a barrel while Brent North Sea crude for November delivery added six cents to $115.86.

Crude was "holding relatively steady" as fresh Iranian sanctions tussled with global economic worries for traders' attention, said Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore.

"We have concerns about the economy, in particular Europe exerting downward pressure, but supporting oil are the tighter sanctions on Iran from the EU," he said.

European Union foreign ministers on Monday agreed tough sanctions against Iran, aimed at forcing a breakthrough in talks on Tehran's nuclear programme, and also the regime in war-ravaged Syria.

The new sanctions target EU dealings with Iran's banks, shipping and gas imports. Details on those targeted will be released later Tuesday but a government minister is on the new blacklist, diplomats said.

Meanwhile, traders were looking to an EU summit commencing Thursday for any breakthroughs on the fragile regional economy as debt-straddled Spain continues to hold off on requesting for a bailout while Greece negotiates for future funding.

commodities  |  markets  |  oil
NEXT ON FIN24X

 
 
Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

For detailed Unit Trust information, click here.

We're Talking About...

The Debt Issue

The Debt Issue brings you the latest debt news, tips on how to deal with and avoid debt, a panel of debt experts and real life debt stories from across South Africa.
 

Money Clinic

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