Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Singapore - Oil slipped below $93 a barrel Monday in Asia as crude followed the region's stock markets lower after North Korea announced the death of leader Kim Jong Il.
Benchmark crude for January delivery was down 78 cents to $92.75 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 34 cents to settle at $93.53 on Friday.
In London, Brent crude was down 45 cents at $102.90 on the ICE futures exchange.
Asian stock markets dropped Monday amid fears Kim's death could lead to greater instability on the divided Korean peninsular. South Korea's stock market fell 3.3 percent, Hong Kong slid 2.5 percent and Japan was down 1.1 percent.
Crude has fallen from above $100 earlier this month on growing fears Europe's debt crisis will trigger a recession on the continent next year and undermine global oil demand.
Oil prices have been supported by signs of a slowly improving U.S. economy, and the latest data on U.S. housing and gross domestic product are scheduled to be announced later this week.
"Attention to these numbers could shift focus away from Europe for a week or so and toward the U.S. with a potential rebound in the stock market sparking another rally across the energy complex," energy consultant Ritterbusch and Associates said in a report
In other energy trading on the Nymex, natural gas fell 4.0 cents to $3.09 per 1,000 cubic feet. Heating oil dropped 1.3 cents to $2.80 a gallon and gasoline futures were down 1 cent to $2.49 a gallon.