• FULL mini budget speech

    Read the full mini budget speech delivered by Finance Minister Pravin Gordhan.

  • #FeesMustFall reporting

    What are the real issues and whose voices are being suppressed by social media, asks Solly Moeng.

  • Matchmaker businesses

    Multisided platforms can create huge value for society and fortunes for entrepreneurs, says Ian Mann.

All data is delayed
See More

Oil prices down in Asian trade

Dec 06 2012 07:48

Singapore - Oil prices fell in Asian trade on 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 on 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.

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
Comments have been closed for this article.

Company Snapshot

Money Clinic

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

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote