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Oil prices down in Asian trade

Jan 09 2013 07:37 AFP

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Singapore - Oil prices fell in Asian trade on Wednesday on lingering concerns over the US economy despite better-than-expected earnings by aluminum giant Alcoa.

Global markets have shifted their attention from the US fiscal debate to corporate earnings to gauge the health of the world's biggest economy and largest oil consuming nation going into 2013, analysts said.

New York's main contract, light sweet crude for delivery in February fell two cents to $93.13 a barrel and Brent North Sea crude for February delivery dropped 12 cents to $111.82 in volatile morning trade.

"The recent fiscal cliff-inspired rally is fast becoming the Ghost of Christmas Past as traders shift their focus to US corporate earnings," said Jason Hughes, head of premium client management at IG Markets in Singapore.

"Solid gains notched up in the first week of the year across global markets are so far just being nibbled at by fears of disappointing fourth-quarter profits across US blue chip stocks."

Alcoa reported earnings of $242m in the fourth quarter of 2012, compared with a year-earlier loss of $191m. The results were boosted by a gain of $161m related to the sale of a hydroelectric asset.

The company also stayed in the black for the full year, despite aluminum prices falling 12%.

Hughes said that while Alcoa's earnings were "slightly" better than expected, analysts have been slashing back forecasts so the bar is already low.

Victor Shum, the managing director at energy consultancy IHS Purvin and Gertz, said the market is also waiting for trade data from China with "expectations that it will show export growth".

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commodities  |  markets  |  oil
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