• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Oil prices edge up in quiet trade

Jan 08 2013 07:30
AFP

Singapore - Oil prices edged up in Asia on Tuesday, but trade was subdued as dealers waited for clearer signals on the US and other major economies and a fall in equities weighed on sentiment, analysts said.

New York's main contract, light sweet crude for delivery in February was up four cents to $93.24 a barrel in the morning while Brent North Sea crude for February delivery gained 11 cents to $111.51.

"On the whole, we are seeing quiet and flat trading in Asia," said Jason Hughes, the head of premium client management at IG Markets in Singapore.

He said traders were looking for guidance ahead of the corporate earnings season, especially for companies in the United States, the world's biggest economy and largest oil-consuming nation.

Other analysts said there were also lingering concerns about the looming debates in the deeply divided US Congress over raising the country's debt ceiling and spending cuts.

Oil prices surged last week when feuding Republican and Democrat lawmakers clinched a deal to avert a "fiscal cliff" of automatic spending cuts and across-the-board tax hikes.

But agreement on spending cuts was simply deferred until the end of February, when lawmakers must also hammer out a deal to raise the country's borrowing limit, raising the spectre of further political gridlock.

"Unless Congress extends the debt limit, the fiscal cliff that threatened in December will look like kid stuff," DBS Group Research said in a market commentary.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil

NEXT ON FIN24X

 
 
 

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
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...