• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Oil prices end week downbeat

Aug 24 2012 16:22
London - Oil prices dropped on Friday at the end of a volatile week for crude markets amid clouded outlooks for economic stimulus as well as energy demand and against a backdrop of Middle East tensions.

Brent North Sea crude for delivery in October dipped 29 cents to $114.72 a barrel in late morning London deals after topping $116 on Thursday.

New York's main contract, light sweet crude for October shed 32 cents to $95.95 a barrel.

New York crude had on Thursday surged to $98.29 a barrel - the highest level for 3.5 months - as hopes of Chinese stimulus soared
after manufacturing activity in the largest energy consumer fell to a nine-month low in August.

But prices began falling late in New York on Thursday as "revived hopes for more stimulus from the US... faded and doubts about

Europe's ability to address its debt crisis crept back in focus," Phillip Futures said in a report.

Hopes for a Fed-led stimulus, buoyed by minutes of the central bank's last meeting published Wednesday and showing "many members" supporting a move soon, faded after comments by a senior Fed official that the situation had changed.

Crude futures won support this week from official US data showing a slight tightening of oil supplies in the world's biggest economy.

This was counter-balanced by figures showing manufacturing activity in China - the world's largest energy consumer - had fallen to a nine-month low in August.

Oil prices were also weighed down by renewed concerns over the eurozone owing to German opposition to a Greek call for more time to enact Athens' spending cuts and reforms.

Losses were capped meanwhile by worries of possible tight supplies caused by tensions over Iran.

Israeli sabre-rattling about an imminent unilateral strike being prepared by the country against nuclear sites in major oil producer Iran has put markets on edge.

*Follow Fin24 on Twitter, Facebook and Google+.
iran  |  israel  |  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

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

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

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote