Loading...
See More

Oil prices slip on profit-taking

Feb 04 2013 07:56 AFP

(File, AP)

Related Articles

Oil up on US data, geopolitical unrest

Oil dips below $96 on growing stockpiles

Oil prices trading mixed

Oil prices slip in Asian trade

Oil prices trading mixed

Oil rises after Wall Street rally

 

Singapore - Oil prices eased on profit-taking in Asian trade on Monday after enjoying healthy gains at the end of last week following encouraging US jobs data, analysts said.

New York's main contract, light sweet crude for delivery in March, dropped 30 cents to $97.47 a barrel in the afternoon and Brent North Sea crude for March shed 27 cents to $116.49.

"We're starting to see a little healthy pullback. Oil prices were quite strong last week on US nonfarm payroll results," said Yang Weiming, premium client manager at IG Markets Singapore.

The US Labour Department on Friday released figures showing a significant upward revision in the number of net jobs added each month in 2012, with monthly growth averaging 181 000, well above the prior estimate of 153 000.

Crude prices were also supported by encouraging Chinese manufacturing data that indicated the world's biggest energy consumer is picking up strength after several quarters of slowing growth.

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
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

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