Data provided by iNet BFA
Loading...
See More

Oil rises on bargain hunting

Oct 23 2012 07:40 AFP

Related Articles

World oil prices mixed in Asia

Oil mixed as dealers weigh Europe news

Oil mixed in Asian trade

Oil dips on softer global demand forecast

Oil prices extend gains

World oil prices remain jittery

 

Singapore - Crude rebounded in Asia on Tuesday as traders returned to the market after prices plunged on oil demand fears, analysts said.

New York's main contract, light sweet crude for delivery in December, added 29 cents to $88.94 and Brent North Sea crude for December delivery gained 29 cents to $109.73.

Crude markets were recovering after taking "a battering from weak US corporate earnings and weaker sentiment about the global economic recovery," said Justin Harper, market strategist for IG Markets Singapore.

"I think we are seeing bargain hunters come back into the market after a sharp sell-off," he said.

Caterpillar, the world's biggest maker of construction and mining equipment, cut its sales outlook, weighing down Wall Street and crude markets late on Monday.

Considered a bellwether of the global economy, Caterpillar cut its profit and sales forecast for full-year 2012, suggesting a sharp slowdown in the fourth quarter.

Traders were also looking anxiously at Europe after Germany's central bank warned the German economy will see a sharp slowdown in growth or may even contract at the end of the year as the eurozone crisis bites.

commodities  |  markets  |  oil
NEXT ON FIN24X

Oil prices up in Asian trade

2014-07-24 07:29

 
 
 

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

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Savings survey not realistic

Fin24 readers respond to an in-house survey, which found that 60% of readers were confident that they would be financially comfortable in their retirement.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

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