Data provided by McGregor BFA
All data is delayed
Loading...
See More

Oil slides in Asian trade

Jul 13 2011 09:31 AFP

Related Articles

Oil prices sink on eurozone crisis

Oil prices slide on profit-taking

Oil around $99 ahead of key US data

Oil jumps 4% to 3-week high

Oil prices up on positive employment data

Oil prices drop on US data

 

Singapore - Oil was down in Asian trade on Wednesday on fears of faltering energy demand after US crude reserves increased while the eurozone debt crisis shows no signs of abating.

New York's main contract, West Texas Intermediate for delivery in August, fell 16 cents to $97.27 a barrel in afternoon trade.

Brent North Sea crude for August delivery shed 39c to $117.36.

The American Petroleum Institute reported on Tuesday that crude inventories increased 2.3 million barrels last week to 359.4 million, a rise "for the first time in six weeks".

Increasing crude inventories indicate weaker demand in the United States, the world's biggest oil consumer.

Meanwhile, the eurozone debt crisis, which has already sparked international bailouts for Ireland, Greece and Portugal, is now threatening to spread to Italy and Spain.

Yields on Italian and Spanish government debt have surged in recent days, and Ireland's debt rating on Tuesday was cut to junk, further shaking confidence in the eurozone's finances.

Crude rebounded Tuesday on rumours that the European Central Bank was buying the bonds of distressed European governments and after the US Federal Reserve indicated it planned only a gradual easing of its ultra-loose monetary policy.

The Opec oil cartel has forecast a rise in oil demand into next year, but cautioned that "an unsteady world economy is negatively affecting the oil market and imposing a high range of uncertainty for the short term".

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

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Solidarity urges members to vote

The Solidarity Movement has urged its members and supporters to vote in the 7 May general election.

 
 

Latest elections multimedia

11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why
Why Jack Parow wants you to vote on 7 May

Money Clinic

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