Loading...
See More

Oil slips on US, eurozone fears

Oct 07 2011 08:25 AFP

Related Articles

Oil lower on profit-taking

Oil climbs back above $100

Oil tanks in Asian trade

Oil follows Asia bourses down

Oil climbs in Asian trade

Libyan oil body seeks $6bn in unpaid debt

 

Singapore - Oil was down in Asian trade on Friday with analysts saying the market remains weighed by concerns over the health of the US economy and a debt crisis in the eurozone.

Markets were cautious ahead of the release by the US Labor Department of key employment data, with investors looking for indications of the health of the world's biggest economy and oil consumer.

The outlook however appears gloomy, with economists expecting the report to say unemployment is still jammed at a painfully high 9.1% in September.

New York's main contract, light sweet crude for November delivery was down two cents to $82.57 a barrel in volatile afternoon Asian trade.

Brent North Sea crude for November was down four cents to $105.69.

"Oil prices remain under pressure and are likely to continue to grind lower over the fourth quarter as the risk of North Atlantic recession weighs," Credit Suisse said in a market commentary.

Crude prices had rallied for a second straight day in New York on Thursday after the European Central Bank announced measures to help cash-strapped banks in the eurozone under pressure from the public debt crises in Greece, Ireland and Portugal.

But the gains were short-lived as traders quickly sold for profit amid the shaky economic environment.

"The economic outlook in Europe and US remains uncertain," said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz.

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...