• Inside Labour

    Away with empty rhetoric and slogans - labour needs to focus on real issues, says Terry Bell.

  • Wrap-up: Davos insights

    Alec Hogg speaks about the top three issues at this year's World Economic Forum.

  • Netflix and SA video

    Much of Netflix's potential impact on SA has already been made, says Arthur Goldstuck.

Loading...
See More

Oil slips on global slowdown fears

Sep 06 2011 08:23 Sapa

Related Articles

Oil leaps on Chinese, Australian data

Oil prices jittery in Asia

Oil rises as east coast refining resumes

Oil slides after weak US jobs report

Oil above $87 amid improving US demand

Oil falls slightly below $85 a barrel

 

Singapore - Oil prices headed lower to near $83 a barrel on Tuesday in Asia as investor fears of a recession in developed countries sent equities and commodities lower.

Benchmark oil for October delivery was down $3.02 to $83.43 at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude last settled at $86.45 on Friday because US markets were closed Monday for the Labor Day holiday.

In London, Brent crude for October delivery was steady at $110.08 on the ICE Futures exchange.

European and Asian stock markets have sunk so far this week amid growing concern a debt crisis among countries using the euro common currency will undermine economic growth there and around the world.

A stagnant US jobs market is also hurting confidence. The Labour Department said on Friday that US employers stopped adding jobs in August and the unemployment rate remained at 9.1%.

"Bottom line, it's not unreasonable to suggest the US is in a jobs depression," energy consultant The Schork Group said in a report.

President Barack Obama is scheduled to announce new policy measures to spark job creation in a speech on Thursday.

In other Nymex trading for October contracts, heating oil fell 5.1 cents at $2.95 per gallon and gasoline futures dropped 6.1c at $2.78 per gallon. Natural gas for October delivery slid 0.4c to $3.87 per 1 000 cubic feet.

commodities  |  markets  |  oil  |  us economy

NEXT ON FIN24X

 

Latest Articles

8 simple ways to earn extra money Read More...
6 motivational tips to help you save this year Read More...
Invest for Income Read More...
15 Investment Tips for 2015 Read More...
 
 

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

Money Clinic

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