Loading...
See More

US economy hopes buoy oil prices

Mar 14 2012 09:48 AFP

Related Articles

Oil up on US growth hopes, Iran concerns

Oil lower on Chinese demand concerns

Oil rises on Greek debt hopes, Iran

Oil prices higher on Iran concerns

Oil prices up on Iran risks

SA plans to cut Iran oil imports

 

Singapore - Oil prices were mixed in Asian trade on Wednesday afternoon as upbeat economic data and Middle East tensions supported markets while investors took profits from recent gains, analysts said.

New York's main contract, light sweet crude for delivery in April was up a cent to $106.72 while Brent North Sea crude for April delivery shed nine cents to $126.13.

"The market still remains quite bullish overall, supported by optimism about the world economy," said Justin Harper, market strategist at IG Markets Singapore.

Oil prices have climbed steadily in the past week thanks to improved sentiment about the US economy, the world's largest oil consumer.

And further support was added on Tuesday, with data showing US retail sales grew 1.1% from January, the sharpest rise in five months, suggesting improvement in consumer spending.

Elsewhere, traders were also closely watching the stand-off between crude producer Iran and the West over Tehran's nuclear programme, which Washington fears is being used to build weapons.

The Islamic republic has been hit with a raft of economic sanctions over the issue and Tehran has warned that it will blockade the strategic Strait of Hormuz - a conduit for one-fifth of the world's oil supply - if it faced any more. Such a move would send the price of oil soaring.

"(We) can't hide the fact that we rely on the politically-sensitive Middle East for so much of our energy needs and will continue to do so for the immediate future," said Harper.

Iran denies it is trying to build a bomb and says its nuclear programme is for purely civilian purposes.

commodities  |  markets  |  oil
NEXT ON FIN24X

Global oil prices rally

2014-11-21 15:38

 
 
 

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.
 
 

3 sports games you have to watch this weekend

Whether it’s date night or a braai with buddies, plan around these three exciting sporting games!

 
 

Men24.com

Everyday struggles of naturally skinny guys
And this year's Miss Bumbum title goes to...
How to maintain your mo, bro
Hottie of the day: Colette

Money Clinic

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