Oil prices down in Asian trade on US demand concerns
25/05/2011 159
Most viewed articles
Singapore, May 23 (AFP) Oil was down in Asian trade today as investor sentiment took a hit partly from worries over weak US demand, analysts said.
New York's main contract, light sweet crude for July delivery, lost 95 cents to USD 99.15 a barrel, while Brent North Sea crude for July delivery dipped 70 cents to USD 111.69.
"Crude oil prices were weaker as US economic recovery is sputtering and fuel demand may drop," said Ker Chung Yang, commodity analyst from Phillip Futures in Singapore.
The United States is the world's biggest oil consumer.
Traders are looking to the Organization of the Petroleum Exporting Countries' (OPEC) bi-annual ministerial meeting scheduled to be held in Vienna on June 8.
"It is coming close to the OPEC meeting held first week of June, which will be closely watched by the market," Ker told AFP.
May 23rd, 2011
Source: ptinews.com
- USTR Makes Findings and Proposes Action in 60 Section 301 Investigations Relating to Failures to Take Action on Trade in Forced Labor Goods
- [VCCI] The US officially initiates a Section 301 Investigation into Vietnam on Intellectual property
- General Secretary and President To Lam's working visit to three ASEAN countries: Demonstrating the stature of proactive and constructive diplomacy.
- Viet Nam accelerates innovation drive as skilled workforce becomes key to science and technology growth
- The US is increasing controls on AI chip exports