Virtual Position Forum
Please register to watch content in detail
Thanks
Admin virtual position


Join the forum, it's quick and easy

Virtual Position Forum
Please register to watch content in detail
Thanks
Admin virtual position
Virtual Position Forum
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Crude up in Asia on bargain-hunting

View previous topic View next topic Go down

GMT + 3 Hours Crude up in Asia on bargain-hunting

Post by Noor Bangash Wed Sep 14, 2011 12:38 pm

[You must be registered and logged in to see this image.]



SINGAPORE: Oil markets rose in Asian trade Tuesday as traders snapped up cheap crude after European and US debt woes pulled prices down, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in August, gained 38 cents to $96.31 per barrel.

Brent North Sea crude for September delivery added 41 cents to $116.46.

"I think today is just pretty much a relief rally on the back of heavily sold oil prices yesterday," said Serene Lim, an oil and gas analyst for ANZ bank in Singapore.

Crude prices had slumped on Monday -- with WTI falling 1.35 percent -- as traders fretted over the US debt impasse and the state of Europe's economy as Greece risked defaulting on its debts.

Eurozone leaders were preparing for an emergency summit to be held on Thursday to explore methods of preventing a Greek default, which could have destabilising effects on larger European economies.

Meanwhile, US senators were struggling to bridge a deep partisan divide and forge a compromise deal to raise the federal government's debt ceiling by August 2 in order to avert a potentially disastrous default as well.

In the absence of significant developments on these fronts at the moment, crude traders were "still very much uncertain about the market", ANZ bank's Lim said. (AFP)
Noor Bangash
Noor Bangash
Monstars
Monstars

Aquarius Horse
Posts : 868
Join date : 2011-07-13
Age : 34
Disagree

Character sheet
Experience:
Crude up in Asia on bargain-hunting Left_bar_bleue500/500Crude up in Asia on bargain-hunting Empty_bar_bleue  (500/500)

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

Permissions in this forum:
You cannot reply to topics in this forum