Oil up in Asia on US optimism
Page 1 of 1 • Share
Oil up in Asia on US optimism
[You must be registered and logged in to see this image.]
SINGAPORE: Crude was up in Asia on Wednesday on renewed optimism over the US economy, the world's largest oil consumer, analysts said.
New York's main contract, West Texas Intermediate for August delivery, rose 22 cents to $97.11 a barrel and Brent North Sea crude for August gained 18 cents to $113.79.
"The economic news coming out of the US has been good. Factory orders were up in May, and crude markets have reacted to this," said John Vautrain, an analyst for Purvin and Gertz international energy consultancy in Singapore.
Data released Tuesday by the Commerce Department showed new orders for manufactured goods rose 0.8 percent in May, after a 0.9 percent drop in April.
The markets will also be watching reports due later this week about unemployment for signs of strength in the US economy. However, worries over the impact of the eurozone debt crisis are expected prevent crude prices from rising sharply, analysts said.
"The European debt problem in Greece and now Portugal is a preoccupation of the market," Jason Feer, analyst with Argus Media, told this news agency. (AFP)
SINGAPORE: Crude was up in Asia on Wednesday on renewed optimism over the US economy, the world's largest oil consumer, analysts said.
New York's main contract, West Texas Intermediate for August delivery, rose 22 cents to $97.11 a barrel and Brent North Sea crude for August gained 18 cents to $113.79.
"The economic news coming out of the US has been good. Factory orders were up in May, and crude markets have reacted to this," said John Vautrain, an analyst for Purvin and Gertz international energy consultancy in Singapore.
Data released Tuesday by the Commerce Department showed new orders for manufactured goods rose 0.8 percent in May, after a 0.9 percent drop in April.
The markets will also be watching reports due later this week about unemployment for signs of strength in the US economy. However, worries over the impact of the eurozone debt crisis are expected prevent crude prices from rising sharply, analysts said.
"The European debt problem in Greece and now Portugal is a preoccupation of the market," Jason Feer, analyst with Argus Media, told this news agency. (AFP)
Noor Bangash- Monstars
-
Posts : 868
Join date : 2011-07-13
Age : 34
Character sheet
Experience:
(500/500)
Similar topics
» Asian shares riding high on Greek optimism
» Euro firms amid cautious optimism over Greek debt
» Oil mixed in Asia
» US crude above $80 in Asia
» US crude above $80 in Asia
» Euro firms amid cautious optimism over Greek debt
» Oil mixed in Asia
» US crude above $80 in Asia
» US crude above $80 in Asia
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Sat Mar 23, 2024 1:08 pm by ali001
» MindCat: Mindfulness, Meditate
Tue Mar 19, 2024 7:35 am by ali001
» Jordan 1 1 ST Firstcopy Shoes
Sat Mar 09, 2024 6:08 pm by ali001
» Frienzy: Travel with Friends
Fri Mar 08, 2024 7:18 pm by ali001
» Frienzy: Travel with Friends
Fri Mar 08, 2024 7:02 pm by ali001
» DUO Decisions: Choose at random
Fri Mar 08, 2024 11:29 am by ali001
» Yodel Community Connections
Wed Feb 28, 2024 12:56 pm by ali001
» Yodel Community Connections
Wed Feb 28, 2024 12:55 pm by ali001
» Live Timeless - Habit Tracker App
Sat Feb 10, 2024 8:33 pm by ali001