Business Standard

Oil prices slip in Asian trade

Oil is sliding in parallel with equities markets here in Asia

Related News

Oil prices fell in Asian trade today in line with a sell-off in regional equities, analysts said, largely due to political concerns in Spain and Italy.

New York's main contract, light sweet for delivery in March dropped 14 cents to $96.03 a barrel and North Sea crude for March shed 21 cents to $115.39.

"Oil is sliding in parallel with equities markets here in Asia. We're seeing a more bearish market," said Victor Shum, managing director at energy consultancy IHS Purvin & Gertz in Singapore.

Stock markets, which have enjoyed several weeks of healthy gains owing to rising confidence in the global economy, slumped today after Spanish Prime Minister Mariano Rajoy came under pressure to step down as he becomes engulfed in a corruption scandal.

The news sent the Spanish cost of borrowing surging, reviving worries about Madrid's ability to access the debt market to keep functioning.

And former Italy premier Silvio Berlusconi vowed to throw a spanner in the works of a government austerity drive, saying he would refund the money Italians have had to pay for an unpopular property tax if his coalition, headed by his protege Angelino Alfano, wins a poll this month.

Eyes will be on China later in the week as Beijing releases key trade and inflation data, which will provide further clues as to the state of the world's number two economy and biggest energy user.

Read more on:   
|
|

Read More

Crude oil futures down 0.21% on Asian cues

Crude oil futures for February shed Rs 11, or 0.21%, to Rs 5,176 per barrel in 6,786 lots.

Quick Links

Market News

Silver down 2% on lower global cues

Metal for delivery in far-month May lost 1.90%

Union Bank of India dips on disappointing Q3 results

The stock dipped 6% to Rs 236 on BSE after reporting a lower than expected net profit of Rs 302 crore in December quarter.

Markets trim gains; Nifty slips below 8,850

Axis Bank, ICICI Bank, Tata Motors, Cipla and Maruti Suzuki are the top gainers

Hitachi Home dips on open offer by Johnson Controls, Inc

Johnson Controls, Inc have made an open offer to acquire 25.75% stake in Hitachi Home at Rs 821.38 per share.

Nifty hovers around 8,850; Infosys down over 2%

The 30-share Sensex was up 117 points at 29,396 and the 50-share Nifty was up 18 points at 8,854.

 

Back to Top