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

Titan Company dips post Q2 results

The stock dipped 5% to Rs 398 on BSE.

Sensex up 300 points; IT shares gain

The 30-share Sensex is up 297 points at 27,643 and the 50-share Nifty has gained 89 points at 8,257.

No immediate relief for DLF on MF redemptions

SAT to decide on redemption request on Nov 5; after realtor specifies purpose

Sebi moves SC in Sahara case

Seeks directions as the group has not given any update on sale of foreign assets

Metals down with US Federal Reserve ending QE

All base & precious metals decline, gold slips to 3-wk low

Back to Top