Oil prices slip in Asian trade

Oil is sliding in parallel with equities markets here in Asia

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 here in Asia. We're seeing a more bearish market," said Victor Shum, managing director at 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.

image
Business Standard
177 22
Business Standard

Oil prices slip in Asian trade

Oil is sliding in parallel with equities markets here in Asia

Press Trust of India  |  Singapore 



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 here in Asia. We're seeing a more bearish market," said Victor Shum, managing director at 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.

RECOMMENDED FOR YOU

Oil prices slip in Asian trade

Oil is sliding in parallel with equities markets here in Asia

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.

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 here in Asia. We're seeing a more bearish market," said Victor Shum, managing director at 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.

image
Business Standard
177 22

LIVE MARKET

BSE

  ( %)

NSE

  ( %)

More News

STOCK WATCH

Company Price() Chg(%)
Biocon 808.70 15.28
Motil.Oswal.Fin. 483.85 15.24
JM Financial 63.85 12.61
Bharat Financial 844.90 10.58
Force Motors 3220.15 7.47
> More on BSE Gainers
Company Price() Chg(%)
Biocon 809.70 15.57
Motil.Oswal.Fin. 484.90 15.37
JM Financial 63.75 12.43
Bharat Financial 843.60 10.46
Cairn India 191.90 8.51
> More on NSE Gainers
Company Price() Chg(%)
G N F C 158.35 -7.53
Raymond 457.65 -6.60
Canara Bank 240.90 -4.21
Atul 2092.45 -3.70
Hatsun AgroProd. 332.95 -3.38
> More on BSE Gainers
Company Price() Chg(%)
Raymond 458.45 -6.28
Canara Bank 241.30 -3.79
Atul 2093.10 -3.57
Union Bank (I) 126.45 -3.44
Minda Corp 118.65 -3.02
> More on NSE Gainers
Widgets Magazine
Widgets Magazine
Widgets Magazine

Derivatives

Index
Instrument Type
Expiry Date
Option Type
Strike Price

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard