Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Crude oil prices fall further in Asia

11 April 2014, 06:50

Singapore - Oil prices extended losses in Asian trade Friday as data showing a slowdown in China's giant economy sparked concerns about weak demand.

Expectations that Libyan oil will return to the market after rebels lifted a blockade of crude terminals also helped push prices lower, analysts said.

New York's main contract West Texas Intermediate for May delivery eased 33 cents to $103.07 a barrel in afternoon trade while Brent North Sea crude dipped 24 cents to $107.22 for its May contract.

"Global demand is waning due to the slowing growth in China," said Desmond Chua, market analyst at CMC markets in Singapore.

Chinese imports slumped 11.3 percent in March from a year ago and exports fell 6.6 percent in the latest data pointing to a slowdown in the world's second biggest economy.

For crude oil alone, China imported 5.54 million barrels per day in March, a decline of 8.0 percent from February and the weakest import volume in five months, according to German lender Commerzbank.

In Libya, the National Oil Co. lifted its force majeure notice from its Al-Hariga oil terminal in eastern Libya as of 1000 GMT Thursday, signalling a resumption of exports that could begin as soon as Sunday.

The shift at Al-Hariga follows a weekend deal between the central government and rebels who sized four key terminals as part of a push to gain political autonomy for the eastern Cyrenaica region.

The Zuetina oil port is also expected to resume deliveries soon, while the other two ports are expected to resume deliveries within two to four weeks, provided negotiations are successfully concluded.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...