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.


Oil down on China worries

27 May 2013, 07:41AFP

Singapore - Oil prices were lower in Asian trade on Monday, dragged down by prospects of weaker crude demand from China and a buildup in US stockpiles, analysts said.

New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 64 cents to $93.51 a barrel in the morning and Brent North Sea crude for July delivery shed 41 cents to $102.23.

"The crude market has reacted negatively to comments from the Chinese government that it will tolerate a slower rate of economic growth," Victor Shum, managing director at IHS Purvin and Gertz in Singapore said.

President Xi Jinping on Friday said China, the world's second largest economy and top energy consumer, will not sacrifice the environment for temporary economic growth.

"The comments by Xi further deepened concerns about the Chinese economy after the poor manufacturing data last week," Shum added.

Meanwhile, a less-than-expected drop in US crude stockpiles was also weighing on prices.

The US Department of Energy announced that American crude stockpiles fell by 300,000 barrels in the week ended May 17, less than market expectations for a drop of 600,000 barrels.

The data indicated weaker demand ahead of the US summer driving season when Americans traditionally take to the roads for their holidays.

"The stockpile buildup is a bearish factor that is causing increased selling of crude," Shum said.


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...