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 prices rise in Asian trade

02 April 2014, 07:02

Singapore - Oil prices edged higher in Asian trade Wednesday following upbeat global economic data but a lack of fresh leads was curbing further gains, analysts said.

New York's West Texas Intermediate (WTI) for May delivery rose three cents to $99.77 a barrel in late-morning trade and Brent North Sea crude for May was up four cents at $105.66.

Analysts said prices were tracking gains in Asian markets Wednesday, following the release a day earlier of upbeat reports on manufacturing in China, Europe and the United States.

China reported an uptick in its official purchasing managers index (PMI) in March after hitting an eight-month low in February.

Markit Economics said its eurozone PMI for March stood at 53.0. The figure is down from February's 53.2 but the average reading over the first quarter as a whole was 53.4. A reading above 50 denotes expansion while anything below points to contraction.

Later the US Institute for Supply Management also said its PMI hit 53.7 from 53.2 the previous month.

French bank Credit Agricole said "sentiment in the global market continued to be supported" following the robust economic data.

But "we expect range-trading for Asian markets today. There is no important data out from Asia today", it said.

Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP investors are also awaiting the US government's weekly oil inventories report out later Wednesday, which is expected to show a build of 2.5 million barrels.

A rise in US stockpiles indicates weak demand in the world's biggest crude consumer, which would in turn put downward pressure on prices.

Investors are also continuing to monitor the tense situation in Ukraine, as NATO said Tuesday it has suspended all cooperation with Russia and questioned Moscow's claim to have withdrawn troops along the Ukraine border.

Russia provides about a quarter of Europe's natural gas supplies, with about 80 percent of those exports travelling through pipelines in Ukraine.

Russian troops are massed on the borders of eastern Ukraine, sparking fears about Moscow's plans after its takeover of the Crimean peninsula last month.


Tags oil price

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...