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 up in Asian trade

04 August 2014, 06:50

Singapore - Oil prices rose in Asia Monday, but analysts said gains were capped following weakened demand caused by refinery shutdowns and easing concerns about armed conflicts around the world.

US benchmark West Texas Intermediate for September delivery rose 5 cents to $97.93 while Brent for September gained 17c to $105.01 in late-morning trade.

Singapore's United Overseas Bank said oil prices were pressured by multiple factors "including logistical issues in pipeline and refinery systems that weakened demand and that there is ample global supply despite the troubles in Iraq, Libya and Eastern Europe".

Reports of refinery outages in the United States last week have caused concern that crude inventories will build at the Cushing, Oklahoma oil-trading hub, with the supply glut dampening prices.

Oil prices have seen a build in risk premium in recent months over armed insurgencies in crude producers Iraq and Libya, as well as Ukraine, a key conduit for Russian energy exports to Europe.

But a market awash with supplies have since eased worries that disruptions caused by these geopolitical crises will have any significant impact on prices.

Desmond Chua, market analyst at CMC Markets in Singapore, said investors are also digesting a lacklustre US jobs report released Friday.

The Commerce Department reported that the US economy, the world's biggest, generated 209 000 new jobs in July down from June but maintaining a solid 200 000 -plus monthly streak since February.

The unemployment rate rose 0.1 percentage point to 6.2%.

"Despite the disappointing payrolls figures, it was also the sixth consecutive month of the economy adding more than 200 000 jobs to the economy," Chua said.

"This is widely considered to be healthy labour growth by economists," he added.



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...