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 up on bargain-hunting

09 July 2012, 10:03

 Singapore - Oil prices inched up in Asian trade on Monday as traders bought up cheap crude following a price plunge late last week caused by disappointing US jobs figures, analysts said.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in August, gained 38 cents to $84.83 a barrel and Brent North Sea crude for August delivery rose 55c to $98.74.

"Oil is holding relatively steady, it has edged up a tiny bit," said Victor Shum, senior principal for Purvin and Gertz energy consultants in Singapore.

"Oil declined substantially last Friday... Perhaps because of the sharp decline, we are seeing some buying this morning," he said.

WTI and Brent crude had on Friday slumped more than $2.50 a barrel due to dismal US jobs data, which yet again raised fears that the economy of the world's largest oil consumer was faltering.

The US economy added only 80 000 jobs in June, well below forecasts, leaving the unemployment rate stubbornly stuck at 8.2%, according to Labour Department statistics released on Friday.

Shum warned that the numbers would continue to affect the crude market in the near term.

"I expect that concerns about the US economy downshifting will continue to put downward pressure on oil," he said.


Tags oil

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...