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 retreat as dealers eye US data

04 September 2015, 08:52

Singapore - Oil prices edged lower in cautious Asian trade Friday as investors await the release of a US jobs report for August that could determine the Federal Reserve's timetable for hiking interest rates.

US benchmark West Texas Intermediate for October delivery fell 17 cents to $46.58 while Brent crude for October eased 16 cents to $50.52 in late-morning trade.

"With the Federal Reserve closely eyeing employment figures in order to gauge the strength of the economy, US non-farm payrolls should be crucial," said Daniel Ang, investment analyst at Phillip Futures in Singapore.

"If non-farm payrolls turn out lower than expected, this could suggest a December 2015 rate hike instead," Ang said.

A rate hike would likely strengthen the greenback, making dollar-priced oil more expensive to holders of weaker currencies, hurting demand and prices.

Also Read: Shell reopens two key Nigeria pipelines shut over leaks, sabotage

However, Ang said crude retained some support after the European Central Bank (ECB) on Thursday indicated more stimulus could be on its way for the eurozone.

ECB president Mario Draghi said the bank was ready to ramp up its vast bond-buying scheme -- known as quantitative easing (QE) -- if needed to kick-start the stuttering eurozone economy.

The bank also cut its growth and inflation forecasts for 2015-2017, noting the downside risks from low oil prices and the economic slowdown in China.

Ang said Draghi's comments "caught the attention of the markets more, allowing markets to remain bullish".

Prices have fluctuated wildly in recent weeks on uncertainty about Fed monetary policy as well as worries about the economy of number-one energy consumer China.

Tuesday saw them turn sharply lower after weak manufacturing data from China and the United States clouded the outlook. They had surged more than 25 percent over the three days before that.


Tags shell 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...