iPhone | iPad
Android
HuaweiCrude prices slipped in Asia Wednesday
KT APPDOWNLOAD
MORE FROM Energy
Oil topped $100 a barrel for the first time in three weeks on Tuesday on supply concerns and as investors bet on further policy action to support global economic growth.
European shares joined a global stock market rally on Tuesday as expectations rose that major central banks will take more action to support the world economy, after factory data highlighted the drag on growth being caused by the euro zone debt crisis.
LONDON - Oil rallied with other commodities and the euro on Friday, rising by $3 a barrel after European leaders agreed on a strategy to tackle soaring borrowing costs in Italy and Spain, but it was still set for the deepest quarterly loss since 2008.
Oil prices surged in Asia on Friday with traders lauding a $150-billion growth pact pushed through by the European Union after Italy and Spain lifted their opposition to it, analysts said.
LONDON - Oil gained on Wednesday supported by tighter North Sea oil supply, while strong US data also bolstered the demand outlook, offsetting concern European leaders would fail to solve the region’s debt crisis at a meeting this week.
An increasing number of analysts see oil prices averaging below $100 a barrel over the next two years as doubts about medium-term economic growth outweigh concerns about oil supplies, a Reuters poll found.
The price of oil fell below $79 a barrel on Monday due to concerns over Europe’s economic and financial woes. The drop was limited somewhat by a supply disruption from a storm that shut down about a quarter of crude output in the Gulf of Mexico.
Oil rebounded above $90 a barrel on Friday after hitting an 18-month low but remained on course for a weekly loss of nearly 8 percent as reports suggesting slowing economic growth around the globe signalled weaker demand.
Malaysian crude palm oil futures inched down on Friday, as investors took a more cautious stance on weak economic data from the United States and China, worrying that slowing global growth could hurt commodity demand.