Oil prices extended losses in Asian trade Friday as the latest economic
data shook eroding confidence in the US economy, with the eurozone debt crisis
adding to the gloom.
Crude prices tumbled along with Asian equities on fears that
energy demand will crumble if the world is engulfed by another recession.
New York's main contract, West Texas Intermediate light sweet
crude for September delivery, dived $1.42 to $80.96 a barrel in afternoon Asian
trade, while Brent North Sea crude for October dipped 79 cents to $106.20.
Phillip Futures said in a market commentary that the
disappointing US economic data -- including regional manufacturing, jobless
claims and inflation -- "provided a fresh blow to shaky investor
confidence".
Fears of another global meltdown were heightened after Morgan
Stanley said in a report that the United States and Europe were dangerously
close to recession, and that growth in the big emerging economies would be
slower than it earlier forecast.
Oil prices were also being dampened by a stronger dollar,
seen as a safe-haven currency in times of crisis.
A stronger greenback makes dollar-priced oil more expensive
for holders of other currencies, curbing demand and helping to push prices
lower.
In Asian trade Friday, the euro faced further pressure as
tumbling stocks continued to erode risk appetite.
Source : AFP
Online Booking Hotel
EmpireMoney
No comments:
Post a Comment