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Oil prices down in Asian trade on demand concerns
Discuss
05/Nov/2009
The Economic Times
Oil prices
were lower in Asia on Thursday as traders took stock of weak fundamentals in the market, analysts
said.
New Yorks main contract, light sweet crude for December delivery, shed 34 cents to 80.06 dollars a barrel.
Brent North Sea crude for December delivery slipped 53 cents to 78.36 dollars. Prices eased after breaking through the 80-dollar mark in New York on Wednesday, reflecting concerns over weak demand, analysts said.
"The fundamentals of the markets are still weak... and there are no signs of steadily growing demand," said Jason Feer, Asia-Pacific vice-president of energy market analysts Argus Media in Singapore. He added that data released by the US Department of Energy (DoE) on Wednesday showing an unexpected dip in US crude reserves was "overall not that much" in the larger scheme of prices.
For more on this:
http://economictimes.indiatimes.com/news/economy/indicators/Oil-prices-down-in-Asian-trade-on-demand-concerns/articleshow/5198413.cms
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All data at market close |
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