Comments
Oil prices inched up in Asian trade today as wary traders bought up cheap crude to recoup some of their losses after the markets plunged in overnight trade, analysts said.
New York’s main contract, light sweet crude for delivery in August, gained 34 cents to $78.54 a barrel, up from $78.20 in New York, its lowest level since the beginning of October last year.
Brent North Sea crude for August delivery advanced 36 cents to $89.59 after tumbling to $89.23 in late yesterday trade, dipping below the $90 line for the first time since December 2010.
Traders were buying crude to cover some of the losses they had sustained overnight, said Mr Jason Hughes, head of premium client management at IG Markets Singapore.
But Mr Hughes said the market outlook remained grim following disappointing numbers from China and Europe.
Preliminary data from banking giant HSBC yesterday showed that China’s manufacturing activity hit a seven-month low in June.
And Euro Zone private sector activity sank to the lowest level for three years in the second quarter, a survey showed.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.