Comments
Oil prices were mixed in volatile Asian trade today as weak economic growth in Europe offset the data showing buoyant employment growth in the United States, analysts said.
New York’s main contract, light sweet crude for delivery in March, gained three cents to $97.34 a barrel, while Brent North Sea crude for April delivery shed three cents to $117.97.
Jobless claims
US claims for unemployment insurance, which indicates the pace of layoffs, fell to 341,000 in the week to February 9 compared with 368,000 in the previous week.
Euro zone growth data
But “disappointing” euro zone growth data weighed on the sentiment, said Ker Chung Yung, a senior investment analyst at Phillip Futures in Singapore.
The euro zone economy shrank 0.6 per cent in the three months to December, worse than analyst projections for a decline of 0.4 per cent and signalling a deepening of the recession.
ECB forecast
The European Central Bank also slashed their euro zone growth forecasts for 2013 and 2014.
“Fourth quarter GDP growth was considerably worse than expected,” DBS Bank said in a market commentary.
“Besides being the worst of the past five quarters, the main news is that Europe’s core is now unquestionably mired in what used to be a periphery problem,” it said, noting contractions in major economies France and Germany.
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.