Oil prices slide in Asian trade
Oil prices slid in Asian trade on Friday as investor pessimism returned after the release of more weak US economic data.
By Agencies |
SINGAPORE: Oil prices slid in Asian trade on Friday as investor pessimism returned after the release of more weak US economic data, dealers said.
New York's main contract, light sweet crude for April delivery, fell 69 cents to $44.53 a barrel.
Brent North Sea crude for April delivery shed 45 cents to USD 46.06.
Oil prices fell due to "an over-reaction to gasoline stocks in the past few days... and fresh weak economic data out of the US that dented market sentiment," said Mark Pervan, senior commodities analyst for ANZ bank in Melbourne.
Pervan said the US Durable Goods report released late Thursday showed a plunge in orders of goods for the transportation sector, which dampened sentiment amongst oil traders.
US data also released yesterday showed jobless claims surged to 667,000 in the past week, the highest jump in over 26 years.
Oil prices had surged in recent days in reaction to the rise in US gasoline stocks and indications of production cuts by the Organisation of the Petroleum Exporting Countries (OPEC).
New York's main contract, light sweet crude for April delivery, fell 69 cents to $44.53 a barrel.
Brent North Sea crude for April delivery shed 45 cents to USD 46.06.
Oil prices fell due to "an over-reaction to gasoline stocks in the past few days... and fresh weak economic data out of the US that dented market sentiment," said Mark Pervan, senior commodities analyst for ANZ bank in Melbourne.
Pervan said the US Durable Goods report released late Thursday showed a plunge in orders of goods for the transportation sector, which dampened sentiment amongst oil traders.
US data also released yesterday showed jobless claims surged to 667,000 in the past week, the highest jump in over 26 years.
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Oil prices had surged in recent days in reaction to the rise in US gasoline stocks and indications of production cuts by the Organisation of the Petroleum Exporting Countries (OPEC).
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