Oil up slightly in Asian trade
Oil recovered slightly in Asian trade on Friday following a fall overnight when China did not announce new stimulus measures as widely expected, dealers said.
By Agencies |
SINGAPORE: Oil recovered slightly in Asian trade on Friday following a fall overnight sparked when China did not announce new stimulus measures as widely expected, dealers said.
New York's main contract, light sweet crude for April delivery, was one cent higher at 43.62 dollars a barrel.
Brent North Sea crude for April delivery was 20 cents higher at 43.84 dollars.
Stock markets in Europe and the United States fell Thursday after Chinese Premier Wen Jiabao did not announce additional stimulus spending for the world's third biggest economy.
"The market was hyped up on hopes that Chinese Premier Wen Jiabao would dazzle us with a stimulating stimulus plan," said Phil Flynn at Alaron Trading.
He said the Chinese premier "disappointed the bulls by promising that China's economy would grow despite the global slowdown but did not announce any addition" to the nation's four-trillion-yuan (585-billion-dollar) plan.
Meanwhile, analysts expect the release of the US government report later Friday on February employment data to show the economy shed an average 650,000 jobs last month, which should put further pressure on crude prices.
The United States is the world's biggest energy user and there are worries oil demand by Americans will be hit severely if the economic downturn worsens.
New York's main contract, light sweet crude for April delivery, was one cent higher at 43.62 dollars a barrel.
Brent North Sea crude for April delivery was 20 cents higher at 43.84 dollars.
Stock markets in Europe and the United States fell Thursday after Chinese Premier Wen Jiabao did not announce additional stimulus spending for the world's third biggest economy.
"The market was hyped up on hopes that Chinese Premier Wen Jiabao would dazzle us with a stimulating stimulus plan," said Phil Flynn at Alaron Trading.
He said the Chinese premier "disappointed the bulls by promising that China's economy would grow despite the global slowdown but did not announce any addition" to the nation's four-trillion-yuan (585-billion-dollar) plan.
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Meanwhile, analysts expect the release of the US government report later Friday on February employment data to show the economy shed an average 650,000 jobs last month, which should put further pressure on crude prices.
The United States is the world's biggest energy user and there are worries oil demand by Americans will be hit severely if the economic downturn worsens.
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