www.expressindia.com - Weather | Horoscope | Stocks | RSS
expressindia web city
HomeBlogsCricketAstrologyShopping TendersClassifieds Opinions Hotels
Sign In / Register | Archive
Expressindia » Story

Oil prices higher in Asian trade

Font Size

Agencies

Posted: Nov 09, 2009 at 1036 hrs IST

Singapore Oil was higher in Asian trade after falling at the end of last week in reaction to a surge in US unemployment figures, analysts said.

New York's main contract, light sweet crude for December delivery, was up 81 cents to USD 78.24 a barrel.

Brent North Sea crude for December delivery gained 71 cents to USD 76.58.

Both contracts closed Friday lower after official data by the Labor Department showed the US unemployment rate jumped to 10.2 per cent in October as 190,000 jobs were shed.

"I think it's a bit of a surprise.... Most of the traders were expecting markets to fall to the 75, 76-dollar level," said Jonathan Kornafel, Asian director of Hudson Capital Energy trading house.

He added that the price surge was due to "panic buying" by traders in a market lacking liquidity after the unemployment data.

The Labor Department report, seen as one of the best indicators of economic momentum, showed a rise in the jobless rate, up from 9.8 percent in September, to the highest since 1983. But the number of jobs lost narrowed to the lowest level in more than one year.

The United States is the world's biggest energy user and is seen as key to perking up oil demand, which has been hit by the global slump.

Discuss this story on expressindia forums
Post Comments
Name* Email ID*
Subject* Country*
Message*
Characters remaining
 
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
I agree to the terms of use.

Latest News

Business

Showbiz

Sports

2 killed, 47 hurt as train derails after Maoists blast

IAF Vice Chief’s latest: Politics stalls defence purchases

Govt promises to amend sugarcane ordinance

China tries to mollify India over Indo-Pak reference

Campaigning stops Koda from meeting ED

We should not expect much from Copenhagen summit: Ramesh

Mahesh Bhatt writes to PM about 'great betrayal'

More
Featured Services
© 2009 The Indian Express Limited. All rights reserved
The Indian Express Group | Advertise With Us | Privacy Policy | Feedback | Work With Us | Site Map