Connect with us

Hi, what are you looking for?

Capital Business
Capital Business


Oil prices up in Asian trade

SINGAPORE, Mar 26 – Oil prices rose in Asian trade on Thursday following an overnight decline on data showing that demand in the United States, the world\\\’s biggest energy consumer, remains weak.

New York\\\’s main futures contract, light sweet crude for May delivery, gained 53 cents to 53.30 dollars a barrel in afternoon trade.

Brent North Sea crude for delivery in May advanced 73 cents to 52.48.

Jonathan Kornafel, Asian director of energy consultancy Hudson Capital, called the price a "technical rally."

Oil prices fell in US trade Wednesday as traders digested news that US crude reserves surged by more than expected last week, indicating weak demand in the world\\\’s biggest economy.

The US Department of Energy said that American crude oil reserves jumped by 3.3 million barrels in the week ending March 20, against market expectations for a smaller gain of 1.3 million barrels.

Inventories could also go up during the second quarter, traditionally a season when demand eases, said Nic Brown of Natixis.

"Stock data will become increasingly important in the coming weeks," Brown said.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...