Connect with us

Hi, what are you looking for?


Oil lower in Asian trade

SINGAPORE, Sept 28 – Oil fell in Asian trade amid lingering worries over energy demand in the United States, the world\’s biggest oil user, analysts said.

New York\’s main contract, light sweet crude for November delivery, dropped 45 cents to 65.57 dollars a barrel.

Brent North Sea crude for November delivery was off 47 cents at 64.64 dollars.

Concerns over US energy demand are resurfacing after data released Friday showed orders for durable goods fell 2.4 percent in August against market expectations for a rise of 0.4 percent.

Durable goods are those likely to last three years or more, such as cars and appliances, and represent a key segment of the manufacturing sector.

"International economic news was generally on the disappointing side of market expectations, leaving metal and oil markets lacking impetus," analysts from the Commonwealth Bank of Australia said in a report.

"The US economic data failed to allay concerns that US oil demand remains tepid," they said.

Looking ahead, investors will be watching for a slew of US data due out this week including the key non-farm payroll figures and the unemployment rate for September expected to be released Friday.

"The key focus of the week is, as always, the non-farm payrolls and unemployment reports due Friday," Singapore\’s DBS bank said in a report.

Advertisement. Scroll to continue reading.

Market expectations are for about 180,000 job losses in September, which would be an improvement from August when 216,000 jobs were lost.

The monthly payrolls report is seen as one of the best indicators of economic momentum in the world\’s biggest economy.

DBS bank has forecast the US unemployment rate to rise to 9.8 percent in September from 9.7 percent in August.

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...

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...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


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


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


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