Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Oil prices dip in Asia as Syria fears subside/AFP

World

Oil prices dip in Asia as Syria fears subside

 Oil prices dip in Asia as Syria fears subside/AFP

Oil prices dip in Asia as Syria fears subside/AFP

SINGAPORE, September 3- Oil prices eased in Asian trade Tuesday on receding fears of an immediate US intervention in Syria but upbeat global economic data capped losses, analysts said.

New York’s main contract, West Texas Intermediate for delivery in October, was down 93 cents at $106.72 in afternoon trade, while Brent North Sea crude for October dipped 12 cents to $114.21.

“Concerns that Syria might retaliate when the US eventually strikes have already been priced in by investors,” Kelly Teoh, market strategist at IG Markets in Singapore, told AFP.

“The focus for now will be on the global macroeconomic situation, and investor sentiment right now is faring better than in previous months,” she said.

The potential for a US strike on Syria for its alleged use of chemical weapons has been put on the backburner after President Barack Obama said he will seek support for action from Congress, which will return from recess on Monday.

Meanwhile, data over the weekend showed that China’s official purchasing managers’ index (PMI) of manufacturing hit 51.0 last month, up from 50.3 in July and the best reading since April last year. Anything above 50 points to growth while anything below suggests contraction.

The results follow a slew of recent upbeat data that suggest a slowdown in the world’s top energy consumer and key driver of global growth may have come to an end.

Added to the rosy Chinese data, eurozone manufacturing activity hit a 26 month high in August, confirming other recent figures pointing to a recovery in the debt hit region.

A Markit Economics survey released Monday showed the PMI for the 17 nation bloc’s manufacturing sector jumped to 51.4 points in August, from 50.3 in July.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

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...

Headlines

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

Kenya

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

Coronavirus

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

Coronavirus

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