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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Oil prices extend losses in Asian trade AFP - Friday, October 31 SINGAPORE, Oct 31, 2008 (AFP) - Oil prices extended their losses in Asian trade Friday as global recession concerns overshadowed the euphoria from a strong rebound in international stock markets, analysts said. Investors are focusing on the negative fallout from a global financial crisis on energy demand, they said. At midday, New York's benchmark contract, light sweet crude for December delivery was down 1.46 dollars to 64.50 dollars a barrel. It declined 1.54 dollars to close at 65.96 dollars in US trade Thursday. Brent North Sea crude for December tumbled 1.64 dollars to 62.07 dollars a barrel, after dropping 1.76 dollars to settle at 63.71 dollars in London the previous day. "It would be tempting to conclude from the price action in financial markets over the past few days that all is right with the world again. It is not," research house Capital Economics said. "Risk aversion has receded a little in response to the concerted efforts of policymakers. But we are staring down the barrel of a major global recession and the growing probability of deflation." News that the US economy, the world's biggest energy consumer, contracted at a 0.3 percent annualised pace in the third quarter sent oil prices downwards overnight, reversing gains that followed the rise in share prices across the globe. A shrinking US economy, a major engine for global economic growth, means consumers and businesses cutting back on spending amid the worst banking and financial crisis in decades. "In the United States, (the) ongoing turmoil in financial markets, the collapse in households' financial wealth and soaring unemployment suggest (that) an outright contraction in consumer spending in the third quarter is just the tip of the iceberg," Capital Economics said. "Although falling energy prices will shore up household income, most of the cash is likely to be saved, not spent." It said it now expects the US economy to contract by 1.5 percent in 2009, instead of shrinking 0.5 percent as previously forecast. Major economies such as Europe and Japan are in the same predicament, it added. Oil prices have fallen from historic peaks of more than 147 dollars a barrel in July as the financial crisis spilled into the general economy and hurt energy usage. The Organisation of Petroleum Exporting Countries (OPEC) last week slashed output in a bid to shore up prices and some members have renewed calls for more production cuts. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Oil prices extend losses in Asian tradeAFP - Friday, October 31 Nigeria cuts oil exportsAP - Friday, October 31 LUKOIL slashes 2009-2011 capex plan on oil priceReuters - Friday, October 31 WRAPUP 1-Russia to cut oil exports, tycoon seeks OPEC entryReuters - Thursday, October 30 Related Articles: Asia Pacific India's Bharti: got additional spectrum in 3 circlesReuters - 2 hours 26 minutes ago SKorean aid group to ship flour to NKoreaAP - 2 hours 29 minutes ago Rare, prehistoric-age reptile found nesting in NZAP - 2 hours 52 minutes ago Oil prices extend losses in Asian tradeAFP - Friday, October 31 Singapore job growth slows, manufacturers pessimisticReuters - 1 hour 43 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Asia Pacific Viewed When men see red, they see hot: study Asian stocks soar on US Fed rate cut McCain in defiance as Obama boosted by economic data World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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