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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Search Search: Oil in narrow trading range in Asia AFP - Monday, January 19 SINGAPORE, Jan 19, 2009 (AFP) - Oil traded in a narrow price range Monday in Asia, with the market affected by weak global demand and worries over OPEC production cuts, analysts said. New York's main contract, light sweet crude for February delivery, fell 31 cents to 36.20 dollars a barrel on the New York Mercantile Exchange. Brent North Sea crude for March delivery was down 47 cents to 46.10. Underlying weak global demand for crude "remains a dominant factor" affecting the market, said David Moore, a commodity strategist for the Commonwealth Bank of Australia in Sydney. He said New York's February contract was trading in a "very narrow range" ahead of its expiry later this week, and March contract prices of above 42 dollars were more indicative of the market's current situation. Last week both the Organisation of the Petroleum Exporting Countries (OPEC) cartel and the International Energy Agency, energy policy adviser to major industrialised countries, lowered their demand forecasts for this year. OPEC will consider further cuts to oil production if prices continue to fall, Algerian Energy Minister Chakib Khelil said Saturday. Another cartel member, Venezuela, said at the weekend that it is prepared to reduce its oil production in a bid to boost prices. burs-str/it/mc 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 Russia devalues rouble for sixth time in 2009Reuters - 33 minutes ago Oil in narrow trading range in AsiaAFP - Monday, January 19 Gazprom Neft chief says could cut capex by 45 pctReuters - Saturday, January 17 US STOCKS-Energy shares lift Wall St, but BofA slipsReuters - Saturday, January 17 Related Articles: Asia Pacific Further custody extension for Mumbai attacker: policeAFP - 40 minutes ago UPDATE 1-S'pore considers tapping reserves amid recessionReuters - 48 minutes ago Interpol alert over multi-million-dollar Singapore theftAFP - 51 minutes ago Sri Lankan military battles rebels in northAP - 53 minutes ago Cheaters use spy gear on China's civil service exam: state mediaAFP - 1 hour 4 minutes ago Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Asia Pacific Viewed Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson 'Overwhelming emotion' at star-studded inaugural concert Hormone drives sexy women to infidelity, says study All aboard, as Obama takes slow train to power View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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