">Forum Views ()
">Forum Replies ()
Read more with google mobile :
Oil slips on weak global demand
Navigation
Primary Navigation
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Secondary Navigation
Africa
Europe
Latin America
Middle East
North America
Search
Search:
Oil slips on weak global demand
By GEORGE JAHN,Associated Press Writer AP - Saturday, January 10
VIENNA, Austria - Worries about global economic growth and expectations of a weak U.S. jobs report pushed oil prices lower Friday, despite concern about fighting in Gaza and evidence that OPEC production cutbacks were taking hold.
Oil prices had risen earlier this week to above $48 from a five-year low of $33.87 a barrel on Dec. 19 as investors worried the conflict in Gaza could engulf the oil-rich Middle East and affect supplies.
But prices then dropped sharply on new evidence of weak demand for crude, with U.S. jobless claims rising Thursday and the key payrolls report expected later Friday. Analysts forecast it to show a massive 600,000 jobs were lost in December.
Light, sweet crude for February delivery was down 38 cents at $41.32 barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. The contract overnight fell 93 cents to settle at $41.70.
Lebanese militants fired at least three rockets into northern Israel on Thursday, threatening to open a new front for the Jewish state as it pushed forward with an offensive against Hamas in the Gaza Strip that has killed about 700 people. Israel responded with mortar shells.
"Some traders may be nervous fighting could spread," said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore. "Iran has been racheting up the rhetoric."
Top Iranian leader Ayatollah Ali Khamenei said Thursday his country would not spare any effort to assist Hamas, though he banned hardline student groups from carrying out suicide bombings in Israel.
An Iranian Revolutionary Guard commander earlier this week called on Islamic countries to use oil as a weapon to end the fighting in Gaza.
Oil prices fell the previous two trading sessions on expectations a severe global economic slowdown will undermine crude demand and evidence that an increasing number of OPEC members were cutting back on production.
Focusing on OPEC, oil and energy consultants KBC Market Services said it appeared "OPEC is now doing enough on supply to compensate for the fall in global oil demand."
"However, the market may not be convinced of sufficient compliance until OPEC production data for January become available early next month."
Part of the subdued market mood appeared to stem from dire economic warnings from U.S. President-elect Barack Obama.
On Thursday, Obama said the recession in the U.S. could "linger for years" unless Congress approves a spending package and tax cuts that will cost as much as $1 trillion.
Dismal employment news and weak reports from retailers also heightened fears that consumer demand will continue to weaken.
The Labor Department said 4.61 million Americans continued to seek jobless benefits in November, up 101,000. That exceeded analysts' expectations of 4.5 million and was the highest level since November 1982.
The payrolls data due later Friday will be watched closely, with many analysts expecting it to show unemployment swelled to around 7 percent in December from 6.7 percent in November.
Corporate news was not any better, after Wal-Mart, the largest retailer in the U.S., slashed its fourth-quarter earnings forecast and reported sales below analyst expectations. Department store operator Macy's Inc. said it will close 11 stores in nine states _ affecting 960 employees _ and also lowered its forecast for the fourth quarter.
"Demand is bad _ that's the underlying reality," Chu said. "Unless there's a major shock, the market will likely drift back down below $40."
In other Nymex trading, gasoline futures slipped by less than a penny to fetch $1.08 a gallon. Heating oil fell more than a cent, selling at $1.50 a gallon while natural gas for February delivery lost close to 3 cents at $5.56 per 1,000 cubic feet.
In London, February Brent crude fell 36 cents to $44.31 a barrel on the ICE Futures exchange.
____
Associated Press writer Alex Kennedy contributed to this report from Singapore.
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 slips on weak global demandAP - Saturday, January 10
Ecuador to delay projects, seeks cash for oil sectorReuters - Friday, January 9
Venezuela reduces oil productionAP - Thursday, January 8
Oil slips as global economic worries re-emergeAP - Tuesday, January 6
Related Articles: World
Explosion at Ind. furniture plant injures 8AP - 20 minutes ago
Israel presses on with Gaza strikes despite UN resolutionAFP - 23 minutes ago
Obama to complete national security team FridayAP - 28 minutes ago
Egyptians spearhead Gaza protestsAFP - 32 minutes ago
Relatives of crew on hijacked ship ask for helpAP - 38 minutes ago
Related Full Coverage
oil price hike
oil price hike
All Full Coverage
Most Popular – World
Viewed
Marks & Spencer to axe 1,230 jobs and close 27 stores
Finance fights sex for Aussie dictionary honour
Citigroup: 2-billion-dollar exposure to LyondellBasell
Israel presses on with Gaza strikes despite UN resolution
Half the planet could be hit by food crisis by 2100: study
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Other News on Friday, 9 January 2009
UN, Red Cross curtail Gaza aid, criticize Israel
Gaza war toll rises
Cold snap in Europe takes its toll
North Korea may see no U.S. nuclear threat: adviser
| International
|
New blow for Ireland as Dell moves regional centre
Iran bans volunteers from fighting Israel
Audiovox, MediaFLO to bring mobile TV to the automobile
Germany partially nationalises Commerzbank with 25 pct stake
Russia, Ukraine gas talks collapse amid dispute over monitors
Obama urges spending jolt to avert 'severe' recession
US families to get 1,000 dollar tax cut: Obama
Eastern Europe battles the cold as gas dispute bites
Afghans say U.S.-led raid kills 17 civilians
| International
|
Russia to restart Europe gas after transit deal: Medvedev
Darfur rebels accuse Sudan of fresh bombings
| International
|
Sri Lankan editor who challenged politicians killed
| International
|
Gunmen kill WFP aid worker in Somalia
| International
|
Porn Magnates Larry Flynt And Joe Francis Seek $5 Billion Bailout From Government
Popular Internet financial pundit arrested in S Korea
Gaza war sparks torrent of fiery comment on the Internet
Silicon Image announces at CES it aims to connect home media
Sony unveils flexi-video screen and movie glasses at CES
Chunk of NZ glacier crushes 2 Australian tourists
Australian brothers killed in NZ glacier ice slide
Thai police arrest Texas child sex abuse suspect
Sony unveils flexi-video screen, movie glasses at CES
| Technology
|
China's jobless migrants go home early for holiday
Classic board games go virtual
| Technology
|
Official: Attack on US patrol kills 5
Sri Lankan military captures rebel base in north
Palm debuts smartphone, operating system at CES
| Technology
|
Microsoft to let consumers test Windows 7 on Friday
| Technology
|
Police arrest 15 foreign women masseuses at Dunlop Street
Obama pushes stimulus and warns on recession
CES: New Dish Network DVR has Slingbox technology
| Technology
|
Silicon Image announces at CES it aims to connect home media
| Technology
|
CES: Verizon picks Microsoft search over Google, Yahoo
| Technology
|
Obama backs extending digital TV cutoff date
| Technology
|
Police Arrest Rochester, NY Teen In Killings Of Four People
U.S. Prosecutors Seek To Have Bail Revoked For Accused Swindler Bernie Madoff
IL House Committee Drafts Report Recommending Impeachment Of Blagojevich
U.S. Weekly Initial Jobless Claims Drop To 3-Month Low, Continuing Claims At Record Level
Obama Urges Quick Passage Of Economic Recovery Plan So Nation Can Start Over, Succeed In Turning Economy Around
Hustler Magazine Founder Asks Congress For $5 Billion Package To Help Porn Industry
Travolta thanks fans, Jett memorial held
| Entertainment
|
Judge to rule Friday on earlier Watchmen hearing
| Entertainment
|
Travolta plans private memorial for son in Florida
'Dark Knight' director in running for Oscars indicator
CeCe Winans, others honored for gospel music
Former movie studio head Ned Tanen dies at 77
DNA Link Not Sole Determinant In Considering Paternity For Divorce Settlement
Nolan nabs directing nomination for `Dark Knight'
Survey: Reporters dropped ball covering meltdown
Battle of the balls as inaugural galas woo US revelers
Asian demand grows for Australian wine
Vietnam plans one-bln-dlr hotel and golf resort in Laos: report
World religions can learn from Japan: PM
Tech giants unveil energy-saving TVs at CES
Canadian Trekkers Break World Record By Crossing Antarctica To South Pole Unaided In 33 Days, 23 Hours, 30 Minutes
Diplomats push for Gaza ceasefire as UN agency halts work
Consumer electronics show kicks off in Las Vegas
Collapse of Sudan peace pact could spell disaster: report
| International
|
British interest rate hits lowest point since late 17th century
Caracas protesters cheer Israeli envoy's expulsion
US-TECH Summary
Strong quake rocks Costa Rica, two dead
| International
|
250 foreigners evacuated from Gaza fighting
Obama backs extending digital TV cutoff date
Colombia encourages rebels to desert with hostages
| International
|
Palm debuts "Pre" smartphone, operating system at CES
Half the planet could be hit by food crisis by 2100: study
Sony unveils new gadgets in celebrity revue at CES
Classic board games go virtual
US-TECH Summary
Sony unveils new gadgets in celebrity revue at CES
Energy panel shake up signals action on climate
Obama urges spending jolt to avert long recession
Palm debuts smartphone, operating system at CES
Half the planet could be hit by food crisis by 2100: study
Obama urges spending jolt to avert long recession
Palm debuts Pre smartphone, operating system at CES
| Technology
|
Two Australians killed by falling glacier ice in New Zealand
Ecuador to delay projects, seeks cash for oil sector
Obama backs extending digital TV cutoff date
| Technology
|
At least 38 dead in Pakistan slum fire: officials
Pentagon denies missile defense sales talks with India
U.S. Navy Forms Counter-Piracy Force
U.S. Retailers Report Weak December Sales On Soft Holiday Season
Wall Street Pares Losses On Citigroup Mortgage News
South Korea won gains before c.bank rate decision
S.Korean bonds rise ahead of c.bank rate decision
Seoul shares gain; banks up before rate decision
CHRONOLOGY-South Korea acts to tackle crisis
FACTBOX-Recent comments by S.Korean officials on economy
GM posts record sales in Asia
Quantum tops domestic James Bond box office
| Entertainment
|
Spider-Man celebrates Obama as nerd-in-chief
| Entertainment
|
Heath Ledger 2008's biggest movie story: poll
Hollywood publicity agent earning "15 minutes"
Good movies, prices help Hollywood in recession
Netflix and Film Independent launch filmmaking contest
| Entertainment
|
Obama team seeks delay in US digital TV switch
US-ENTERTAINMENT Summary
Spider-Man celebrates Obama as "nerd-in-chief"
2 arrested in burglary at Gregg Allman's Ga. home
Obama, Spider-Man team up for new Marvel comic
Gavin Creel set to play Claude in B'way's 'Hair'
Gionfriddo's 'Becky Shaw' is a sharp social comedy
Cruise calls death of Travolta's son 'horrific'
Phish announce summer tour dates
UN rights council to debate 'grave violations' in Gaza
U.N. calls for immediate Gaza truce
| International
|
Ukrainian first foreigner to die in Gaza fighting
U.S. Army recruiting at the mall with video games
China widens "vulgar" online crackdown
Qaeda Pakistan leader believed dead: U.S. official
| International
|
US, Iran have shared interest in Afghanistan: Petraeus
Citigroup: 2-billion-dollar exposure to LyondellBasell
Fidel Castro again a no-show at revolution event
| International
|
SanDisk unveils speedy solid-state drives at CES
Ford committed to new products and cost cuts: CEO
Bad economy takes pizzazz out of CES
China plans production controls for deadly melamine
| International
|
Hollywood Celebrities Flock To The 2009 CES Expo In Las Vegas
Ford says at CES to offer Sync platform globally in 2010
Fire in slum in Pakistan's Karachi kills 39
| International
|
U.N. calls for immediate Gaza truce
Strong quake rocks Costa Rica, 3 dead
| International
|
Two U.S. soldiers killed in Afghan suicide attack
| International
|
Collapse of Sudan peace pact could spell disaster
Mexico arrests a founder of Zetas drug hitmen
| International
|
Bad economy takes pizzazz out of CES
| Technology
|
Obama urges spending jolt to avert long recession
Touch-screen gadgets alienate blind
| Technology
|
SanDisk unveils speedy solid-state drives at CES
| Technology
|
Disney backs new Intel chip at CES
| Technology
|
U.S. Army recruiting at the mall with video games
| Technology
|
Ford committed to new products and cost cuts: CEO
| Technology
|
Mauresmo injury puts Bartoli into tennis final against Azarenka
Yahoo nearing end of search for new CEO: report
| Technology
|
China plans production controls for deadly melamine
"One—eyed dragon" hanged
Films Act to be amended to allow factual party political films
Whole genome study identifies new genes involved in Kawasaki disease
GLOBAL MARKETS-Asia stocks slip in long wait for U.S. jobs data
Rights group urges WBank, donors to press Vietnam on media
Strike sparks fuel crisis in India
Illinois lawmakers to vote to impeach tainted governor
Japanese shares down ahead of US jobs data
Disabled Japanese fisherman survives 15 hrs in sea
China revamping manufacturing base
US military deaths in Afghanistan region at 561
Record of Japanese visit temples for New Years
Japan's jobless to work the land: government
S.Korea c.bank to lend $3 bln to banks next week
Indonesian women protest against Israeli strikes
Credit crunch may lead to another rice crisis
Small Quake Hits Southern California
Secret CIA Strike Kills Chief, Lieutenant Of Al Qaeda In Pakistan
CDC Seeking Source Of Salmonella Outbreak In 42 States
SKorean president promises aggressive fiscal expenditure
Heavy Flooding Shuts Freeways In Western Washington, Halts Interstate Commerce
Seoul shares end lower after rate cut; techs fall
World's Largest Consumer Electronics Show Kicks Off In Las Vegas
Sony making video bifocals and bendable televisions
Kawasaki pulls out of MotoGP
Slumdog Millionaire in the money at L.A. awards
| Entertainment
|
Private memorial service held for Jett Travolta
| Entertainment
|
Directors Guild unveils feature film nominees
| Entertainment
|
Spider-Man celebrates Obama as nerd-in-chief
| Entertainment
|
The Globes are back in a partying mood
| Entertainment
|
Microsoft's Steve Ballmer Opens CES 2009 In Las Vegas
"Slumdog Millionaire" in the money at L.A. awards
Critics' final answer: `Slumdog' wins 5 awards
Directors Guild unveils feature film nominees
The Globes are back in a partying mood
Private memorial service held for Jett Travolta
EU seeks gas supply return after deal
| International
|
Afghan suicide bomb kills six: governor
Internet-age technology being tailored for children and seniors
EU demands immediate resumption of gas supplies
Obama battles to push stimulus package
Israel shelled Gaza house crowded with civilians: UN
North Iraq bomb kills five in Iraqi army convoy
Zimbabwe's Tsvangirai seeks crucial Mugabe meeting
| International
|
U.S. says Iraqis may still be held without charge
| International
|
Meryl Streep And Anne Hathaway Tie For Best Actress At The Critics' Choice Awards
Situation on Indian border fragile
| International
|
China officials apologize for attack on journalists
| International
|
North Iraq bomb kills five in Iraqi army convoy
| International
|
Keppel gets cancellation for $405 mln rig contract
Pakistan responds to Indian dossier
Pakistan PM asks for world help to calm India tensions
Pakistan PM says no rift with president
Al Qaeda Pakistan leader believed dead
3,000 Malaysians protest against Gaza attacks
China shuts 41 sites in porn crackdown: state media
MDA appoints seven new board members
Rights group decries Vietnam's press restrictions
Travel Picks: Top 9 travel experiences for 2009
US strike kills 2 key al-Qaida operatives
Obama In Favor Of Delaying Feb. 17 Digital Switch
Colin Powell, Inaugural Committee To Discuss Obama's Call To National Service Friday
Average Mortgage Rate Down To 5 Percent
Inaugural Rental Market Bottoms Out As Jan. 20 Approaches
BART Apologizes For New Year Shooting Of Unarmed Man As Victim's Family Appeals For Calm
Obama Names Virginia Gov. Tim Kaine As Head Of Democratic Party
HK stock index falls ahead of US job report
The Unborn an unintentionally funny horror
| Entertainment
|
Japan researchers unveil robot suit for farmers
Taiwan dollar weakens on foreign fund outflows
Golden Globes could yield some surprises
| Entertainment
|
China revamping its key southern factory region
China shares gain, led by power companies, banks
Taiwan to continue new accounting rule
Fox News follows actor Gary Sinise's Iraq trip
| Entertainment
|
WRAPUP 2-South Korea cuts rates, automaker seeks protection
ER final season extended by three episodes
| Entertainment
|
Reports: Toyota grandson to take top job
Mother cast makes more gravy
| Entertainment
|
Obama Writes Congress To Seek Delay In Digital TV Broadcast Switch
"ER" final season extended by three episodes
"The Unborn" an unintentionally funny horror
Fox News follows actor Gary Sinise's Iraq trip
"Mother" cast makes more gravy
Physicist applies for sweeper's job in S Korea amid economic slump
Golden Globes could yield some surprises
Egyptians spearhead Gaza protests
Panasonic and LG bet boldly on flatscreen TV growth
Three NATO soldiers, six Afghans killed: officials
Iraq police: 3 killed in bombing at Baghdad mosque
US troops in Iraq get to drink beer for Super Bowl
UN: Israel shelled house where civilians were held
"Biggest Loser" Contestant Charged With Domestic Violence
Somali pirates free Saudi supertanker
| International
|
Ex-Mafia boss's son sent back to Sicilian prison
| International
|
Adult Entertainment Expo Kicks Off In Las Vegas
US unemployment surges as 524,000 jobs lost
Dennis Quaid's Twin Overdose Case Settled
Sri Lankan troops seize key Elephant Pass-president
| International
|
Is Tintin gay? Cartoon birthday boy dogged by rumours
Panasonic and LG bet boldly on flatscreen TV growth
No breakthrough as Japan, China discuss gas field
Edgy China blog site shut amid Internet porn sweep
Bomb blast kills 2 in India's restive northeast
Sri Lankan troops capture key pass from Tiger rebels
Baby—boomer survey shows 3 in 10 expect to retire at age 65 or older
Panasonic and LG bet boldly on flatscreen TV growth
| Technology
|
Cambodian genocide judges reject corruption claims
Hamper makers use different packaging methods to cut costs