Breaking News, World News and Taiwan News.

Updated Tuesday, September 7, 2010 10:03 pm TWN, AFP

Oil prices lower in Asian trade

SINGAPORE -- Oil prices were lower in quiet Asian trade Monday with U.S. players on a break as markets resumed last week's losses following the end of the main U.S. holiday season, analysts said.

New York's main contract, light sweet crude for delivery in October, shed 23 cents to US$74.37 a barrel.

Brent North Sea crude for October fell 17 cents to US$76.50.

The losses extended from Friday as crude markets took their cue from the end of the U.S. “driving season” when Americans get in their cars to take their annual holidays, said Ong Yi Ling, an investment analyst with Phillip Futures in Singapore.

“The end of the U.S. driving season could exert some downward pressure on crude prices,” she said.

Trading was also subdued as U.S. markets were closed for the Labor Day holiday, Ong added.

The anticipated U.S. unemployment report issued last Friday also failed to provide ballast for markets.

Subscribe to The China Post and save 25%. Click here

Share

Print

Email


Sponsors
▪	Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
▪	Buy china wholesale products from reliable chinese wholesalers on DHgate.com!
▪	Save 70% for hotel in Shanghai and 6000 hotels, in Beijing, Guangzhou, Shenzhen, and all China.
▪	Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.