Facebook Twitter Google Plus Vimeo Youtube Feed Feedburner

Business Home LBoard

Oil prices down in Asia

March 23, 2015

Oil-pricesSINGAPORE: Oil prices fell in Asian trade Monday after Saudi Arabia said it was pumping more oil, exacerbating a global supply glut, analysts said.

US benchmark West Texas Intermediate for May delivery was down 65 cents at $45.92 and Brent tumbled 58 cents to $54.74.

Daniel Ang, an investment analyst with Phillip Futures in Singapore, said it was “the same fundamental issue of supply and demand” affecting the market.

“Oil prices are falling because of the bearish sentiment that people have towards oil right now,” he told AFP.

Prices have collapsed by about 60 percent since June as global supplies of the commodity, boosted by strong production in the United States and the OPEC cartel, outpace demand.

Bloomberg News quoted Saudi Arabia’s oil minister Ali al- Naimi as saying on Sunday that his country is producing almost 10 million barrels of crude a day.

Saudi Arabia, the main producer in the Organization of the Petroleum Exporting Countries, pumped 9.85 million barrels a day in February, according to Bloomberg.



Readers are required to have a valid Facebook account to comment on this story. We welcome your opinions to allow a healthy debate. We want our readers to be responsible while commenting and to consider how their views could be received by others. Please be polite and do not use swear words or crude or sexual language or defamatory words. FMT also holds the right to remove comments that violate the letter or spirit of the general commenting rules.

The views expressed in the contents are those of our users and do not necessarily reflect the views of FMT.