Bourse

Home page

Bourse

Oil prices remain low on world markets

26 January 2010 07:51 (UTC +04:00)

Bakuâ€“ APA-Economics. Crude oil fell after South Korea said economic growth slowed and Chinaâ€™s stocks declined for a third day on concern the government will tighten credit growth.
Oil erased yesterdayâ€™s 1 percent gain as South Koreaâ€™s economic growth eased in the three months through December to the slowest in three quarters as exports, consumer demand and government spending declined, the Bank of Korea said today. A report tomorrow will probably show U.S. refiners cut operating rates for a second week amid weak demand, according to a Bloomberg News survey of analysts.
Crude for March delivery fell as much as 94 cents, or 1.3 percent, to $74.32 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $74.36 a barrel at 1:49 p.m. in Singapore. The contract climbed 72 cents to $75.26 yesterday, its first gain in four days. Futures have fallen 6.1 percent this year.
Brent oil for March settlement fell as much as 89 cents, or 1.2 percent, to $72.80 a barrel on the London-based ICE Futures Europe exchange. It was at $72.86 a barrel at 1:43 p.m. in Singapore. Yesterday, prices gained 86 cents, or 1.2 percent, to $73.69 a barrel.