Sign in | Join free

Crude down in asia on spain worries, slowing china economy

Crude down in asia on spain worries, slowing china economy Source:
Date: 05-10-2012
Visits: 261
Very Poor

Crude was down in Asian trade today as worries over Spain and a slowing Chinese economy highlighted a weak global economic outlook, analysts said.
New York's main contract, light sweet crude for delivery in November, shed 20 cents to $87.94 a barrel and Brent North Sea crude slipped three cents to $108.14.
"Crude oil prices dipped slightly on weak outlook for economic growth," said Sanjeev Gupta, who heads the Asia-Pacific oil and gas practice at Ernst and Young.
"This past week, European attention has been focused on Spain's problems," he told AFP, adding that in Asia markets were worried about signs of an economic slowdown in China, the world's biggest energy consumer.
Traders were watching Spain for hints on whether it would ask for a eurozone bailout soon, after Catalonia president Artur Mas yesterday said the move was unavoidable and Madrid should ask for it without a long delay.
His words flew in the face of Spanish Prime Minister Mariano Rajoy's studious refusal to say whether the eurozone's fourth largest economy needs rescuing, insisting instead on the need to study the matter.
The Asian Development Bank yesterday slashed its growth estimates for Asia's emerging economies to the lowest level since 2009, citing a slowdown in powerhouses China and India.
It forecast China's gross domestic product would expand 7.7% this year before bouncing back to 8.1% in 2013 but still well below the 9.3% achieved last year.
India would see GDP growth slow to 5.6% in 2012 before picking up to 6.7% next year.
The bank also warned of significant risks caused by the effects of the European debt crisis and continued weakness in the United States, both of which are major export markets.
like 315 Unlike 35
Users Comments
No comments to display
Are you sure you want to delete this comment.
Add your comment
User Name:
Email: Will not be published
Rate This article:
Maximum 3500 characters
Your name
Your email address
Your friend email address
  • /images/ourservices/125-600/pricetrend.jpg
  • /images/ourservices/125-600/product.jpg
  • /images/ourservices/125-600/videos.jpg
Suntex Asia Limited
32367 Users
have already joined Shouldn't you?
Full registration will provide you access to all our free services. It takes only one minute and it is free Go here
Quick registration (it's free)
Accesss to some of our free services
Select membership
Full Name
User Name
Enter the code
(Note: If you can't read the letters, reload the page to generate a new one.)
terms and conditions
Members Login
Already registered
Forgot your password
golden fees
Enter your e-mail address
Choose your room