18 Jan '11, 3am

Oil mixed in Asia after slump in China stocks

SINGAPORE: Oil was mixed in Asian trade Tuesday with sentiment weighed down by a slump in Chinese stocks, analysts said. New York's main contract, light sweet crude for February delivery, dropped 58 cents to $90.96 a barrel and Brent North Sea crude for March delivery was up 17 cents at $97.60. "The Shanghai Exchange slumped three per cent, which prompted profit-taking in oil," said Ong Yi Ling, investment analyst for Phillip Futures in Singapore. Shanghai's Composite Index closed Monday down 3.03 per cent, or 84.68 points, at 2,706.66 amid growing expectations that Beijing will roll out tougher measures to crack down on inflation. Optimism about the global economic recovery and interest from bullish investors have pushed crude prices to trade close to $100 a barrel in recent sessions. The rise in global oil prices has also been attributed to a harsh winter hitting Europe ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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