28 Jan '11, 3am

Oil prices down in Asia

SINGAPORE: Crude prices fell in Asian trade on Friday as investors braced for further interest hikes in China, the world's largest energy consumer, analysts said. New York's main contract, light sweet crude for March delivery, was down 49 cents at $85.15 per barrel. Brent North Sea crude for March dipped two cents at $97.37. Reports that Saudi Arabia is pumping more oil also dampened sentiment, analysts said. "Another factor could be investors are wary that China could come up with additional tightening measures over the Lunar New Year," said Ong Yi Ling, investment analyst for Phillip Futures in Singapore. Chinese state media reported this month that interest rates could be raised further around the Lunar New Year next month to combat rising inflation during the first half of 2011. Crude prices have been affected by several factors in recent sessions such as poor US econo...

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

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