Oil prices climb in Asian trade

SINGAPORE – Oil prices rose in Asian trade Monday as robust US jobs data boosted hopes for stronger energy demand in the world’s biggest economy.

New York’s main contract, West Texas Intermediate (WTI) for January delivery, was up 23 cents at $97.88 a barrel in mid-morning trade, while Brent North Sea crude for January rose 13 cents to $111.74.

Singapore’s United Overseas Bank said in a research note that prices were supported “by the outlook for increased demand after strong jobs data from the US, the world’s top oil consumer.”

The US government reported last week that the unemployment rate fell sharply to 7.0 percent in November from 7.3 percent in October.

The data, which pointed to further strength in the US economy, also saw a better-than-expected surge of 203,000 jobs generated.

As the world’s largest oil consuming nation, the health of the American economy has a major influence on the crude oil market.

source: business.inquirer.net

Dollar rises in Asia ahead of key US jobs data

TOKYO – The dollar rose in Asian trade Tuesday as investors looked to key US jobs data later in the day as a gauge of the state of the world’s largest economy.

The greenback changed hands at 98.32 yen in Tokyo midday trade, up from 98.15 yen in New York Monday afternoon, partially shored up by speculation over strong jobs data, dealers said.

The euro weakened to $1.3661 from $1.3681 while it rose to 134.36 yen from 134.26 yen.

All eyes were on the September jobs report, which was delayed by a two-week US government shutdown but will be released later Tuesday.

Labor market strength is a key factor for the Federal Reserve’s timeline in scaling back its huge monetary easing drive.

“If Monday was quiet in front of Tuesday’s delayed US employment report, today threatens to be even more soporific as markets count the clock down” to the jobs data release, National Australia Bank said.

An upside surprise could see a revival of expectations that Fed tapering would still commence in December, the bank said, a move that would support the dollar.

“There may though be an inclination to dismiss the numbers as too backward-looking given the subsequent government shutdown and at least small hit to confidence and activity this month,” it added.

Osao Iizuka, head of FX trading at Sumitomo Mitsui Trust Bank, told Dow Jones Newswires that “the market lacks energy to move in either direction.”

While Japanese exporters are placing selling orders above 99.00 yen, importers are looking to buy below 97.50, keeping the dollar-yen rate in a narrow band, he added.

source: business.inquirer.net

Oil prices mixed in Asian trade

SINGAPORE—Oil prices were mixed in Asian trade Wednesday after climbing in New York as concerns over a US-led military strike on Syria returned.

New York’s main contract, West Texas Intermediate for delivery in October, eased 26 cents to $108.28 in mid-morning trade, while Brent North Sea crude for October gained 12 cents to $115.80.

Market jitters over Syria resurfaced after Republican House Speaker John Boehner and his right hand man Eric Cantor said they would support a strike against the Assad regime over its alleged use of chemical weapons.

The move was a rare gesture of unity in a divided Congress and left US President Barack Obama hopeful of securing a vote for action from lawmakers next week.

Investors fear US intervention could lead to a wider conflict in the politically volatile Middle East, a key source of the world’s crude oil supplies.

Oil prices have tumbled from multi-month highs after Obama said he would seek approval from Congress for military action. They had soared on speculation of imminent US strikes.

source: business.inquirer.net

Oil down as Obama seeks Congress approval on Syria

SINGAPORE – Oil prices fell in Asian trade Monday after US President Barack Obama’s announcement that he would seek approval from lawmakers for military action against Syria eased prospects of an imminent strike, analysts said.

New York’s main contract, West Texas Intermediate for delivery in October, was down $1.47 to $106.18 a barrel in mid-morning trade, while Brent North Sea crude for October fell $1.15 to $112.86.

US markets will be closed Monday for the Labor Day federal holiday.

“Investors are sitting back for now after President Obama’s decision to take the decision on a Syrian intervention to US lawmakers,” Desmond Chua, market analyst at CMC Markets in Singapore, told AFP.

After the announcement on Saturday, Obama launched an intense lobbying effort to sway sceptical lawmakers as they weigh whether to support military action against Syria for its alleged chemical weapon use, an official said Sunday.

Although Syria is not a major oil producer, traders are nervous about a broader conflict in the crude-rich Middle East region, including neighbouring Iraq, which is becoming a major exporter.

Obama’s surprise decision to hand the issue to the Congress effectively pushes military action back until at least September 9, when US lawmakers return from their summer recess.

It remains to be seen if a war-weary Congress will endorse Obama’s push for action.

Secretary of State John Kerry said Sunday that Washington has proof the Syrian regime used sarin gas in a deadly August 21 strike on a Damascus suburb.

Hair and blood samples given to the US by emergency workers who rushed to the scene of the attack showed signs of the powerful sarin nerve gas, he said.

Chua said all eyes will be on President Obama at a G20 summit in Russia later this week, where Syria is likely to top the agenda.

“There will be keen attention among investors on discussions about Syria at the G20 summit as well as the outcome of any direct meeting between President Obama and Russian President Putin,” he said.

source: business.inquirer.net

Oil prices up in Asia as US-British crude pact denied

Singapore - Oil prices rose in Asian trade Friday after the US and Britain denied reports that the two countries had agreed to release strategic reserves of crude, analysts said.

New York's main contract, light sweet crude for delivery in April up 36 cents to $105.47 while Brent North Sea crude for May delivery gained 37 cents to $122.97 on its first trading day.

The White House confirmed the issue was discussed by US President Barack Obama and British Prime Minister David Cameron, but denied that there was a pact.

"I can tell you that among the many topics of discussion that the British prime minister and the president had were energy issues. And the situation globally with the rise in the price of oil," said White House spokesman Jay Carney.

"But I can say very clearly that the report suggesting that any kind of an agreement was reached on a course of action with regard to those energy issues, that any agreement was reached with a timetable associated with it, that report is false. It is not accurate."

Victor Shum, senior principal of Purvin and Gertz energy consultants in Singapore, told AFP: "Oil has been rebounding since that denial."

Crude prices -- which have risen in recent month amid concerns over a stand-off between the West and Iran -- had fallen by more than $2 in New York and more than $4 in London before the denial. — AFP

source: gmanetwork.com

Tokyo stocks open up 0.63 percent

TOKYO – Tokyo stocks opened 0.63 percent higher on Monday as investors awaited developments on the European debt crisis ahead of crucial talks by the region’s leaders.

The benchmark Nikkei index at the Tokyo Stock Exchange opened up 54.03 points at 8,697.78.

The Nikkei will likely struggle for a clear direction before a series of important meetings in Europe this week, said Hiroichi Nishi, general manager of equity division at SMBC Nikko Securities.

“Investors are likely to wait to assess development(s) at many important meetings in Europe,” Nishi told Dow Jones Newswires.

German Chancellor Angela Merkel and French President Nicolas Sarkozy are due to meet later Monday. European Union summit talks are planned for Thursday and Friday.

Italy on Sunday unveiled a draconian austerity programme worth 20 billion euros ($27 billion) in an effort to avoid bankruptcy for the eurozone’s third largest economy but warned a new recession was looming.

The euro bought $1.3417 and 104.73 yen in early Asian trade Monday, up from $1.3403 and 104.56 yen in New York late Friday. The dollar was almost unchanged, trading at 78.05 yen.

Nishi said some sense of overheating had emerged in the Nikkei index over the past few sessions with eased concerns over the European sovereign debt crisis and the US economy.

Closely watched US jobs data showed Friday that the unemployment rate sank to a 32-month low of 8.6 percent in November. The blue-chip Dow Jones Industrial Average rose 0.01 percent to end at 12,019.42.


source: http://business.inquirer.net/33561/tokyo-stocks-open-up-0-63-percent