SINGAPORE: Crude prices continued to decline in Asian trade Tuesday on worries that a global swine flu outbreak would hurt air travel and reduce oil demand, analysts said.
New York’s main contract, light sweet crude for June delivery, dropped $1.11 to $49.03 a barrel. Brent North Sea crude for June delivery was off $1.30 to $49.02.
“Concerns that the outbreak of swine flu may discourage air travel were a negative for the oil price,” said David Moore, a commodity analyst with the Commonwealth Bank of Australia in Sydney.
The swine flu outbreak that began in Mexico has raised fears of a global pandemic after suspected and confirmed cases were detected in parts of Europe, the United States and New Zealand.
Analysts said swine flu, a contagious and sometimes fatal respiratory disease among pigs, has the potential to affect the global aviation industry if the outbreak escalates further.
The last time an epidemic hurt the aviation sector was in 2003 when Severe Acute Respiratory Syndrome (SARS) sent the industry into a tailspin.
The World Health Organization on Monday raised its flu pandemic alert level from three to four, signalling a “significant increase in risk of a pandemic” under its criteria.
“For the moment, the initial flu news has created the spectre of a potentially globally economic depressing event just as the markets were evaluating the prospects for economic recovery,” JP Morgan Research analyst Lawrence Eagles said.
“An event of legitimate severity would be bearish for both crude and transportation fuel prices.” — AFP
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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