OIL prices fell to near $97 a barrel Tuesday in Asia, extending a two-week fall amid investor concern slowing US economic growth could undermine demand for crude.
Benchmark crude for June delivery was down 27 cents to $97.10 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.28 to settle at $97.37 on Monday.
In London, Brent crude for June delivery was down 26 cents to $110.58 a barrel on the ICE Futures exchange.
The falling oil prices abroad have reduced pump prices in the Philippines, where the last price cuts took effect on May 15 as distributors trimmed the price of gasoline by P1.75 a liter, regular gasoline by P1.25, and diesel and kerosene by P2.
Crude has fallen about 16 percent from near $115 on May 2 as traders fret high fuel costs and tepid economic growth will hurt US consumption. Crude surged 35 percent between February and the beginning of this month.
On Monday, traders shrugged off a weaker dollar, which makes crude cheaper for investors with other currencies and usually helps push oil prices higher.
Analysts are also eying the end next month of a Federal Reserve program to purchase treasury bonds, known as quantitative easing. It has helped boost money supply and asset prices while also weakening the dollar.
“The end of quantitative easing is the sea-change beneath the broader moves,” Cameron Hanover said in a report.
In other Nymex trading in June contracts, heating oil fell 0.5 cent to $2.87 a gallon and gasoline dropped 1.4 cents to $2.92 a gallon. Natural gas futures slid 3 cents to $4.29 per 1,000 cubic feet. AP, with Jeremiah F. de Guzman, Manila Standard Today
World Day for Safety and Health at Work
“Safety and health at work every day!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
