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
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
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
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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