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
Sept 5 – Oct 5
National Teachers Month
“Pay teachers decent wages,
Pay attention to teachers!”
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
#Report Corruption #SearchPosts #TakePicturesVideos
September
Monthly Observances:
Health, Safety, and Sanitation Month
Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 5)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: Family Week
Daily Observances:
Third Saturday: International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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