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
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
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National 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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