Free Newsletter
 Subscribe Now

 COMMODITIES
Oil prices higher in Asian trade  Comments
November 9, 2009


Oil was higher in Asian trade Monday after falling at the end of last week in reaction to a surge in US unemployment figures, analysts said.

New York's main contract, light sweet crude for December delivery, was up 98 cents to $78.41 (R588) a barrel.

Brent North Sea crude for December delivery gained 95 cents to $76.82.

Both contracts closed lower Friday after official data by the Labor Department showed the US unemployment rate jumped to 10.2 percent in October as 190 000 jobs were shed, stoking fears for energy demand.

"I think it's a bit of a surprise.... Most of the traders were
expecting markets to fall to the 75, 76-dollar level," said

Jonathan Kornafel, Asian director of Hudson Capital Energy trading house.

He added that the price increase was due to "panic buying" by traders in a market lacking liquidity after the unemployment data.

The Labor Department report, seen as one of the best indicators of economic momentum, showed a rise in the jobless rate, up from 9.8 percent in September, to the highest since 1983.

But the number of jobs lost narrowed to the lowest level in more than one year.

The United States is the world's biggest energy user and is seen as crucial driver of oil demand, which has been depressed by the global slump. - Sapa-AFP

No comments yet. Be the first to comment!
HAVE YOUR SAY
Please enter your comment into the text box below.
Note: all comments are moderated (see our moderation policy) and may take some time to display, or may not appear at all.
If you would like to use an alias, please type it below. If you do not enter an alias you comment under a Anonymous byline.
Type your email address below - your comment will not be accepted without it. This is required as part of our moderation guidelines, but your address will not be published or distributed.
Lastly, to help fight spam, enter the letters in the image below as you see them.

     

 OPINION/ ANALYSIS
 Business Watch
Private prisons could undercut decent work goal
Even that generally more conservative public sector union, the Public Servants Association, is opposed to plans for four privately built and operated prisons.[Full Story...]

 
 Features
Gold bulls can lift price but can't save mines
Investors in financial markets like to issue self-fulfilling prophesies to try to drive prices in a certain direction for profitable gain.[Full Story...]

 
 Inside Labour
Stealthy prison privatisation angers unions inside labour
More upheavals are in store for the South African prisons service, and the labour movement will be at the centre of them.[Full Story...]

 
More Opinion & Analysis stories

 NEWS BY SECTOR
 Economy
Tight SA economy shows upward trend
With South Africa's recession now technically over, economists say there were very few industries spared in the past year's turmoil.[Full Story...]

 
 News
Zimbabwe, S.Africa sign investment protection deal
Zimbabwe signed an investment protection agreement with neighbouring South Africa in a bid to draw funding to fix its battered economy, but doubts remain over the security of foreign-owned assets.[Full Story...]

 
 Company News
De Beers expects banks to renew $1.5 billion facility
De Beers, the world's largest diamond producer, expects banks to renew its $1.5 billion (R11.1 billion) debt facility before it comes due in March next year.[Full Story...]

 
 Finance
Rogue debt collectors surface in tough times
Many debt collection agencies and lawyers are abusing employer ignorance of garnishee orders to charge excessive fees and bend the law, a debt counselling firm claims.[Full Story...]

 
 News
SADC central banks work towards single payment system
The central banks of the Southern African Development Community are setting up systems that will ultimately result in a single payment and settlement system.[Full Story...]

 
More Sector Reports stories


BUSINESS SERVICES
Business Directory
Buy online @ MTN
Car Insurance
Car Insurance for Women
Cars
City Guide
Insurance Quote
Life Insurance
Life Insurance for Women
Logo Design
Maps & Direction
Medical Aid
Mobile Business Directory
Online Shopping
Personal Loans
Property Search
Travel Specials
UK & Euro Lottos

MOBILE SERVICES
 Get Business Headlines & Indicators
 on your phone - dial *120*IOL*5#
 Click here to find out more (SA only)




News
Standard Bank gets go-ahead to operate in Angola
Tight SA economy shows upward trend
Ithala to stop issuing loans to government employees, families
Poor potato crop leads to low chip supplies in shops

Markets
US stocks drop, dollar gains on Dubai worry
London stock market drops 1.6 percent after open
Oil drops below $77 on slow demand
Dollar pares losses against yen

Technology News
Swiss data protection watchdog takes google to court
US: Icahn's work is done at Yahoo
Telecoms: Players launch ICT Vision 2020
Nokia's loss is first this decade

Company News
Bidvest wary of SA trading conditions
Santam margins improve with no big claims
Vox plans for lower income from LCR
Independent News sees upturn outside core markets

International
US Fed chief 'concerned' by regulatory proposals
UK: Sales point to recession end
Dubai World to restructure
UK: Banks to reveal million-earners

Today's Quote
"Make no mistake, they are bowed, but not completely beaten" Who said that?

Business Forum
Keep an eye on the stock exchanges - and your investments - from our markets page.

Weekly Interview
Belt tightening has made a dent even in those industries aimed at making people look prettier, perkier, poutier and, of course, younger.
Read more ...