Oil turns higher in Asia

Published August 21, 2012

Crude oil — File Photo
Crude oil — File Photo

SINGAPORE: Oil turned higher in Asia Tuesday on tight North Sea crude supply and Middle East tensions while the European Central Bank held off on its bond-buying programme for another week, analysts said.

New York's main contract, light sweet crude for delivery in September gained 20 cents to $96.17 a barrel while Brent North Sea crude for delivery in October gained 23 cents to $113.93.

Crude prices were “choppy... as investors worried about the ECB's ability to address the eurozone debt crisis, while tight North Sea supplies and Middle East turmoil limited losses,” Phillip Futures said in a report.

The ECB's seeming reticence in restarting its bond-buying programme was in the spotlight as data published on its website showed it did not buy any sovereign bonds last week for the 23rd week in a row.

In the North Sea, crude supply is expected to be disrupted in September primarily by the shutdown of an oil field for scheduled maintenance.

Meanwhile, Israeli sabre-rattling about an imminent unilateral strike being prepared by the country against nuclear sites in major oil producer Iran had markets on edge.

Israel, like its close ally the United States, accuses Iran of seeking to develop an atomic arsenal.

Tehran insists its nuclear programme is exclusively peaceful, while its military chiefs warn that they will destroy Israel if it attacks.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Missing links
Updated 27 Apr, 2024

Missing links

As the past decades have shown, the country has not been made more secure by ‘disappearing’ people suspected of wrongdoing.
Freedom to report?
27 Apr, 2024

Freedom to report?

AN accountability court has barred former prime minister Imran Khan and his wife from criticising the establishment...
After Bismah
27 Apr, 2024

After Bismah

BISMAH Maroof’s contribution to Pakistan cricket extends beyond the field. The 32-year old, Pakistan’s...
Business concerns
Updated 26 Apr, 2024

Business concerns

There is no doubt that these issues are impeding a positive business clime, which is required to boost private investment and economic growth.
Musical chairs
26 Apr, 2024

Musical chairs

THE petitioners are quite helpless. Yet again, they are being expected to wait while the bench supposed to hear...
Global arms race
26 Apr, 2024

Global arms race

THE figure is staggering. According to the annual report of Sweden-based think tank Stockholm International Peace...