Crude oil — File Photo
Crude oil — File Photo

SINGAPORE: Crude fell in Asia Friday as hopes for a US stimulus faded and eurozone worries resurfaced after German opposition to a Greek call for more time to enact spending cuts and reforms, analysts said.

New York's main contract, light sweet crude for delivery in October shed 59 cents to $95.68 a barrel in the afternoon and Brent North Sea crude for October delivery dipped 47 cents to $114.54.

Crude markets were down as “revived hopes for more stimulus from the US Federal Reserve faded and doubts about Europe's ability to address its debt crisis crept back in focus”, Phillip Futures said in a report.

Hopes for a Fed-led stimulus, which had been buoyed by minutes of its last meeting showing “many members” supporting such a move soon, faded after comments Thursday by a senior Fed official that the data was outdated.

“St Louis Fed president (James) Bullard summed it up by saying the minutes were 'stale',” IG Markets said in a report.

“The structure of the Fed minutes, being released three weeks after the meeting itself, gives a snapshot of the economy that has since moved on,” the report added.

In Europe, worries about the region's debt woes came to the fore again after German Finance Minister Wolfgang Schaeuble said he opposed Greek calls for more time to make painful spending cuts and reforms to unlock much-needed funds.

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

Opinion

Editorial

Plugging the gap
06 May, 2024

Plugging the gap

IN Pakistan, bias begins at birth for the girl child as discriminatory norms, orthodox attitudes and poverty impede...
Terrains of dread
06 May, 2024

Terrains of dread

KARACHI, with its long history of crime, is well-acquainted with the menace. For some time now, it has witnessed...
Appointment rules
06 May, 2024

Appointment rules

IT appears that, despite years of wrangling over the issue, the country’s top legal minds remain unable to decide...
Hasty transition
Updated 05 May, 2024

Hasty transition

Ostensibly, the aim is to exert greater control over social media and to gain more power to crack down on activists, dissidents and journalists.
One small step…
05 May, 2024

One small step…

THERE is some good news for the nation from the heavens above. On Friday, Pakistan managed to dispatch a lunar...
Not out of the woods
05 May, 2024

Not out of the woods

PAKISTAN’S economic vitals might be showing some signs of improvement, but the country is not yet out of danger....