Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

NYMEX crude oil prices down in Asia as demand seen lagging global supply

Published 09/14/2014, 09:06 PM
Updated 09/14/2014, 09:09 PM
NYMEX crude prices down in Asia

Investing.com - Crude oil prices fell sharply in Asia on Monday with the drop spurred by weak demand amid ample global supplies.

On the New York Mercantile Exchange, crude oil for delivery in October traded at $90.36 a barrel, down 1.11%, after closing Friday down 0.6% to end the week at $92.27 a barrel.

Last week, crude oil futures revisited levels close to multi-month lows as ample global supplies and concerns about a slowdown in demand continued to weigh.

On the ICE Futures Exchange in London, Brent Oil for October delivery slumped 0.99% on Friday to settle at $97.11 a barrel by close of trade.

The U.S. Energy Information Administration, the Organization of the Petroleum Exporting Countries and the International Energy Agency all cut their estimates for oil-demand growth earlier in the week, fuelling concerns over a slowdown in global demand.

A broadly stronger dollar also weighed, as expectations for an early hike in U.S. interest rates continued to bolster investor demand.

In the week ahead, investors will be focusing on the outcome of Wednesday’s Federal Reserve policy meeting. Fed Chair Janet Yellen was to hold a press conference following the meeting.

The central bank was expected to cut its asset purchase program by another $10 billion, which would keep it on track for winding up the program in October, and to start raising interest rates sometime in mid-2015.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.