SINGAPORE: Oil fell in Asian trade Tuesday after a bearish Standard and Poor's report on the United States, but geopolitical risks in the Arab world will continue to drive prices higher, analysts said.
New York's main contract, light sweet crude for delivery in May dipped 17 cents to $106.95 a barrel, while Brent North Sea crude for June eased one cent to $121.60.
Victor Shum, a Singapore-based analyst at Purvin and Gertz international energy consultancy, said oil prices were weighed down by ratings agency Standard and Poor's decision to cut its outlook on US sovereign debt to "negative".
The ratings downgrade on Monday raised doubts about Washington's ability to tackle its huge debt and fiscal deficits.
New York's main contract, light sweet crude for delivery in May dipped 17 cents to $106.95 a barrel, while Brent North Sea crude for June eased one cent to $121.60.
Victor Shum, a Singapore-based analyst at Purvin and Gertz international energy consultancy, said oil prices were weighed down by ratings agency Standard and Poor's decision to cut its outlook on US sovereign debt to "negative".
The ratings downgrade on Monday raised doubts about Washington's ability to tackle its huge debt and fiscal deficits.
No comments:
Post a Comment