Alexa
  • Directory of Taiwan

Oil falls below US$74 in Asia as stocks retreat

Oil falls below US$74 in Asia as stocks retreat

Oil prices fell below US$74 yesterday in Asia, taking a cue from weak stock markets and expectations the end of the summer driving season in the United States will sap already weak demand.
Benchmark crude for October delivery was down US$0.50 to US$73.87 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
Nearly all regional stock markets were lower yesterday, providing a negative lead for the oil market which often looks to the performance of equities as a gauge of economic optimism and therefore crude demand.
Oil approached US$75 a barrel Monday for the first time in 10 months amid optimism that the world's economies are on the mend but fell back to settle at US$74.37, up US$0.48 on the day.


Updated : 2021-05-09 15:27 GMT+08:00