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Asian oil prices hover at US$72 on demand concerns

Asian oil prices hover at US$72 on demand concerns

Oil prices hovered around US$72 a barrel yesterday in Asia after falling by more than 3 percent overnight, weighed down by concerns over slowing demand in the United States, the world's largest energy consumer.
Benchmark crude for October delivery was up US$0.02 at US$72.07 a barrel by midday Singapore time in electronic trading on the New York Mercantile Exchange.
Prices briefly touched US$75 per barrel Tuesday for the first time in 10 months, buoyed by new signals of rising U.S. consumer confidence, but fell back to settle at US$72.05 after a new report from Washington projected a cumulative US$7 trillion U.S. deficit for the next decade.
New data on weak energy demand added further pressure on pricing.


Updated : 2021-06-23 03:26 GMT+08:00