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Oil prices hover around US$76 in Asian trade

Oil prices hover around US$76 in Asian trade

Oil hovered around US$76 in volatile Asian trade yesterday after weak economic data dampened hopes of a swift U.S. rebound from recession.
New York's main contract, light sweet crude for delivery in August, was down US$0.24 at US$76.38 a barrel in afternoon trade, deepening its decline since the morning.
Brent North Sea crude for September delivery turned lower and was down US$0.35 at US$75.74.
"Some economic data in the United States are signalling slower economic growth and that has put a lid on any price rally," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.
Doubts about the strength of the U.S. recovery were fuelled by reports Thursday that manufacturing activity in the state of New York and in the Philadelphia region was weaker than expected this month.


Updated : 2021-07-31 08:09 GMT+08:00