Go Finance Report - Crude oil prices in Asian markets still survive at the level of USD89 per barrel due to mixed movements in regional markets and expectations for the Chinese government will take further action to reduce the rate of economic tension.
As quoted by the Associated Press (AP), Monday (01/24/2011), price of oil for March delivery rose 25 cents to as low as USD89, 36 per barrel in electronic trading on the New York Mercantile Exchange (Nymex).
Oil prices have plummeted from levels of USD93 per barrel after China's economic indicators in the fourth quarter of 2010 and then show the acceleration, but inflation remains high.
Investors are worried the Chinese side will take steps to slow its growth which was feared to reduce demand for crude oil from the largest energy consumer in the world.
In other Nymex trading in the contract of February, heating oil up 2.1 cents to $ 2, 67 per gallon and gasoline rose 1.2 cents to $ 2, 47 per gallon. Natural gas rose 8.2 cents to $ 4, 82 per 1,000 cubic feet. In London, Brent crude rose 48 cents at USD98, 08 per barrel on the ICE futures exchange. (GoFinance)
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