June 12, 2013 10:38 AM

printer

Oil prices slip in Asian trade

Oil prices fell in line with Asian equities today following the Bank of Japan's decision to hold off unveiling any fresh economic stimulus.New York's main contract, light sweet crude for delivery in July dropped 61 cents to 94.77 dollars a barrel and Brent NorthSea crude for July delivery shed 39 cents to 102.57 dollars inmid-morning trade.The decision reignited concerns about the role of central banks in supporting the economy, with the US Federal Reserve signalling it wanted to draw up a plan to wind down its own huge 85 billion dollar a-month stimulus scheme.Oil prices had fallen earlier in the week after OPEC slightly lowered its 2013 global demand outlook, whiledisappointing economic data in China added to jitters.In its June oil market report released yesterday, OPEC estimated 2013 global demand at 89.65 million barrels per day which is down from the prior month's forecast of 89.66 million.

Most Read
View All arrow-right

No posts found.