Oil prices slipped more than a barrel on Monday as traders worried that the flagging United States economy would cause oil demand to soften. Oil's sharp decline started last week. Crude futures started plunging after the US Federal Reserve-backed sale of Bear Stearns to JPMorgan Chase created fears of deeper economic problems.
Travel and tourism are expected to bring ,6-trillion a year to the Asia Pacific region by 2010 despite the threat of a United States recession, according to a study released last week. Continued strong tourism growth within the region should help it weather the current stock-market instability.
Oil prices dropped on Tuesday after a key Organisation of the Petroleum Exporting Countries (Opec) member left open the possibility the oil cartel will increase output to curb rising prices, and following the strengthening of the dollar overnight. Light, sweet crude for December delivery fell by six cents to ,56 a barrel.
Oil prices rose on Friday to regain ground lost in a fall the previous session, as persistent supply concerns and a late rebound in United States stocks offset worries about US economic growth. Wall Street fell on Thursday but finished well off its lows after a late rebound in financial shares lifted other stock sectors.
Oil prices fell on Monday as traders took profits after crude futures settled near an all-time high in the previous session. Light, sweet crude for September delivery lost 46 cents to ,72 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore.
Oil prices dropped in Asian trading on Monday after no major disruptions to production were reported around the weekend presidential election in Nigeria, Africa's largest oil producer. An overseas monitor, however, said the electoral process failed to meet international standards.
Crude oil futures rose back above a barrel on Friday on persistent supply fears linked to Iran's nuclear stand-off with the international community and militant attacks in Nigeria. Adding to the bullish tone, Saudi Arabia's Oil Minister, Ali Naimi, said prices are unlikely to fall in the near term.
Crude oil prices gained on Wednesday as traders fretted over threats to supply if sanctions were to be made against Iran, Opec's second-largest producer, over its nuclear ambitions. Disruptions in Nigerian oil supplies amid rising civil unrest also fuelled gains.
Crude oil prices jumped on Tuesday as Iran's nuclear ambitions and an attack on an oil platform in Nigeria kept traders edgy over potential supply snags. Light, sweet crude for February delivery rose 98 cents to ,90 a barrel in Asian electronic trading on the New York Mercantile Exchange.