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Forex & Comodity |
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| Oil higher in Asian trade on Nigerian unrest |
| SINGAPORE: Oil prices rose in Asian trade on Monday as worries over supply disruptions in Nigeria outweighed concerns over the mass debt downgrade of eurozone nations, analysts said.
New York's main contract, West Texas Intermediate crude for delivery in February, gained three cents to $98.73 in morning trade.
Brent North Sea crude for February delivery was up 37 cents to $110.81 on its last trading day.
"Any shortage of supply caused by a disruption in Nigeria is likely to cause a direct spike on crude prices," said Ker Chung Yang, commodities analyst at Phillip Futures in Singapore.
Nigeria's labour unions Monday decided to call off street protests due to security concerns, but said a week-old nationwide strike over soaring fuel prices will remain in place.
The announcement came after talks between the government and labour leaders on Thursday and Saturday with President Goodluck Jonathan failed to find a compromise. |
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News & Events |
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Pakistan Rupee Exchange Rate