Oil prices ease in Asia
Oil prices eased in Asian trade on Monday following a report that the International Monetary Fund will further lower its world economic growth forecast.business Updated: Jan 26, 2009 22:37 IST
Oil prices eased in Asian trade on Monday following a report that the International Monetary Fund will further lower its world economic growth forecast.
New York's main futures contract, light sweet crude for March delivery, fell 61 cents to 45.83 dollars a barrel.
Brent North Sea crude for March fell 73 cents to 47.64.
"There was some bearish news over the weekend," said Ken Hasegawa, manager of the energy desk at Newedge Japan brokerage in Tokyo.
He was referring to a report in which an International Monetary Fund (IMF) official said the organisation will cut its global growth forecast for this year.
The IMF in November forecast that advanced economies would contract this year for the first time since World War II and lowered its global growth forecast by 0.8 points to 2.2 per cent.
Prices had rallied on Friday ahead of the Lunar New Year holidays.
Other analysts said Friday's price surge of almost three dollars reflected expectations that crude stockpiles will ease as OPEC members adhere strictly to production cutbacks.
A deepening global economic slowdown has slashed energy demand and pulled prices far below record highs above 147 dollars a barrel last July.
First Published: Jan 26, 2009 22:37 IST