Oil dips despite rising US, China demand
Thursday, 1 July 2010
SINGAPORE, June 30 (Commodity Online): Global oil prices extended losses in Asian trade Wednesday despite increasing demand from the US and China.
Light sweet crude for August delivery was seen trading at $75.69 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 75.07 a barrel in London.
Analysts said the black gold suffered on renewed fears that the global economic recovery is losing traction amid a strong dollar.
The greenback remained stronger, further eroding oil purchasing power for emerging economies.
Light sweet crude for August delivery was seen trading at $75.69 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 75.07 a barrel in London.
Analysts said the black gold suffered on renewed fears that the global economic recovery is losing traction amid a strong dollar.
The greenback remained stronger, further eroding oil purchasing power for emerging economies.