Oil tumbles on oversupply, weak demand; gold rises
London
OIL prices tumbled last week, hampered by oversupplies and weak global demand despite a pick-up for the US economy, traders said. On Friday, official data showed the US unemployment rate fell to 5.6 per cent in December, the lowest level in 61/2 years, as the country capped its best year for job creation since 1999.
Crude hit a new 5.5-year low point. Brent North Sea crude dropped to US$48.90 a barrel on Friday and the New York price hit US$46.85 on Wednesday - the lowest levels since late April 2009.
"The move below US$50 shows how momentum is everything here," CMC Markets analyst Michael Hewson told AFP. "With no sign that Opec wil…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Tokyo's Nikkei drops more than 1,000 points, most in 3 years
Cordlife requests trading halt after dropping 15.2% to all-time low, pending announcement
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Inside TSMC chairman Mark Liu's short but impactful reign
CSE Global bags US$36.5 million data centre contract extension
Keppel DC Reit reports 13.7% lower Q1 DPU of S$0.02192 amid loss allowances