Oil prices subdued in Asia
Oil prices struggled in subdued Asian trade Tuesday on tepid economic data from Japan and indications that major crude exporter Saudi Arabia’s 2016 budget is based on prices staying low.
Oil struggled in subdued Asian trade Tuesday on tepid economic data from Japan and indications that major crude exporter Saudi Arabia plans to keep prices at multi-year lows in 2016.
Prices tanked more than three percent on Monday, effectively dousing a rally that followed Brent crude tumbling to 11-year lows last week. Volumes were thin with investors in holiday mood.
At around 0700 GMT, US benchmark West Texas Intermediate for delivery in February was up 12 cents at $36.93 and Brent crude for February was trading six cents higher at $36.68. Both contracts were down earlier Tuesday.
Daniel Ang, an investment analyst with Phillip Futures in Singapore, said the price weakness could have been sparked by data showing Japanese industrial production fell 1.0 percent in November from a month earlier.
The figures came after separate data last week showed persistently weak inflation and household spending.
“We do not often see Japanese data impact oil prices this much. However, in the absence of major news such as those from the US, even the minor ones shake the market,” Ang told AFP.
Reports that key petroleum exporter Saudi Arabia will cut fuel and utility subsidies in response to a record budget deficit to cope with plunging oil prices also spooked the market.
Bloomberg News said Saudi’s 2016 budget is probably based on crude prices of about $29 a barrel, suggesting the oil powerhouse intends to stick to its policy of maintaining high output despite low prices.
The kingdom and its Gulf partners, all key members of the influential Organization of the Petroleum Exporting Countries, had opposed calls by poorer OPEC members to slash the group’s high production levels in order to ease a supply glut and push up prices.
The crude oversupply is expected to last into 2016, with no production cuts in sight and Iran poised to ramp up its exports within months once Western economic sanctions are lifted as part of a deal to curb Tehran’s nuclear ambitions, analysts said.
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1 Comments
Sterling Homes ltd selling Plots and Acres of Land
Hebron garden estate is owned by Sterling homes Ltd and it’s
completely free from “omo-onile” and government acquisition. Land
mass: more than 10acres. Land type: dry, sandy and leveled. ..Location: Lekki,
about 6minutes drive to Eleko beach and 15minutes drive to Lekki free trade
zone. There are several notable Landmarks before the estate. These include, The
Lagos Business School, Crown Estate, Farapark, Sapphire Garden, Green Springs
School and Shares immediate environment with Mayfair Gardens and Beechwood
Estate & lots more. PAYMENT PLAN FOR A PLOT: *Smart plan: Outright payment
#2.8m. *Easy Plan: #3m. Spread #210,000 for 10months after the initial deposit
of #900,000. Contact Yemi Amodu at Sterling Homes LTD for more information:
Plot 2, River Valley Estate, Ojodu Berger. Mobile 08136119495, 07084546154
Havilah park and garden is an estate located about 6mins
drive off the Lagos-Ibadan expressway. It’s about 25mins drive to Berger
bus-stop. The estate is fenced with a gate house, and our ultra- modern borehole
is already in place. The price of a plot is #630,000 outright, and we still
have other installment plan also. For more information and site inspection call
Yemi Amodu at Sterling Homes LTD: Plot 2, River Valley Estate, Ojodu Berger,
Lagos. Mobile: 07084546154, 08136119495….
Moriah park is situated at Agbowa, Ikorodu. The estate is
facing the Lagos state housing scheme popularly called Fashola estate. It’s
fenced round with a gate house and an industrial borehole has been constructed
at the site as well. It’s selling for a promotional offer of #630,000 outright,
though we still have other installment payment option. For more information and
site inspection, call Yemi at Sterling Homes LTD: Plot 2, River Valley Estate,
Ojodu Berger, Lagos. Mobile: 07084546154, 08136119495
Gibeon park is located at Gberigbe
area of Ikorodu Lagos. The estate is situated off Ijede road Gberibe close to Lagos
state model college Igbokuta, The estate is fenced and gated in a serene
environment. Its neighborhood are Egbin Power Plant, The Metro-Ferry Jetty, Wine
Factory, barachel Park and Garden and numerous estate. For Full Plot (648sqm),
PRICE: #600,000 outright. Flex
plan = #150,000 initial deposit then spread #100,000 for 6months at #750,000
total Easy
plan = #50 monthly for 17months at #850,000 total or get an instant allocation
at #750,000 (50% of total invoice, balance spread for 3months) For Half Plot (324sqm): #350,000
outright payment
TITLE: Registered Survey and Approved Layout plan. Contact
Adeyemi Amodu at Sterling Homes Ltd for more information and site inspections
while it’s still available. Office
address: STERLING HOMES LIMITED; Plot 2, River Valley Estate, Ojodu Berger,
Lagos. Mobile: 07084546154, 08136119495
We will review and take appropriate action.