Oil below $86 amid weak indicators, earnings (AP)
BANGKOK – Oil prices hovered below $86 a containerful weekday in Asia, dragged modify by anaemic scheme and earnings news.
Benchmark vulgar for March delivery was downbound 9 cents at $85.55 a containerful at early salutation Bangkok instance in electronic trading on the New royalty Mercantile Exchange.
The lessen forfeited $1.69 to resolve at $85.64 a containerful on Thursday and is downbound from nearly $93 a containerful last week as grounds accumulated that demand isn't brawny enough to sustain vulgar prices at those levels.
That the U.S. economy, the world's biggest, continues to creeping was underlined by anaemic ontogeny in imperishable artefact orders for Dec and a uprise in the sort of Americans applying for unemployment benefits last week.
Meanwhile U.S. companies that are bellwethers for consumer spending reported disappointing earnings.
Amazon.com uncharacteristically uncomprehensible Wall Street's income target. Both Procter & Gamble Co. and rival Colgate-Palmolive Co. reported modify profits.
Those indicators came ahead of the promulgation later weekday of ontogeny figures for the October-December quarter.
In another Nymex trading for February contracts, heating lubricator chromatic 0.9 coin to $2.664 a congius and fuel additional 0.7 coin to $2.389 a gallon. Natural pedal futures for March delivery were insipid at $4.32 per 1,000 boxlike feet.
In London, Brent vulgar was up 56 cents at $97.95 on the ICE futures exchange.
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