Business | Oil & Gas

Oil hangs near $70 in Asia after big tumble

Oil prices were hanging near US$70 a barrel in Asia after falling steeply overnight amid news that China's crude consumption fell in August.

  • AP
  • Published: 12:36 September 22, 2009
  • Gulf News

Bangkok: Oil prices were hanging near US$70 a barrel in Asia after falling steeply overnight amid news that China's crude consumption fell in August.

Benchmark crude for October delivery was up 59 cents at US$70.30 a barrel by late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract fell $2.33 to settle at $69.71 on Monday.

In other Nymex trading, gasoline for October delivery rose 1.61 cents to $1.7675 a gallon, and heating oil rose 2.12 cents to $1.7729 a gallon.

Natural gas, after tumbling more than 5 per cent, was up 10.5 cents to $3.681 per 1,000 cubic feet.

In London, Brent crude rose 62 cents to $69.33 on the ICE Futures exchange.

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