Firing Incidents in Various Localities; Death Toll Reaches 9: Karachi

By Admin - Fri Apr 20, 4:07 pm

Firing incidents in various localities; Death toll reaches 9SINGAPORE: Oil was mixed in Asian trade on Friday as market cheer over a successful Spanish bond sale was offset by downbeat US economic data, analysts said.

Rumours of a French ratings downgrade – dismissed by government sources – also rattled nerves and added to the subdued tone in the market.

New York’s main contract, West Texas Intermediate crude for delivery in May, was up 21 cents to $102.48 per barrel while Brent North Sea crude for June shed five cents to $117.95 in morning trade.

“Eurozone worries eased on strong investor demand for Spanish bonds and as the recent price slump encouraged fresh buying,” Phillip Futures said in a market commentary.

Spain – one of the eurozone’s debt-strapped economies – paid a higher borrowing rate in a key auction of 10-year bonds Thursday but managed to keep it below the psychologically key level of six percent.

Rates above 6.0 percent are generally perceived to be unsustainable over the longer term.

Overall, Spain’s Treasury raised a higher-than-expected 2.541 billion euros ($3.3 billion) in an issue of two- and 10-year bonds, topping its target of 1.5-2.5 billion euros.

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