Can a rollback in the prices of
petroleum products like gasoline, diesel, liquefied petroleum gas be far behind
next week? Maybe but not the big-time rollback many Filipinos are hoping for.
Oil prices fell anew Monday as
weakening demand weight on markets even if US futures received some support
from reduced America output.
Brent crude futures went down by 1
percentage point from their last settlement at $47.68 per barrel while US
crude futures dipped 0.5 percent to $44.39.
"Both the supply and demand
pictures look less favorable over the coming months... Outside the US, oil
fundamentals appear to be slipping seasonally," said Morgan Stanley said.
While auto sales in the Philippines
are on the upswing and partly being blamed for the traffic mess in its
cities, global auto sales in August fell, acting as a drag on demand for oil
products, analysts said.
"Sales were 1.0 percent lower
year-on-year, slightly more than the 0.8 percent fall seen in July
2015," said ANZ bank. –End-
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