Oil dives amid tough week

OIL prices have tumbled as a variety of negative economic data releases around the globe impacted markets this week.

The Spanish government had a long-term bond auction which went to plan, while worrying European and Chinese manufacturing data dented key European stock markets overnight.

It might not yet be too noticeable at the bowser but oil prices have taken a major slide this week.

Various reports are blaming the impact of worsening economic outlooks around the world.

Singapore Tapis crude has dived 8.2% from $US123.27 a barrel last Friday to $113.12/bbl overnight.

Apart from the petroleum-related stocks, lower oil prices are otherwise good news for a variety of industries in infrastructure-lacking PNG.

London Metal Exchange cash copper closed at $8263 a tonne overnight which was a 1.2% fall from last Friday.

By the same comparison, LME spot nickel was up 0.07% to $17,854.50/t.

Spot gold is relatively flat for the overall week and was trading at around $1771.40 an ounce in the past hour.

Most stocks on our watchlists were down.

One notable exception was Goldminex Resources which released news of high-grade nickel sulphide rock chip samples at its Veri Veri prospect in PNG.