Oil prices remain stable

By Kevin Chen  /  Staff reporter

Mon, May 27, 2013 - Page 13

The nation’s two oil refiners yesterday said they would leave prices for their gasoline and diesel products unchanged this week from last week, as the impact from weak Chinese manufacturing data was offset by regional tensions in the Middle East.

State-run CPC Corp, Taiwan (CPC, 台灣中油), whose weighted oil price formula showed that global oil prices rose US$10.09 per barrel to US$101.04 last week, said prices rose on concern over the political situation in Syria.

However, oil prices moved down later in the week after the US Federal Reserve said it might scale back stimulus measures to support the US economy. The surprise contraction in HSBC’s China manufacturing data for this month also raised uneasiness toward Chinese economic growth, CPC said.

Formosa Petrochemical Corp (台塑石化) said it would match CPC’s move out of consideration for local competition with CPC.