Arab Today, arab today brent crude rises above 124 on iran jitters
Last Updated : GMT 17:29:52
Arab Today, arab today
Arab Today, arab today

Brent crude rises above $124 on Iran jitters

Arab Today, arab today

Arab Today, arab today Brent crude rises above $124 on Iran jitters

Singapore - Arabstoday

Brent crude rose above $124 on Friday, on track for a fifth straight weekly gain, as worries over Iranian supply and upbeat US. economic data offset concerns that high oil prices could snuff out demand growth. Brent crude rose 47 cents to $124.09 by 0726 GMT, after touching a high of $124.28 earlier in the session. Brent, which has gained more than 11 percent so far this month, settled on Thursday at $123.62 a barrel -- the highest front-month settlement since May 2 last year. US crude futures rose for a seventh day, its longest winning streak since a 10-day gain in December 2009. The April contract was up 73 cents at $108.56 a barrel. \"There\'s still a risk premium to be built in oil prices because of Iran,\" said Jonathan Barratt, chief executive of BarrattBulletin, a Sydney-based commodity research firm. Tensions between the West and Iran over Tehran\'s nuclear programme rose after a UN nuclear watchdog mission ended in failure this week. Faced with western sanctions, European and Asian buyers of Iranian crude have or planned to cut imports from Tehran. Japan, the world\'s third-largest oil importer, may cut Iranian crude imports by a more-than-expected 20 percent as it seeks a waiver from U.S. sanctions, a move which would spare its banks from a major blow but also boost its rising fuel import bill. Yet, the stalemate over Iran\'s nuclear programme is working in favour of the Islamic Republic as higher oil prices are compensating Iran for its market share losses, Barratt said. Iran said it has maintained oil production levels despite sanctions, but oil experts said they suspected Tehran was storing crude at sea while looking for new customers to evade Western measures. Consumption for refined oil products in the United States -- the world\'s top oil consumer -- plunged to the lowest level in nearly 15 years, data from the Energy Information Administration showed. President Barack Obama hit back at election-year Republican criticism of his energy policies, offering a staunch defense of his attempts to wean Americans off foreign oil and saying there is no \"silver bullet\" for high gasoline prices. Rising oil prices have also been adding to concerns over demand. Brent valued in euros surged to a record on Thursday, adding fuel costs to the euro zone\'s debt troubles and denting the region\'s recovery efforts. Brent\'s record price in euros is \"going to hurt any chance of recovery\" at the euro zone, Barratt said. The euro zone has yet to break its vicious cycle of debt as its economy is heading into its second recession in just three years and the wider European Union will stagnate, according to a forecast by the European Commission. Brent\'s premium to U.S. crude CL-LCO1=R narrowed to $15.53 after closing at $15.79 on Thursday as inventories at Cushing, the delivery point for WTI, fell 315,000 barrels last week. The spread rose to over $20 a barrel earlier in the month on rising inventories in the US Midwest. In other markets, Asian shares rose and the euro hovered at 2-1/2-month highs on Friday after data underscored a recovery in the battered U.S. labour market and German business sentiment improved. The number of Americans filing new claims for jobless benefits last week held at the lowest level since the early days of the 2007-2009 recession, while US December home prices rose 0.7 percent.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brent crude rises above 124 on iran jitters Arab Today, arab today brent crude rises above 124 on iran jitters

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brent crude rises above 124 on iran jitters Arab Today, arab today brent crude rises above 124 on iran jitters

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday