Arab Today, arab today 3day rally pushes oil prices to 2015 highs
Last Updated : GMT 09:49:18
Arab Today, arab today
Arab Today, arab today

3-day rally pushes oil prices to 2015 highs

Arab Today, arab today

Arab Today, arab today 3-day rally pushes oil prices to 2015 highs

A gas station advertises gasoline
New York - AFP

Oil prices surged higher for a third straight day Tuesday, hitting late-2014 peaks on hopes of rebounding global energy demand and production cuts that could curb the supply glut.
The US benchmark, West Texas Intermediate for March delivery, soared $3.48, or seven percent, to $53.05 a barrel, the highest WTI close since December 31.
In London, Brent North Sea crude for delivery in March jumped $3.16 (5.8 percent) to settle at $57.91, its best reading since December 30.
"The strong rally continues in the oil market as both Brent and WTI front-month futures extended gains and climbed higher... supported by increased appetite amid hopes of a rebound of the global oil demand in the first half of 2015," said Myrto Sokou, analyst at Sucden brokers.
WTI has gained $8.53, or nearly 20 percent, since the rally began Friday on signs the industry is quickly tightening exploration activities.
The Baker Hughes North America rig count reported on Friday fell sharply for the week to January 30, dropping by 128 rigs to 1,937 for the week to January 30. That compared with 2,393 a year ago.
Deep cuts in capital spending by major oil companies, including new announcements Tuesday by BP and BG Group, also suggested there would be tighter supplies in the future.
"A lot of factors are at play. Obviously, the capital spending cuts just keep coming, with BP, and we're seeing one of the fastest drops of spending across the sector I can remember," said Phil Flynn of Price Futures Group.
In addition, the oil market was feeling the pinch of a weaker dollar Tuesday, he said. "It's not just about supply and demand -- the dollar definitely has an influence."
Some analysts cautioned the current oil price rebound likely would not last because supplies still far outweigh demand.
"Oil ... has enjoyed the combination of weakening supply and rising demand fundamentals to maintain its surge for another day," said Chris Beauchamp, market analyst at trading firm IG.
"Oversupply does not disappear overnight, however, and the jury is still out on whether this bounce (in prices) has much further to run."

 

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 3day rally pushes oil prices to 2015 highs Arab Today, arab today 3day rally pushes oil prices to 2015 highs

 



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 3day rally pushes oil prices to 2015 highs Arab Today, arab today 3day rally pushes oil prices to 2015 highs

 



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 O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes
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 Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
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 pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

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