Arab Today, arab today brent below 103 on north korea news
Last Updated : GMT 21:14:33
Arab Today, arab today
Arab Today, arab today

Brent below $103 on North Korea news

Arab Today, arab today

Arab Today, arab today Brent below $103 on North Korea news

Dubai - Arabstoday

Brent crude futures fell below $103 on Monday, as the prospect of rising tension on the Korean peninsula following the death of North Korean leader Kim Jong-il pushed the US dollar higher, making dollar-denominated oil more expensive. Kim died on a train trip, state television reported on Monday, sparking immediate concern over who is in control of the reclusive state and its nuclear programme. Brent crude fell 70 cents to $102.65 a barrel by 0407 GMT, after the front-month contract fell 4.85 percent last week, its biggest percentage drop since the week to Nov. 18. US crude was down 66 cents at $92.87 a barrel. The benchmark lost 5.9 percent in the previous week, its biggest percentage weekly loss since the week to Sept 23. \"In light of uncertainties about what would follow after his death and what implications it would have on Asia, the initial reaction is to seek safe-haven in the dollar,\" said Takao Hattori, an analyst with Mitsubishi UFJ Morgan Stanley Securities in Tokyo. The greenback rose 0.25 percent against a basket of currencies by 0409 GMT, after trading flat before the news of Kim Jong-il\'s death emerged. Lingering concerns over the euro zone debt crisis also weighed on oil prices, but losses were limited by signs China\'s oil demand would hold up as its economy headed for a moderate slowdown. Sentiment softened after Fitch Ratings warned on Friday it may downgrade France and six other euro zone countries, saying a comprehensive solution to the region\'s debt crisis was beyond reach. Market participants will look to a teleconference of euro zone finance ministers later on Monday for further clarity on plans to deal with the region\'s sovereign debt crisis. \"The market is still concerned that what\'s going on in Europe will spread to China, the biggest centre for oil demand growth,\" said Gordon Kwan, head of energy research at Mirae Asset Management in Hong Kong. \"But China has enough tools to provide more liquidity and avoid a hard landing, which will be bullish for oil prices.\" China\'s housing inflation hit its lowest this year in November, the latest sign that Beijing\'s efforts to fight rising prices are paying off as it steadily eases monetary policy to ensure a soft landing. The falling home price, in tandem with November\'s sharp drop in consumer inflation from July\'s three-year peak, enables Beijing to tilt its policies more towards safeguarding economic growth, away from its top priority of calming inflation just a few months ago. China\'s central bank cut reserve requirements for commercial lenders late last month for the first time in three years, and could do so again later this week, Kwan said. Market participants will be watching events in Iran this week amid the lingering prospect of sanctions over Tehran\'s nuclear program choking off supplies from the world\'s fifth-largest crude oil exporter. \"Markets will be keeping a close eye on developments regarding Iran, but at this stage it hasn\'t had much impact on prices,\" analysts at ANZ Bank said in a research note. Indian companies have begun talks with alternative suppliers to slowly replace Iranian oil, while South Korea set new sanctions on Tehran, banning fresh investment in its oil and gas sectors and blacklisting additional Iranian firms and personnel. These actions came after the US House of Representatives passed legislation on Wednesday that would expand sanctions on Iran, cracking down on a wider range of energy issues and closing some loopholes in existing energy and financial sanctions. The threat of a major supply disruption from OPEC\'s second biggest producer has helped support oil prices in recent weeks.

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 below 103 on north korea news Arab Today, arab today brent below 103 on north korea news

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" 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