brent below 30 a barrel as us oil stockpiles grow
Last Updated : GMT 02:39:55
Arab Today, arab today
Arab Today, arab today

Brent below $30 a barrel as US oil stockpiles grow

Arab Today, arab today

Arab Today, arab today Brent below $30 a barrel as US oil stockpiles grow

In 8.2 million barrel surge in gasoline inventories
New York - AFP

Brent crude oil fell below $30 a barrel for the first time in nearly 12 years on Wednesday as an increase in US crude and fuel inventories added to the global oversupply.
In London, Brent North Sea crude for February, the European benchmark for oil, fell 55 cents to $30.31 a barrel, its lowest level since February 2004 and below the WTI price.

Earlier Brent sank to $29.96, its lowest level since April 2004.

US benchmark West Texas Intermediate (WTI) for delivery in February pared earlier gains to close up a scant four cents at $30.48 a barrel on the New York Mercantile Exchange.

The US government's weekly inventories report Wednesday snapped attempts by the benchmark contracts to rebound.

The report showed a build in US commercial crude-oil stockpiles of 200,000 barrels in the week ending January 8.

More significant was an 8.2 million barrel surge in gasoline inventories, and a 6.1 million barrel surge in distillate stocks, suggesting very sluggish consumption in the country.

The report painted "a very bearish picture" of the market, said Bob Yawger, director of the futures division of Mizuho Securities USA.

"Crude oil numbers... are only 7.6 million (barrels) below their all-time record of 490.1 million," he said.

Yawger also noted that crude-oil storage at the key Cushing hub was at an all-time record and nearing the terminal's maximum capacity, while gasoline's increase by 19 million barrels in the past two weeks was the biggest two-week build in history.

The looming return of Iranian oil exports to the market after Iran meets the conditions of its nuclear deal with major powers hung over sentiment.

The Iranian government predicted Wednesday that the final implementation of Iran's nuclear program deal is expected by Sunday. US and European officials have said it could be just days away.

"There's increased chatter about new Iranian barrels coming to the market very quickly as the IAEA (International Atomic Energy Agency) supposedly is going to verify over the weekend that Iranians have done enough to verify their side of the sanction deals," Yawger said.

 

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*

brent below 30 a barrel as us oil stockpiles grow brent below 30 a barrel as us oil stockpiles grow

 



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*

brent below 30 a barrel as us oil stockpiles grow brent below 30 a barrel as us oil stockpiles grow

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
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 Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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