Arab Today, arab today brent crude oil slides to 99 per barrel
Last Updated : GMT 01:12:39
Arab Today, arab today
Arab Today, arab today

Brent crude oil slides to $99 per barrel

Arab Today, arab today

Arab Today, arab today Brent crude oil slides to $99 per barrel

London - Arabstoday

Brent crude slid towards $99 per barrel on Wednesday, weighed by the prospect of sluggish fuel demand in top consumers the United States and China and rising stockpiles of US crude. More bleak economic news came courtesy of the International Monetary Fund (IMF), which trimmed projections for this year and next - implying limited upside for oil demand growth. The North Sea benchmark has lost nearly 6 per cent over the past five sessions in a wider commodities rout triggered by data showing growth in China, the world’s second largest oil burner, had slowed unexpectedly in the first three months of 2013. Gold later bounced back, although other metals such as copper continued to decline. “At the moment the oil complex is in a technical downtrend with the fundamentals being driven by a deteriorating demand projection in a robust supply environment,” said Dominick Chirichella of Energy Management Institute. The head of the International Energy Agency, Maria van der Hoeven, said the oil price decline was proof that the market was adequately supplied. Brent crude shed 75 cents to $99.16 a barrel by 0939 GMT, after dropping to $98 on Tuesday, the weakest since July 2012. US crude slipped 72 cents to $88.00 a barrel. “For now there is no immediate reason - other than short covering - to suggest that oil prices are ready for strong move to the upside,” said Chirichella. While further weakness in Brent crude cannot be ruled out, oil prices are unlikely to fall below the $100 a barrel mark past the second quarter, Barclays said in a note on Tuesday. A pick-up in hedging activity from consumers who have been waiting on the sidelines for better entry points for their hedging programmes could help support prices, it added. “The second layer of support is likely to come through market expectations surrounding comfort levels for Opec producers to continue producing above their target, below the $100/barrel, which they have lately mentioned as appropriate for both consumers and producers,” according to Barclays. Data from the American Petroleum Institute (API) showed total weekly US crude stocks dropped by 6.7 million barrels, in contrast to a Reuters survey in which analysts forecast a rise of 1.3 million. More closely watched data from the US government agency, the Energy Information Administration, will be released Wednesday at 10:30am EDT (1430 GMT). West Texas Intermediate fell for the fourth time in five days, trading near the lowest level in almost four months before government data forecast to show US crude inventories rose last week. WTI dropped as much as 1.7 per cent. An Energy Department report today may show crude supplies rose 1.2 million barrels to the highest level in 22 years, according to a Bloomberg survey. That’s contrary to a report yesterday from the American Petroleum Institute, which showed stockpiles slid 6.7 million barrels last week, the most since the seven days ended December 28. “The oil market is looking quite weak and there’s a comfortable supply-demand situation in the short term,” said Gerrit Zambo, an oil trader at Bayerische Landesbank in Munich, who predicts the European benchmark, Brent, may tumble to $80 a barrel in the first half. “The fundamental reason for the bearish situation is the cautious outlook worldwide.” WTI for May delivery declined as much as $1.50 to $87.22 a barrel, and was at $87.27 in electronic trading on the New York Mercantile Exchange at 1:03pm London time. The volume of all futures traded was 47 per cent above the 100-day average. The contract closed at $88.71 on April 15, the lowest since December 24. Prices are down 4.8 per cent this year. Brent for June settlement slipped $1.15 cents to $98.76 a barrel on the London-based ICE Futures Europe exchange. The contract fell to $99.91 yesterday, the lowest close since July 10. The front-month contract’s premium to WTI shrank to as little as $10.53, the narrowest since April 12. Bollinger Band WTI settled below the 30-day lower Bollinger Band for a second day yesterday, signalling the market is oversold, according to data compiled by Bloomberg. WTI also rebounded in early March after dropping below this band. The indicator, at around $88.63 today, presents technical support, a level where buy orders may be clustered. BNP Paribas SA cut its 2013 forecasts for Brent and WTI to reflect the price drop in the first quarter. The bank trimmed its Brent estimate to $108 a barrel from $115 and WTI to $95 from $100. Prices will recover in the second half, supported by “loose” global monetary policy and political threats to supply, Harry Tchilinguirian, head of commodity markets strategy, said in an e-mailed report. Source: Gulfnews.com

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 oil slides to 99 per barrel Arab Today, arab today brent crude oil slides to 99 per barrel

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 04:54 2017 Saturday ,18 February

Oil prices slip as high stocks overshadow OPEC cuts

GMT 21:38 2017 Thursday ,16 February

Kuwait Oil Price Down 25 cents to $52.30 pb

GMT 14:40 2017 Thursday ,16 February

OPEC daily basket price announced for Wednesday

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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