brent crude slips to lowest price in 2012
Last Updated : GMT 18:07:55
Arab Today, arab today
Arab Today, arab today

Brent crude slips to lowest price in 2012

Arab Today, arab today

Arab Today, arab today Brent crude slips to lowest price in 2012

Washington - Arabstoday

Brent crude slipped below $107 on Friday to its lowest in 2012 as a worsening euro zone crisis and weak US economic data raised fears of a global slowdown that could dent oil demand. Worries about the euro zone, already roiled by Greek political chaos, mounted as Spain slipped into a recession, pushing the euro to a four-month low while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world\'s largest economy and top oil consumer. Brent crude slipped to its lowest in 2012 after falling $1.09 to $106.40 a barrel by 0548 GMT. Front-month Brent is on track to post its largest three-week fall since May 2011. U.S. crude was down 65 cents to $91.91, heading for its largest three-week fall since August 2011. \"We\'ve got a bit of a perfect storm at the moment,\" Michael McCarthy, a markets strategist at CMC Global Markets in Sydney said, pointing to the worsening euro zone crisis, lower demand as industrial output slows and bloated crude inventories in the United States. The debt crisis in the euro zone worsened as Spain\'s borrowing costs shot up while its troubled banks suffered a credit ratings cut. This added to worries of Greece\'s possible exit from the common currency group as it does not have a government to implement austerity measures in exchange for rescue funds. Greece\'s exit has the \"potential for a structural destruction to Europe,\" McCarthy said. \"We have no idea how this will pan out.\" He added that it was \"way too optimistic\" to expect a quick recovery in Europe as further credit downgrades will weigh on demand projections. Asian shares tumbled on Friday and were set for their worst weekly showing since September while the euro hit a fourth-month low on euro zone worries. The dollar index rose 0.34 percent. New claims for US jobless benefits last week held at levels suggesting sluggish growth in hiring and factory activity in the mid-Atlantic region contracted in May. US crude prices were supported by expectations that the Seaway pipeline reversal would ease the oil glut at Cushing, Oklahoma, its delivery point. The first crude oil was expected to flow on the reversed Seaway pipeline this weekend, a historic move to ease a Midwest oil glut and bring depressed North American crude prices closer to world market levels. July Brent\'s premium to West Texas Intermediate (WTI) narrowed to $14.17. T he premium had ended at $18.90 on Wednesday, when the Brent June contract expired. Morgan Stanley expects the price spread to stay at $10 or wider as growing crude and gas production in North America will continue to demand changes in existing infrastructure and oil flow, its analysts led by Hussein Allidina said in a May 16 note. \"Spreads will likely exhibit greater volatility going forward as new production comes online and pipeline projects are proposed, completed or canceled, changing pathways for incremental volume,\" the bank said. US crude may bounce towards $96 next week as it has technically hit the bottom, McCarthy said, although a weaker demand outlook may push it down to $88 in the next month. Investors are now eyeing a summit this weekend of G8 leaders and nuclear talks between world powers and OPEC-member Iran next week. Brent surged to above $128 a barrel in March on supply concerns amid tightening Western sanctions on Iran over its disputed nuclear programme. The United States delayed a bill for new economic sanctions on Iran\'s oil sector after Senate Republicans blocked the legislation on Thursday saying they needed more time to study the bill. The surprise move drew anger from Democrats who wanted approval ahead of nuclear talks next week. Leaders at this weekend\'s G8 summit will discuss pressures on global oil markets and options they could take in response, a top White House official said on Thursday, declining to specify whether a release of strategic reserves would be on the table.

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 crude slips to lowest price in 2012 brent crude slips to lowest price in 2012

 



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 crude slips to lowest price in 2012 brent crude slips to lowest price in 2012

 



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 PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
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 Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
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 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

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 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

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