Arab Today, arab today brent crude steady at us120
Last Updated : GMT 17:37:10
Arab Today, arab today
Arab Today, arab today

Brent crude steady at US$120

Arab Today, arab today

Arab Today, arab today Brent crude steady at US$120

Washington - Arabstoday

Brent crude held at US$120 on Wednesday, after posting steep losses in the previous session, as a cut in global oil consumption forecast by the EIA and an unexpected surge in U.S. crude stocks reinforced fears demand growth may slow. The cut by the US Energy Information Administration (EIA) followed weak economic numbers from the two top oil consumers - China and the United States - suggesting the global economy may be in more trouble than it appeared. These factors overshadowed concerns of supply disruption from the Middle East. Brent traded 15 cents higher at US$120.03 a barrel by 0302 GMT, after settling US$2.79 lower at its weakest since February 17. The 2.27 percent slide was the biggest one-day percentage loss since December 14. US oil slipped 10 cents to US$100.92 a barrel, after settling down US$1.44 at US$101.02, the lowest since February 14 and below its 100-day moving average of US$101.65. \"The broader markets, including oil, are on risk-off mode at this point because of the series of negative numbers we have seen recently,\" said Natalie Robertson, an analyst at ANZ. \"Oil markets would be flat to lower over the next few days, with support coming in if there are worries on the supply side.\" Asian shares fell for a third day, while the dollar declined to a five-week low against the yen and the euro inched lower due to the uncertainty surrounding global growth. Shanghai copper fell more than 2 percent to three-month lows, tracking sharp losses in London. Oil is also under pressure after the American Petroleum Institute (API) showed crude stocks rose 6.6m barrels, three-fold more than a forecast of 2.1m barrels in a poll by Reuters. This week\'s crude-stocks rise followed the largest two-week build in the past 11 years reported by the US Energy Information Administration (EIA) last week. \"While it is not unusual to see a build in crude stocks at this point because demand usually falls with many refineries doing maintenance, it is still weighing on sentiment,\" Robertson said. Brent could fall further to US$117.80 per barrel, as indicated by its wave pattern and a Fibonacci projection analysis, while US oil is expected to clear a support at US$100.81 per barrel and fall more to US$99.37, according to Reuters technical analyst Wang Tao. Oil is also under pressure as concerns about European debt have resurfaced as investors worry Spain could become the next source of contagion in the euro zone due to its weak fiscal position. Spain\'s banks may need more capital if the economy deteriorates, the head of the central bank said. The EIA forecast global oil consumption to average 88.81m barrels per day in 2012, compared with last month\'s projection of 88.96m bpd. The EIA expects oil markets to weaken this year as a result, even though exports from Iran fall as the US and Europe tighten sanctions on the Islamic Republic to force it to abandon its nuclear programme. Iran\'s oil production may fall 15 percent this year due to reduced foreign investment, it said. Iran has agreed to renew discussions with the permanent members of the UN Security Council - the US, Russia, China, Britain and France - plus Germany last month, more than a year after previous talks failed. The next round would be in Baghdad following this week\'s negotiations in Istanbul. Even before the talks begin, Iran said it cut oil exports to Spain and may halt sales to Germany and Italy, according to its English-language state television. The announcement may have been aimed at strengthening its position ahead of the talks. But, in an indication that Tehran\'s \"counter-sanctions\" were of little impact, Spain\'s biggest refiner said it had already replaced Iranian crude with Saudi Arabian oil months ago.

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 steady at us120 Arab Today, arab today brent crude steady at us120

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
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