Arab Today, arab today brent drops below 110 on weak us data
Last Updated : GMT 13:59:28
Arab Today, arab today
Arab Today, arab today

Brent drops below $110 on weak US data

Arab Today, arab today

Arab Today, arab today Brent drops below $110 on weak US data

Dubai - Arabstoday

Brent crude futures edged down on Tuesday, after rising nearly $2 a day earlier, as soft US economic data renewed fears of weaker oil demand from the world\'s top oil consumer and a rebound in the dollar spurred selling.Brent crude for September fell 26 cents to $109.65 by 0357 GMT, after falling to as low as $109.23 earlier. US crude was down 34 cents at $87.54 a barrel.Manufacturing in the New York area contracted for the third straight month in August, data showed on Monday, tempering any lingering hopes for a rebound in the second half of the year.The survey is one of the earliest regional guideposts to US factory conditions and analysts said it boded poorly for the larger national survey due at the beginning of September.Separate US data on Monday showed the housing sector remained weak with a gauge of homebuilder sentiment stuck at historic lows. \"The manufacturing data took quite a hit, and that could account for the weakness,\" said Ben Le Brun, CMC Markets analyst in Sydney.\"But it seems fears of the worst case scenario for the global economy has receded. We\'re going to see weaker growth, but growth nonetheless.\" Oil prices were also pushed lower by a stronger dollar, which makes commodities priced in the greenback more expensive for holders of other currencies. The US dollar was trading up 0.12 percent against a basket of currencies . The greenback had fallen to a near three-week low against the euro on Monday. The market will be watching for a slew of US economic reports that come out this week, including housing starts and industrial production data later on Tuesday, for clues on the health of the world\'s biggest economy.Concerns over the US recovery and the ongoing euro zone crisis have dragged down oil prices this month. Brent surged on Monday as hopes for a resolution to Europe\'s issues rose ahead of a Tuesday meeting between French and German politicians.The World Bank also called for national governments to seek long-term debt curbs on Tuesday to solve the current sovereign debt crises in Europe and the United States, but said it was too early for special action by the Group of 20 nations. Brent could move up to $111.30 a barrel after a shallow retracement to $108.20, while a rebound for US oil seems to be stronger than expected and it may continue to zigzag up towards $90 per barrel, Reuters technical analyst Wang Tao said. The shutdown of a North Sea oil well at a Royal Dutch Shell field after an oil leak looks unlikely to affect supplies significantly from the home of the Brent oil benchmark, oil traders said on Monday.In the US, crude oil stockpiles are expected to have fallen for a second straight week due to lower imports, a preliminary Reuters poll showed on Monday ahead of weekly inventory data.Oil prices remain supported by the loss of around 1.6 million barrels per day of production in Libya since the start of an uprising in February.Forces loyal to Muammar Gaddafi will destroy the oil terminal in Brega to prevent one of the country\'s most important economic lifelines falling into the hands of advancing rebels, the fighters said on Monday.\"We continue to believe that the return of Libyan crude supplies to the market will be seen in 2012 and as such any sell-off associated with headlines of a regime change in the country provide consumers with a good hedging opportunity,\" said analysts at JP Morgan in a report on Monday.In Syria, where a five-month-long street uprising against President Bashar Al Assad\'s autocratic rule has so far had little impact on the country\'s 400,000 barrels per day oil production, the military broadened its assault over the weekend to try to put down the protests. From / Arabian Business News

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 drops below 110 on weak us data Arab Today, arab today brent drops below 110 on weak us data

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
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 13:37 2017 Thursday ,23 February

Oman oil price rises 30 cents

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
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 Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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