Arab Today, arab today brent ends below 50 per barrel for first time since 2009
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

Brent ends below $50 per barrel for first time since 2009

Arab Today, arab today

Arab Today, arab today Brent ends below $50 per barrel for first time since 2009

Brent crude for February delivery
New York - AFP

Europe's oil benchmark Monday closed below $50 a barrel for the first time in six years after a leading investment bank predicted the commodity would sink even lower in coming months.
Brent crude for February delivery lost $2.68 to finish at $47.43 a barrel in London, its first close below $50 since April 2009.
US benchmark West Texas Intermediate for February also hit a new multi-year low, shedding $2.29 to $46.07 a barrel on the New York Mercantile Exchange, the lowest close since March 2009.
"At this point, it's really just panic selling out of fear of how low oil prices could go," said market analyst Jasper Lawler at CMC Markets UK.
The drop came as Goldman Sachs sharply cut its forecast for 2015 oil prices, projecting the US commodity would hit $41 a barrel in three months and $39 a barrel in six months, down from the $70 and $75 previously.
Goldman also cut its forecast for Brent oil.
The investment banking firm predicted the oil market would continue to experience oversupply for several months.
As a result, oil prices "need to stay lower for longer," it said.
"The short-cycle nature of capital investments in shale requires that such pressure remain in place long enough to keep capital sidelined while the market rebalances."
Monday's fall came on the heels of a six-month crash in the market that has slashed crude prices by more than 50 percent amid concerns of oversupply and weak global growth.
Other factors cited by analysts for the price drop included the downgrade to Russia's credit rating last week and continued inaction from OPEC.

 

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*

Arab Today, arab today brent ends below 50 per barrel for first time since 2009 Arab Today, arab today brent ends below 50 per barrel for first time since 2009

 



Arab Today, arab today

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 ends below 50 per barrel for first time since 2009 Arab Today, arab today brent ends below 50 per barrel for first time since 2009

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
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