Arab Today, arab today brent holds over 115
Last Updated : GMT 18:12:36
Arab Today, arab today
Arab Today, arab today

Brent holds over $115

Arab Today, arab today

Arab Today, arab today Brent holds over $115

Dubai - Arabstoday

Brent crude held steady above $115 a barrel, after a $3 surge in the previous session, in line with a rebound in equity markets as a ruling by a top German court helped assuage fears that euro zone bailout efforts might get stalled.Prices were also supported by storms in the US Gulf Coast that have already shut in about 37 percent of oil production from the region. Investors are awaiting US president Barack Obama\'s speech on jobs and a European Central Bank rate-setting meeting later for clues on the health of the global economy.\"We saw equities rising and we saw oil put on a 3-4 percent (rise) last night,\" said Ben Le Brun, a Sydney-based analyst at CMC Markets. \"We have Obama speaking about jobs and if the market gets what it wants to hear, that would further underpin the positive movements on oil prices.\"Brent crude slipped 22 cents at 0503 GMT to $115.58 a barrel, after gaining $2.91 to settle at $115.80, above its 100-day moving average, a key technical indicator that has capped the market since August. In post-settlement trade, prices rose further, pushing on to $116.50, the highest since August 2. US crude gained 19 cents to $89.53 a barrel, after settling $3.32 at $89.34 a barrel, and also climbed in post-settlement trade to a five-week high of $90.48. European stocks rose 3.1 percent, while on Wall Street, the S&P 500 rose 2.9 percent. The positive mood extended into the Asian market, with Japan\'s Nikkei gaining 1 percent, while MSCI\'s broadest index of Asia Pacific shares outside Japan rose 0.5 percent. The European Central Bank is expected to signal a change in policy direction on Thursday, halting a cycle of interest-rate rises just five months after it started as the euro zone debt crisis weighs on the economy.For Brent, the upside will be limited to $116.83 as a short-term uptrend that started at the Aug. 9 low of $98.74 approaches its end, said Reuters market analyst for commodities and energy technicals Wang Tao. Prices were also supported by an industry report that showed a steep fall in oil stocks. Stockpiles of US crude fell by 3 million barrels last week due to production shut-ins and lower imports, industry group the American Petroleum Institute said. That was well above the average forecast of a 1.9 million barrel draw in a Reuters poll ahead of the more closely watched data from the US government\'s Energy Information Administration on Thursday at 11 am EDT (1500 GMT). In addition, three tropical storms - Nate, Maria and Hurricane Katia - are posing threats to Mexico\'s Bay of Campeche, Puerto Rico and the US East Coast. Katia has weakened significantly in the last two days, but was still a hurricane with 80 mph (130 kph) winds, making it a Category 1 storm on the five-step Saffir-Simpson intensity scale. In Libya, ousted leader Muammar Gaddafi\'s whereabouts have remained a mystery since rebel fighters stormed his Tripoli headquarters two weeks ago. Markets are awaiting an end to the months-long conflict to get a sense of when output from the nation can be restored. \"For Brent, it all comes down to when they can get some sort of definite answer as to when Libya can return to production,\" said Le Brun. Fellow Middle East supplier Syria, subject to European and US import bans for its violent crackdown on anti-government protests, is now searching for new buyers for around 150,000 bpd of crude it typically exports - 99 percent of it to Europe - and hopes the world\'s biggest oil producer, Russia and major importer China will buy some of it, the country\'s finance minister told Reuters on Wednesday. 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 holds over 115 Arab Today, arab today brent holds over 115

 



Arab Today, arab today
Arab Today, arab today Rabia Fatima reveals role of "Facebook" in her career

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in 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 Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

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

GMT 05:23 2017 Tuesday ,21 February

Oil rises, but growing US output threatens rally

GMT 00:24 2017 Tuesday ,21 February

OPEC daily basket price announced for Thursday

GMT 16:12 2017 Sunday ,19 February

Oil prices still under pressure from North America
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 Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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 Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
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