Arab Today, arab today brent oil hits 3month high
Last Updated : GMT 02:02:44
Arab Today, arab today
Arab Today, arab today

Brent oil hits 3-month high

Arab Today, arab today

Arab Today, arab today Brent oil hits 3-month high

London - AFP

Brent oil prices struck a fresh three-month high on Friday, boosted by the weak dollar and Chinese data, as traders awaited key economic figures in top crude consumer the United States, dealers said. In early afternoon London deals, Brent North Sea crude for delivery in March rallied to $115.97 per barrel — which was the highest level since October 15. The Brent contract later stood at $115.88, which marked a gain of 32 cents from Thursday’s closing level. Elsewhere, New York’s main contract, light sweet crude for March, or West Texas Intermediate (WTI), dropped 26 cents to $97.23 a barrel. “Crude oil prices consolidate ahead of the release of the crucial US non-farm payroll data that will set the tone for today’s trading session,” said analyst Myrto Sokou at the Sucden brokerage in London. “WTI crude oil is holding above $97 per barrel, while Brent oil remains fairly strong, climbing toward $116. “The dollar remains fairly weak, providing strong support and further upside momentum to the oil market.”  The European single currency surged to $1.3675, its highest level since November 2011, following upbeat manufacturing data in the eurozone. The weaker greenback makes dollar-priced crude cheaper for buyers using stronger currencies like the euro. This tends to boost demand and prices. The oil market was also buoyed by growing optimism over the US and European economies, ahead of the key US non-farm payrolls report at 1330 GMT. “Today, Brent’s attention turns back to macro developments with the US January NFP report in focus,” said analyst Andrey Kryuchenkov at Russian financial services group VTB Capital. “At over three month highs, the market is still technically overbought and we expect a small correction if the short-term uptrend finally gives. Naturally, much will depend on global risk sentiment today.” Prices had also jumped higher on Wednesday to multi-month peaks, supported this week’s Federal Reserve monetary policy announcement, as well as unrest in the oil-rich Middle East region. New York crude soared to $98.24 per barrel, which was the highest level since September 17. “There has been a lot of good news. Europe is on a brighter note, and the US has deferred debt ceiling talks. General optimism continues to buoy the market,” said Yang Weiming, premium client manager at IG Markets Singapore. US lawmakers on Thursday suspended the country’s debt ceiling until May, giving them three months to hold high-stakes budget negotiations to avert a potentially catastrophic default. And while data showed the US economy shrank 0.1 percent in the fourth quarter of 2012, there were upbeat signs, with private consumption, business investment and housing all seeing growth. In Europe, eurozone economic sentiment improved across all sectors in January, according to an index compiled by the European Commission. The oil market meanwhile won partial support from manufacturing data in top global energy consumer China. Chinese data showed the official purchasing managers’ index (PMI) came in at 50.4 in January. That marked a slowdown from 50.6 in the previous month but still showed growth. A separate PMI from British bank HSBC came in at a two-year high of 52.3 for last month, up from a preliminary 51.9 released last week and a final 51.5 in December. Its survey focuses on smaller enterprises. A reading above 50 indicates expansion, while anything below points to contraction.

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 oil hits 3month high Arab Today, arab today brent oil hits 3month high

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
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 Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

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 Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

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

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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