Arab Today, arab today brent oil price tumbles close to 100
Last Updated : GMT 10:43:16
Arab Today, arab today
Arab Today, arab today

Brent oil price tumbles close to $100

Arab Today, arab today

Arab Today, arab today Brent oil price tumbles close to $100

London - AFP

Brent oil prices plunged Monday to a new eight-month low near $100 per barrel, mirroring losses across financial markets, after disappointing first-quarter growth data in top global energy consumer China. Brent North Sea crude for delivery in May slid to $100.02 per barrel, which was the lowest level since July 12, 2012. It later stood at $100.16, down $2.95 from Friday. New York's main contract, West Texas Intermediate (WTI) light sweet crude for May, dived to a four-month low at $87.90, before pulling back to $88.14, down $3.15 from Friday's closing level. "The week opened with heavy losses across the oil markets reflecting the current bearish momentum," said senior analyst Myrto Sokou at the Sucden brokerage in London. "The recent Chinese economic data failed to meet analysts' expectations and added further pressure to the market that was already showing sharp losses following disappointing US economic data last week." She added: "The Chinese data raised renewed concerns about another possible slowdown in the Chinese demand (for) both oil and metals and hurt market sentiment." China's gross domestic product (GDP) growth slowed to 7.7 percent in the first quarter of this year, the government said. The result, announced by the National Bureau of Statistics, compared with a median 8.0 percent growth forecast in a poll of 12 economists by AFP. The economy expanded 7.9 percent in the fourth quarter of last year. The news raises questions about the strength of the world's number two economy, which is a key driver of global growth, analysts said. "China's GDP that came in slightly below expectations is having a negative impact on oil prices," Jason Hughes, head of sales trading at CMC Markets in Singapore, told AFP. "Dealers were looking for China to add support to the market. The fresh data suggests that the Chinese economy hasn't bottomed out... as people have thought." Brent oil had already plunged on Friday to an eight-month low, driven by the stronger dollar, the weak crude market outlook and following downbeat retail sales data in top crude consumer the United States. "Poorer-than-expected data from China have fuelled new fears about demand. On Friday, the US had already published disappointing retail sales figures," noted Commerzbank analyst Carsten Fritsch. "In other words, demand in both of the leading oil consumer countries is currently weaker than anticipated." US retail sales fell 0.4 percent in March from February, Commerce Department data showed Friday, suggesting that higher taxes and government spending cuts were taking a toll on the economy. Prices were also dampened by forecasts of lower global demand by the Organization of Petroleum Exporting Countries, the International Energy Agency and the US government's Energy Information Administration.

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 oil price tumbles close to 100 Arab Today, arab today brent oil price tumbles close to 100

 



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 oil price tumbles close to 100 Arab Today, arab today brent oil price tumbles close to 100

 



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 Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
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