Arab Today, arab today brent oil tumbles under 60 for first time since 2009
Last Updated : GMT 15:41:30
Arab Today, arab today
Arab Today, arab today

Brent oil tumbles under $60 for first time since 2009

Arab Today, arab today

Arab Today, arab today Brent oil tumbles under $60 for first time since 2009

The price of Brent oil slumped
London -AFP

Brent oil slumped Tuesday to a new five-year low below $60 per barrel, as shrinking Chinese manufacturing activity stoked global demand concerns, with sentiment also plagued by over-supply.
In morning London deals, the price of Brent North Sea crude for delivery in January sank to $59.49, hitting a low last seen in July 2009.
China's manufacturing activity worsened in December with HSBC's purchasing managers' index (PMI) hitting a seven-month low, the bank said, signalling more weakness in the world's second-largest economy and top energy consumer.
The preliminary PMI for the month came in at 49.5, below the break-even point dividing expansion and contraction.
The result, compiled by information services provider Markit, was lower than November's final reading of 50.0 and the weakest result since May's 49.4. The December reading also marked the first move into the contraction range in seven months.
"China PMI manufacturing data adds to global growth uncertainty," said Mike van Dulken, head of research at Accendo Markets.
"If China's manufacturing is not growing, it suggests the rest of world is not consuming as much, so China needs to consume less energy in order to make less goods," he told AFP.
"As the number two economy, that's a lot of energy. And a lot of goods -- which adds to worries that rest of world is consuming less because (it is) not growing as much."
The Brent contract later stood at $59.78, down $1.28 from Monday's closing level.
"The Chinese data ... suggests that growth metrics and demand for oil/commodities are slowing," added Atif Latif, head of trading at Guardian Stockbrokers in London.
Meanwhile on Tuesday, the dollar hit a new record against the ruble as plunging oil prices and geopolitical tensions slammed the Russian economy.
Russia's central bank earlier Tuesday hiked interest rates from 10.5 percent to 17 percent to halt a slide in the ruble, which has come as the country is battered by slumping oil prices and Western sanctions over Moscow's support for Ukrainian separatists.
"Russia's desperate attempt to shore up the ruble after recent slump suggests it could be worried (about) worse to come," van Dulken added.

 

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 tumbles under 60 for first time since 2009 Arab Today, arab today brent oil tumbles under 60 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 oil tumbles under 60 for first time since 2009 Arab Today, arab today brent oil tumbles under 60 for first time since 2009

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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 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

GMT 23:44 2017 Saturday ,03 June

OPEC daily basket price for Tuesday, 30th May 2017
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 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 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
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