Arab Today, arab today brent slips towards us107 on potential iran deal
Last Updated : GMT 07:47:52
Arab Today, arab today
Arab Today, arab today

Brent slips towards US$107 on potential Iran deal

Arab Today, arab today

Arab Today, arab today Brent slips towards US$107 on potential Iran deal

Dubai - Arabstoday

Brent crude slipped towards US$107 on Wednesday as a potential deal between Iran and the UN nuclear watchdog eased fears of oil supply disruptions, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand. The UN\'s International Atomic Energy Agency expects to sign a deal with Iran soon to unblock investigations into suspected work on nuclear bombs in the oil-producing country, increasing the prospect of a resolution to a conflict over the issue. Brent crude had dropped 74 cents to US$107.67 a barrel by 0553 GMT and US July crude had fallen 77 cents to US$91.07, with economic concerns weighing as the World Bank cut its economic growth forecast for China, the world\'s second-largest oil consumer. Nagging fears of a messy Greek exit from the euro zone also remained ahead of a Wednesday meeting of European leaders. Germany has dismissed a French-led call for euro zone governments to issue common bonds, cooling hopes the meeting would produce fresh measures to tackle the region\'s debt problems. \"Elections [in Greece] and the EU Ministers\' meeting could potentially cause a lot of headline-driven movements in oil prices,\" said Tony Nunan, a Tokyo-based risk manager at Mitsubishi Corp. \"The Greece situation is similar to Iran in the sense that it is going to drag out. With Greece in the euro zone, any changes will take time as the euro zone needs approval from parliament. It\'s a slow-moving train wreck.\" Waning optimism about the summit drove shares, commodities and the euro down against the dollar, with the dollar index strengthening. A stronger greenback can pressure dollar-denominated commodities such as oil by making them more expensive to consumers using other currencies. The World Bank warned that Europe\'s seething debt crisis could inflict even bigger damage if it worsens, with sluggish US and European demand and a softening Chinese property market combining to weigh on the Chinese economy in the near term. It also cut its economic growth forecast for China this year to 8.2 percent from 8.4 percent previously, adding that a slowing China will drag growth in emerging East Asia to two-year lows this year. US crude oil inventories rose 1.5m barrels last week, industry group the American Petroleum Institute said in a report late on Tuesday, further hurting oil prices. Ahead of weekly reports on US oil inventories, crude stocks were expected to have risen 1m barrels last week, a Reuters survey of analysts showed. The EIA\'s weekly report is due on Wednesday at 1430 GMT. Europe is also facing a glut of high quality crude oil grades, only a year after Libya created a serious shortage, as demand from the continent falls and the US cuts imports due to greater domestic supply. This has led to a steep weakening in values for many high quality sweet and low-sulphur grades, a rare development that suggests oil futures prices have room to correct further in an oversupplied market. \"In the short term, I\'m quite bearish as ramped-up supply from Saudis and growing inventory in the United States shows the oil fundamentals are not that strong,\" said Nunan. Increased production from Saudi Arabia, Iraq and Libya has helped push US crude oil inventories to a peak and allowed Iran\'s customers to seek alternative barrels in the face of tightening sanctions on Tehran. But hopes for fresh economic stimulus from China and a moderate economic recovery in Japan capped losses in oil prices. Chinese media reported on Wednesday that Beijing will stick to active fiscal and prudent monetary policies in a bid to sustain relatively fast economic growth, quoting Vice Premier Li Keqiang. This followed a report on Tuesday that China would speed infrastructure investments. As widely expected, the Bank of Japan has kept monetary policy steady on Wednesday, maintaining its view that Japan\'s economy will resume a moderate recovery. Also providing a bright spot, the latest data from US showed the pace of sales of existing homes in April rose to its fastest in nearly two years and a falloff in foreclosures helped bring a surprise jump in prices.  From / Arabian Business

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 slips towards us107 on potential iran deal Arab Today, arab today brent slips towards us107 on potential iran deal

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
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 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 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 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 Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

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 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 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