Arab Today, arab today crude prices dip towards 99 as greek woes offset iran tension
Last Updated : GMT 00:00:12
Arab Today, arab today
Arab Today, arab today

Crude prices dip towards $99 as Greek woes offset Iran tension

Arab Today, arab today

Arab Today, arab today Crude prices dip towards $99 as Greek woes offset Iran tension

London - Arabstoday

Oil edged down toward $99 as uncertainty over a Greek debt deal offset concerns that Iran could block shipments of crude in the wake of the European Union\'s decision to embargo imports of Iranian oil. Negotiations to have Greece\'s private creditors swap their bonds for new ones of a lower value are crucial to avoiding a default and contain the European debt crisis. But Eurozone governments have taken a hard line on the rates the new bonds should pay, insisting they should be below 3.5 per cent, less than the creditors are so far willing to accept. That has raised the prospect that the deal might fail, increasing uncertainty over Greece\'s future and hurting stock and commodity markets yesterday. Benchmark oil for March delivery was down 38 cents at $99.20 a barrel by late morning in Europe in electronic trading on the New York Mercantile Exchange. The contract rose $1.25 to settle at $99.58 a barrel in New York on Monday. Front-month Brent crude slipped 68 cents to $109.90 per barrel by 1105 GMT. US crude was down about 58 cents at $99.00. Tobias Merath, head of global commodity research at Credit Suisse, said the fact US crude futures did not break up through $100 per barrel on Monday despite the EU embargo suggested the market was beginning to discount issues surrounding Iran. The concerns over Greece offset worries about supplies out of the Arabian Gulf. Iran has said it could close the strategic Strait of Hormuz, through which a fifth of the world\'s crude is transported, in response to sanctions by the West. On Monday, the EU said its refineries would stop buying Iranian crude after July. It also froze assets of Iran\'s central bank. The sanctions are meant to force Iran to talk with the West about its nuclear programme. Iran says its nuclear programme is peaceful, but Western nations suspect it is trying to build nuclear weapons. Impact The embargo itself isn\'t expected to affect world supplies, although markets would get reshuffled. Analysts say China, which is one of the biggest buyers of Iranian crude, probably will buy more Iranian oil at below-market prices when the embargo begins. China would reduce imports from other oil-producing countries, which would then sell more to Europe. \"Iran needs to sell its oil to someone,\" independent analyst and trader Stephen Schork said. \"Outside the West, Iran really has only one buyer: China. That means China\'s probably going to get some sweetheart deals.\" Experts say Iran doesn\'t have the firepower to close off the strait, which is the only way to get from the Arabian Gulf to the open sea. But a conflict there could clog the waterway with military vessels and force the world\'s refineries to wait for crucial oil shipments. Data for the week ending January 20 is expected to show US stockpiles of 700,000 barrels in crude oil stocks and 2.2 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. In other energy trading, heating oil rose 0.3 cents to $3.01 a gallon and gasoline futures fell 0.9 cents to $2.77 a gallon. Natural gas futures were up 8.8 cents at $2.61 per 1,000 cubic feet. Non-European market \"Iranian military action or domestic unrest could both disrupt global crude oil flows,\" Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant, said in an email. \"As such, this means that there are rising additional upside risks to crude oil.\" Iran will sell its crude to non-Europeans if the European Union makes good on its decision to stop buying its oil, Fars reported, citing Mohammad Kowsari, deputy head of the parliament\'s National Security and Foreign Policy commission. \"In the long term, the Chinese and Indians are going to continue to purchase oil from Iran, so the embargo is more of a reshuffle of the cards,\" said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. The EU bought 450,000 barrels a day of Iran\'s oil in the first half of 2011, or 18 per cent of its total exports, US Energy Department data show. China accounted for 22 per cent, Japan 14 per cent and India 13 per cent, the department said.

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 crude prices dip towards 99 as greek woes offset iran tension Arab Today, arab today crude prices dip towards 99 as greek woes offset iran tension

 



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 crude prices dip towards 99 as greek woes offset iran tension Arab Today, arab today crude prices dip towards 99 as greek woes offset iran tension

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals 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