Arab Today, arab today fed\s stimulus pledge pushes oil to 31month high
Last Updated : GMT 06:51:55
Arab Today, arab today
Arab Today, arab today

Fed\'s stimulus pledge pushes oil to 31-month high

Arab Today, arab today

Arab Today, arab today Fed\'s stimulus pledge pushes oil to 31-month high

LONDON- Arabstoday

Oil traded at a 31-month high in New York as the Federal Reserve\'s renewed pledge to stimulate growth boosted speculation that fuel demand will increase. Crude futures climbed as much as 0.8 per cent after Federal Reserve Chairman Ben Bernanke signalled on Wednesday that the US will keep its record monetary stimulus in place. US petrol stockpiles fell to the lowest level since August 2009, the Energy Department said yesterday. The Dollar Index, which tracks the US currency against six trading partners, fell to the lowest level since 2008, boosting the appeal of commodities priced in the US currency. \"Potential further dollar weakness and the approaching driving season is making it hard to argue for profit taking at the moment,\" Filip Petersson, commodity strategist at Stockholm-based SEB AB, said in a note. The driving season in the US begins on Memorial Day, the last weekend of May. Crude oil for June delivery gained as much as 94 cents to $113.70 a barrel in electronic trading on the New York Mercantile Exchange, the highest price since September 22, 2008. The contract was at $113.16 at 9.54am London time. Brent oil for June settlement was at $125.71 a barrel, up 0.5 per cent, on London\'s ICE Futures Europe exchange. Futures in New York are poised for an eighth monthly gain, buoyed by concern that political unrest in the Middle East and North Africa could spread to other producers including Saudi Arabia. Unrest in the region has toppled leaders in Egypt and Tunisia and spread to Libya, Algeria, Bahrain, Iran, Oman, Syria and Yemen. The US economy probably grew at a slower pace in the first quarter as higher petrol prices prompted American consumers to curb spending, economists said ahead of a government report yesterday. The US Commerce Department estimate on gross domestic product is due at 8.30am local time. \"I don\'t think the US GDP data will have much of an impact on crude,\" said Alexander Ridgers, head of commodities of CMC Markets in London. \"Good data will suggest a strong demand for crude; bad data will guarantee rates remain low for longer and keep prices high.\" North Sea Brent crude\'s premium to US benchmark West Texas Intermediate widened for a third day. US stockpiles of petrol dropped for a 10th week in the seven days to April 22, the longest losing streak in four years, according to US Department of Energy data. Stockpiles of gasoline fell 2.51 million barrels to 205.6 million that week, according to Department of Energy data on Bloomberg.

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 fed\s stimulus pledge pushes oil to 31month high Arab Today, arab today fed\s stimulus pledge pushes oil to 31month high

 



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 fed\s stimulus pledge pushes oil to 31month high Arab Today, arab today fed\s stimulus pledge pushes oil to 31month high

 



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
Arab Today, arab today Sally Shaheen considers hosting a political show
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
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