Arab Today, arab today fed\s stimulus pledge pushes oil to 31month high
Last Updated : GMT 15:12:44
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

 



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
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 EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
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 Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
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 Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

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