Arab Today, arab today global oil prices rally on stimulus hopes
Last Updated : GMT 02:20:53
Arab Today, arab today
Arab Today, arab today

Global oil prices rally on stimulus hopes

Arab Today, arab today

Arab Today, arab today Global oil prices rally on stimulus hopes

London - AFP

Oil prices rallied Thursday as hopes of a Chinese stimulus soared after manufacturing activity in the world\'s largest energy consumer fell to a nine-month low in August, analysts said. New York\'s main contract, light sweet crude for October rallied to $98.29 per barrel in morning deals, reaching a summit last seen on May 4. It later stood at $98.03, up 77 cents from Wednesday\'s closing level. Brent North Sea crude for delivery in October meanwhile jumped $1.36 to $116.27 a barrel. \"The \'great stimulus hope\' rally continues, aided by persistent dollar weakness,\" said Sucden analyst Jack Pollard. The weaker greenback makes dollar-priced oil cheaper for buyers using stronger currencies. Oil markets, which have also been buoyed by hopes of additional stimulus from the US Federal Reserve, were given a further boost from heightened optimism that China\'s central bank would do the same. \"Energy markets have been pretty sluggish, given the renewed hopes of QE3 from the Fed. They needed an excuse to rise and they found it today in weak China flash PMI data,\" said IG Markets Singapore strategist Justin Harper. \"The weak manufacturing data today has excited oil traders that... stimulus may be on its way soon, to revive flagging activity in the world\'s factory,\" he told AFP. Preliminary figures released Thursday from the closely watched HSBC purchasing managers\' index (PMI), which gauges nationwide manufacturing activity, hit 47.8 this month, its lowest since November. This raised trader hopes that the Chinese government would intervene with policy easing measures to kick-start growth, traders said. In the US, hopes for a fresh round of quantitative easing from the Fed were boosted Wednesday when minutes of the Federal Open Market Committee\'s most recent policy meeting were published, dealers said. The minutes said: \"Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial strengthening in the pace of the recovery.\"

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 global oil prices rally on stimulus hopes Arab Today, arab today global oil prices rally on stimulus hopes

 



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 global oil prices rally on stimulus hopes Arab Today, arab today global oil prices rally on stimulus hopes

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
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 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

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
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 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
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