Arab Today, arab today new york crude extends losses
Last Updated : GMT 02:23:57
Arab Today, arab today
Arab Today, arab today

New York crude extends losses

Arab Today, arab today

Arab Today, arab today New York crude extends losses

London - AFP

New York oil prices fell further on Monday, while London Brent steadied amid easing supply worries and lingering fears of a financial default by debt-ridden Greece which could hit demand for energy. New York's main contract, West Texas Intermediate for delivery in August, dropped 99 cents to $90.17 a barrel. Brent North Sea crude for August dipped one cent to $105.11 in London afternoon trading as the benchmark contract continued to win support from a shortage of high-quality oil in Europe, traders said. However, the contract had hit $102.28 in Asian deals, which was the lowest level for more than four months, before staging a comeback later on Monday. Prices tumbled last week after the International Energy Agency agreed to draw on emergency reserves to make up for lost Libyan supplies and as global economic recovery fears prompted demand concerns. "We see the highly unusual IEA measure as a reflection of serious concerns about the path of the world economy, which have been reflected in falling prices over the last two months," analysts at JBC Energy research group said in a client note Monday. "Accordingly, whether sharp cuts in oil price forecasts by JP Morgan and Goldman Sachs turn out to be correct will largely depend on the path of economic developments. "JP Morgan cut its average forecast for Brent to $100 per barrel in the third quarter, down from $130 per barrel," it noted. The IEA, which acts on behalf of industrialised nations' energy needs, sparked a sharp sell-off when it announced its decision to release 60 million barrels of crude from strategic oil stocks over the next month, as part of efforts to give the global economy relief from sky-high prices. Prior to the announcement, the market was already buckling under the weight of a stronger dollar, spreading global economic gloom and contagion fears arising from the Greek-eurozone debt crisis. Ker Chung Yang, an analyst with Phillip Futures in Singapore, said on Monday that investors remained concerned over the possible fallout from Greece's debt crisis. "Crude oil prices will stay volatile as the greater concern is still on Greece and the overall recovery of the US economy," Ker said. Adding to disquiet over Greece's mounting debt problems were comments from Austrian Chancellor Werner Faymann, who warned in an interview Sunday: "A Greek debt default cannot be ruled out." Greece faces a momentous battle in parliament this week to quash dissent over additional austerity reforms needed to secure a vital new bailout from the European Union and the International Monetary Fund. Meanwhile, the country's influential unions have called a 48-hour walkout from Tuesday, on top of rolling power cuts that have hit households across the country for the past week in action by disgruntled utility workers. A default by Greece risks sparking a contagion across the rest of Europe which could affect global financial stability, analysts warn.

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 new york crude extends losses Arab Today, arab today new york crude extends losses

 



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 new york crude extends losses Arab Today, arab today new york crude extends losses

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
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 Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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