Arab Today, arab today new york crude extends losses
Last Updated : GMT 15:28:49
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.

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 Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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