Arab Today, arab today oil climbs on weak dollar middle east worries
Last Updated : GMT 08:36:26
Arab Today, arab today
Arab Today, arab today

Oil climbs on weak dollar, Middle East worries

Arab Today, arab today

Arab Today, arab today Oil climbs on weak dollar, Middle East worries

Oil well pumps are seen in the Rmeilane oil field in Syria's northeastern Hasakeh province
London - AFP

Global oil prices hit multi-month peaks Friday on the back of the struggling US dollar and increasing geopolitical turmoil in the crude-rich Middle East, dealers said.

Brent North Sea crude for delivery in November added 56 cents to stand at $53.61 per barrel just after midday in London, having earlier hit $54 -- the highest since late August.

US benchmark West Texas Intermediate for delivery in November won 96 cents to $50.39 per barrel compared with Thursday's close. The contract had earlier touched a 2.5-month peak at $50.58.

"Oil prices are continuing to rise, as they have been in recent days," said Commerzbank analyst Carsten Fritsch.

"Increased risk appetite coupled with a weaker US dollar is giving tailwind to the oil prices.

"In addition, some market observers have made optimistic remarks about the future development of the market."

The flagging greenback makes dollar-priced oil cheaper for buyers using stronger currencies, which tends to stimulate demand and prices.

This week, meanwhile, Russia continued to launch airstrikes in Syria in support of President Bashar al-Assad.

"Russia's military intervention in support of Assad has finally turned the war in Syria into a proxy war between the world powers, which significantly increases the geopolitical risks," added Fritsch.

Moscow says it is targeting Islamic State (IS) jihadists, but British intelligence forces claim that only one in 20 Russian air strikes was hitting the extremist group.

"Russia’s controversial and apparently imprecise bombardment of IS targets in Syria is further heightening the geopolitical risks in the Middle East region and this is also helping to push oil prices higher," noted analyst Fawad Razaqzada at traders Gain Capital.

- Demand hopes -
Crude futures also climbed Friday on hopes that increasing demand and declining US crude production would ease a supply glut that has depressed the market for more than a year.

The two main crude contracts hit a six-year low during the April-September quarter owing to a fears about an oversupply, China's economic slowdown and expectations for a US interest rate rise.

However, they have surged recently as the US Federal Reserve shows signs it will hold off hiking rates -- a rise would strengthen the greenback, making dollar-priced oil more expensive -- while recent data from Beijing has also soothed nerves.

And on Thursday Abdalla Salem El-Badri, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), said global demand is expected to rise more than projected this year, and next would see a further increase supported by "improvement in global economic activities".

WTI is up by about 31 percent and Brent over 25 percent higher after hitting more than six-year lows in late August.

Daniel Ang, an investment analyst with Phillip Futures in Singapore, said: "Prices have stayed low for a long time and this momentum that we're currently seeing comes in part from technical buying.

"On a more fundamental note, it also seems that the  market has caught on (about) the decline in US crude production," he said.

Ang cited data from the US Energy Information Administration showing US output has declined from 9.6 million barrels per day in early July to around 9.2 million last week.

"If US crude production continues to fall, we could see the bullish momentum building up."

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 oil climbs on weak dollar middle east worries Arab Today, arab today oil climbs on weak dollar middle east worries

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 04:54 2017 Saturday ,18 February

Oil prices slip as high stocks overshadow OPEC cuts

GMT 21:38 2017 Thursday ,16 February

Kuwait Oil Price Down 25 cents to $52.30 pb

GMT 14:40 2017 Thursday ,16 February

OPEC daily basket price announced for Wednesday

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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