Arab Today, arab today oil climbs to fivemonth high as supplies counter debt concern
Last Updated : GMT 23:05:53
Arab Today, arab today
Arab Today, arab today

Oil climbs to five-month high as supplies counter debt concern

Arab Today, arab today

Arab Today, arab today Oil climbs to five-month high as supplies counter debt concern

New York - Bloomberg

Oil rose to a five-month high in New York as signs of shrinking stockpiles in the U.S. countered concern Europe’s debt crisis will damp fuel demand. Futures climbed as much as 0.8 percent, reversing an earlier 1 percent drop. U.S. crude inventories declined for a second week, according to the Energy Department. Oil surged yesterday after Enbridge Inc. said it will reverse the direction of the Seaway pipeline, adding an outlet to transport from the central U.S. and Canada to the coast of the Gulf of Mexico. A rise in Spanish and Italian bond yields stoked speculation Europe is failing to contain its debt crisis. “The market should oscillate around $100 for a while,” said Jonathan Barratt, a managing director of Commodity Broking Services Pty in Sydney, who sees resistance to prices at $102. “Overhanging the market is the concern that this contagion in Europe will continue to flare up.” Crude for December delivery gained as much as 78 cents to $103.37 a barrel in electronic trading on the New York Mercantile Exchange. That’s the highest intraday price since May 31. The contract was at $103.06 at 4:19 p.m. Singapore time. Yesterday, it climbed $3.22 to settle at $102.59, the highest since May 31. Prices have gained 13 percent this year, after increasing 15 percent in 2010. Brent oil for January settlement on the London-based ICE Futures Europe exchange was at $111.79 a barrel, down 9 cents. The European contract was $8.70 higher than West Texas Intermediate crude, the smallest premium since March 8. The spread is down 69 percent from a record $27.88 on Oct. 14. U.S. Supplies Enbridge and Enterprise Products Partners LP, the other owner of the 500-mile (804.5-kilometer) Seaway pipeline, will reverse the north-flowing line that extends from Houston-area refineries on the Gulf of Mexico to Cushing, Oklahoma. This may reduce stockpiles from the storage depot by opening access to refiners on the Texas coast. Goldman Sachs Group Inc. said Brent’s premium to West Texas will shrink to $6.50 a barrel sooner than it had estimated, citing the reversal of the pipeline. The spread will narrow to that level in six months, half the period the bank forecast previously, David Greely, a New York-based managing director, said in an e-mailed report. Supplies at Cushing increased for the fifth time in six weeks, rising to 32 million barrels in the period to Nov. 11, according to yesterday’s Energy Department report. Chart Resistance Total U.S. crude inventories dropped 1.1 million barrels to 337 million, the report showed. Gasoline supplies rose 992,000 barrels, near a median 1 million-barrel gain predicted by analysts in a Bloomberg News survey. Distillate-fuel stockpiles, including diesel and heating oil, fell 2.1 million barrels to 133.7 million. Oil has technical resistance at $103.39 a barrel, near where yesterday’s rally was halted, according to data compiled by Bloomberg. On the weekly chart, that’s the 61.8 percent Fibonacci retracement of the intraday decline to $32.40 in December 2008 from a record high of $147.27 in July that year. The 14-day relative strength index climbed above 70 for the first time since April 8, signaling further gains aren’t sustainable. The reading was 73.5 today. The U.S. is the world’s largest oil consumer, using 19.1 million barrels a day in 2010, or 21 percent of global demand, according to BP Plc’s annual Statistical Review. The European Union consumed 16 percent.

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 to fivemonth high as supplies counter debt concern Arab Today, arab today oil climbs to fivemonth high as supplies counter debt concern

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
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 Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
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