Arab Today, arab today oil dips as saudi rules out intervention
Last Updated : GMT 08:33:02
Arab Today, arab today
Arab Today, arab today

Oil dips as Saudi rules out intervention

Arab Today, arab today

Arab Today, arab today Oil dips as Saudi rules out intervention

US benchmark West Texas Intermediate (WTI)
London - AFP

Oil retreated after Saudi Arabia's influential oil minister said Tuesday it was up to the market to determine prices, effectively ruling out an intervention to prop them up.

US benchmark West Texas Intermediate (WTI) for delivery in December dipped 60 cents to $43.38 per barrel compared with Monday's close.

Brent North Sea crude for December delivery was down 29 cents at $47.25 per barrel in London midday deals.

"Prices are a function of supply and demand," Ali al-Naimi told reporters on the sidelines of a mining conference in the Saudi capital.

He made no further comment on oil prices, which have dropped by more than half from early last year to below $50 a barrel.

As OPEC's largest producer and the only one with significant spare capacity, Saudi Arabia has traditionally acted to stabilise the market by adjusting output.

But in an increasingly competitive environment the cartel has kept production levels unchanged, in what analysts say is a bid to push out new players, in particular US shale producers.

In its October monthly report, the Organization of the Petroleum Exporting Countries said market pressures appear to be easing.

"Fundamental factors (of supply and demand) that have weighed on the market for more than a year have persisted, but are starting to show signs of alleviation," it said, slightly adjusting upwards its 2015 forecast for crude demand.

The cartel also reduced its forecast for production by non-OPEC members.

Oil prices have plunged from peaks above $100 a barrel early last year owing to slackening demand in the global economy, record production by OPEC and a strong US dollar.

 

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 dips as saudi rules out intervention Arab Today, arab today oil dips as saudi rules out intervention

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
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