Arab Today, arab today oil dips as saudi rules out intervention
Last Updated : GMT 16:24:37
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.

 

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

 



Arab Today, arab today

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 Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
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