Arab Today, arab today oil drops as china us economies deteriorate
Last Updated : GMT 23:57:51
Arab Today, arab today
Arab Today, arab today

Oil drops as China, US economies deteriorate

Arab Today, arab today

Arab Today, arab today Oil drops as China, US economies deteriorate

Washington - Arabstoday

Oil prices fell to an 18-month low yesterday as the economic outlook darkened from China to the United States.Brent, the European benchmark, hit US$91.30 a barrel yesterday, down more than 28 per cent from a March high of $128. Nymex crude futures in the US dipped by 1.4 per cent to $80.31 a barrel. Oil\'s slide comes as a slew of new data painted a picture of a deteriorating outlook for some of the world\'s leading energy users. In the euro zone, preliminary manufacturing and service sector data showed the downturn in the region was worsening as falling new orders and rising unemployment rocked business sentiment this month. Even Germany, the single-currency\'s biggest economy, showed weakness. Manufacturing activity reached a three-year low as the country\'s private sector declined for the second month running. \"Of particular concern [across the euro zone] is the near-record deterioration in business optimism, combined with marked falls in employment and purchasing by companies,\" said Chris Williamson, the chief economist for Markit, which compiled the data. \"This suggests that firms are preparing for conditions to worsen in the coming months, with the darker outlook often attributed to uncertainty caused by the region\'s ongoing economic and political crises.\" Concerns about a slowdown in China were further fuelled by tepid readings from a similar survey. Private-sector activity shrank for an eighth straight month this month as demand for exports slipped. Economists say growth in China is likely to have eased for a sixth quarter in a row in the period from April to this month as the euro-zone debt crisis hampers its expansion. Meanwhile, in the US new data released yesterday showed the number of Americans on unemployment benefit was little changed last week. Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 387,000, the US labour department said. The Federal Reserve on Wednesday opted to extend its bond-buying programme to the end of the year in a bid to shore up the world\'s largest economy. Yesterday\'s gloomy data weighed on global stocks, reversing a week of modest gains. MSCI\'s global equity index slid 0.4 per cent to 309.95 points after the release of the euro zone and Chinese data. Last week, Opec opted to keep its ceiling at 30 million barrels per day (bpd), although it is pumping about 1.8 million bpd in excess, much of that from Saudi Arabia. \"Opec has clearly requested Saudi Arabia to remove barrels,\" said Johannes Benigni, the founder of JBC Energy. \"Let\'s see what they do and when ... I\'m not bearish.\" The fall in prices comes as Abu Dhabi prepares to ship oil from a strategic pipeline to Fujairah\'s coast, allowing nearly half the emirate\'s output to bypass the Strait of Hormuz bottleneck.Fears over a potential confrontation between western powers and Iran, which has threatened to block the narrow waterway in retaliation to sanctions, added a risk premium of $15 to $20 a barrel to oil earlier this year, say analysts.from the national.

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 drops as china us economies deteriorate Arab Today, arab today oil drops as china us economies deteriorate

 



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 Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
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 Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:38 2017 Friday ,24 March

Pass health bill Friday or he'll move on

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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