Arab Today, arab today oil ends higher after brent briefly slips below 50
Last Updated : GMT 06:21:21
Arab Today, arab today
Arab Today, arab today

Oil ends higher after Brent briefly slips below $50

Arab Today, arab today

Arab Today, arab today Oil ends higher after Brent briefly slips below $50

Brent oil sank
New York - AFP

Brent oil Wednesday briefly slipped below $50 a barrel for the first time since 2009, but crude finished higher on a strong day for US and European equity markets.
European benchmark Brent oil for delivery in February gained five cents to $51.15 a barrel in London after earlier sliding to another 5.5-year low at $49.66 a barrel.
US benchmark West Texas Intermediate for delivery in February advanced 72 cents to $48.65 a barrel on the New York Mercantile Exchange.
Analysts said the oil market benefited from better investor sentiment towards riskier investments. US and European stocks jumped following strong US trade and jobs data and weak European inflation figures that lifted speculation of more monetary stimulus from the European Central Bank.
The oil market "got a little bit of a boost because the stock market is up pretty substantially," said Phil Flynn, analyst with the Price Futures Group.
About 30 minutes before the closing bell, US stocks were up about one percent.
Flynn said oil also received some support from a US Department of Energy inventory report that showed crude supplies dropped 3.1 million barrels last week.
At the same time, Flynn said higher inventories of gasoline and distillate products "were kind of disappointing."
Analysts cautioned against reading much into Wednesday's rise in oil prices given overall supply-demand dynamics.
Oil prices remain under pressure from OPEC's stance on maintaining its current production levels, market oversupply, weak demand and the strong dollar.
Several analysts said the brief drop in Brent below $50 a barrel could be a harbinger of even lower prices.
"The move below $50 shows how momentum is everything here," CMC Markets analyst Michael Hewson told AFP.
"With no sign that OPEC will do anything about overproduction, it seems likely that we could well see further declines towards $40 in the coming weeks -- particularly given that demand shows no signs of picking up."

 

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 ends higher after brent briefly slips below 50 Arab Today, arab today oil ends higher after brent briefly slips below 50

 



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 ends higher after brent briefly slips below 50 Arab Today, arab today oil ends higher after brent briefly slips below 50

 



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 Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
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