Arab Today, arab today oil falls ahead of fed decision
Last Updated : GMT 17:53:56
Arab Today, arab today
Arab Today, arab today

Oil falls ahead of Fed decision

Arab Today, arab today

Arab Today, arab today Oil falls ahead of Fed decision

Oil prices were lower on September 17
London - AFP

Oil prices fell Thursday as jittery investors awaited a key interest rate decision from the US Federal Reserve.

US benchmark West Texas Intermediate (WTI) for delivery in October dropped 58 cents to $46.57 a barrel from Wednesday's close.

Brent North Sea crude for November shed 60 cents to stand at $49.15 a barrel in London midday deals.

Prices were lower as traders took profits after crude futures had soared Wednesday.

WTI surged almost six percent and Brent jumped more than four percent after the US Department of Energy revealed a weekly drop of 2.1 million barrels in crude inventories.

That included a 1.9 million-barrel decline at the Cushing, Oklahoma trading hub, indicating stronger demand in the world's top oil consumer. The report also said US oil production fell for the sixth straight week.

"For the oil market, the fact that US oil production was down once again may perhaps be even more relevant than the decline in stocks," said Commerzbank analyst Carsten Fritsch.

"This would appear to prove OPEC’s strategy correct, namely that low oil prices would prompt shale oil producers to abandon production. In fact, this trend may well even accelerate in the near future."

World oil prices have roughly halved in value since a year ago, plagued by a global supply glut caused largely by cheaper production of US oil following extraction from shale rock.

Attention is now focused on Washington where the Fed will make an announcement on borrowing costs, with analyst opinion split on whether it will begin lift-off of raising rates on Thursday or wait until December.

Fed chief Janet Yellen has said she expects an increase in US interest rates by the end of the year but recent turmoil in global markets caused by concerns about China's economy have complicated policymakers' decision-making.

A rise in US interest rates tends to bolster the dollar, making dollar-priced oil more expensive for holders of weaker currencies, hurting demand.

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 falls ahead of fed decision Arab Today, arab today oil falls ahead of fed decision

 



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 falls ahead of fed decision Arab Today, arab today oil falls ahead of fed decision

 



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