Arab Today, arab today oil falls as traders doubt opec output cut
Last Updated : GMT 14:48:41
Arab Today, arab today
Arab Today, arab today

Oil falls as traders doubt OPEC output cut

Arab Today, arab today

Arab Today, arab today Oil falls as traders doubt OPEC output cut

OPEC in its monthly oil
New York - AFP

Crude oil prices fell Wednesday as traders calculated that OPEC would not reduce production to counter a global oil supply glut at this month's meeting.
US benchmark West Texas Intermediate for December delivery closed at $77.18 a barrel, a three-year low, after shedding 76 cents from Tuesday's closing level.
Brent crude for delivery in December dived $1.29 to settle barely above the psychological level of $80, at $80.38 a barrel in London.
"For the last three months we go from multiyear lows to multiyear lows. Things will get difficult until we get to the OPEC meeting" on November 27, said Gene McGillian of Tradition Energy.
"We don't really have a clear indication that they want to do anything about the excess supply that is overhanging the market."
The 12-nation Organization of the Petroleum Exporting Countries, in its monthly oil market report Wednesday, said that its crude price basket fell 11.3 percent from September to an average $85.06 barrel in October, a four-year low, "on concerns about the pace of global economic growth."
On Wednesday, Saudi Arabia's oil minister rejected talk that the OPEC kingpin was leading a price war in global oil markets as crude prices continue to sink.
"Talk of a price war is a sign of misunderstanding -- deliberate or otherwise -- and has no basis in reality," Ali Al-Naimi told a conference in Acapulco, according to the text of his speech.
Naimi called recent talk of a change in the country's strategy, in particular its cutting prices of Saudi oil to the US market, "a great deal of wild and inaccurate conjecture."
"Saudi oil policy has remained constant for the past few decades, and it has not changed today," he said.
"We do not seek to politicize oil, nor do we collude against anybody. For us, it is a question of supply and demand. It is purely business."
Last week Riyadh sent global oil prices tumbling when it cut its prices for crude for the US market while raising them for Asia, the country's major outlet.
Analysts guessed that the country wanted to strengthen its market share in the United States against a flood of domestic oil from shale deposits.

 

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 as traders doubt opec output cut Arab Today, arab today oil falls as traders doubt opec output cut

 



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 as traders doubt opec output cut Arab Today, arab today oil falls as traders doubt opec output cut

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new 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