Arab Today, arab today oil falls towards 96 on factory data from us
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Oil falls towards $96 on factory data from US

Arab Today, arab today

Arab Today, arab today Oil falls towards $96 on factory data from US

London - Arabstoday

Brent crude oil fell towards $96 a barrel Monday after weak factory data from the U.S., Europe and China sparked concerns that the world economy was deteriorating more quickly than anticipated. The U.S. manufacturing sector unexpectedly contracted in June for the first time since July 2009 as new orders tumbled, an industry report showed Monday. Worries over the eurozone crisis also pressured oil as enthusiasm faded over an EU bank bailout deal was announced Friday, which had helped crude to its fourth-biggest daily gain on record. News that Iran’s National Security and Foreign Policy Committee had drafted a bill calling for Iran to try to stop oil tankers from shipping crude through the Strait of Hormuz helped pare losses. Brent crude fell $2.50 to a low of $95.30 a barrel before recovering to around $96.30 by 1425 GMT. U.S. crude shed $2.05 to a low of $82.91, but then climbed back to trade around $83.10. Brent crude rose more than $6 a barrel Friday while U.S. crude jumped by more than $7, their fourth-largest daily gains in dollar terms since the contracts were launched. “Oil is being driven by psychological factors,” said Eugen Weinberg, global head of commodities research at Commerzbank in Frankfurt. “Today’s sell-off is a natural reaction after such enormous gains at the end of last week.” The U.S. Institute for Supply Management said its index of national factory activity fell to 49.7 from 53.5 the month before, missing expectations of 52.0, according to a poll of economists. The data followed similar gloomy assessments of factory activity across Europe and Asia, including China, the world’s biggest energy consumer and second biggest economy. Eurozone manufacturing took another downturn in June and factories are preparing for worse, according to business surveys showing jobs cut at the fastest in two-and-a-half years. The survey showed factories in Germany and France are succumbing to a downturn that started in southern Europe. Manufacturing in China also worsened in June with export orders, usually an indicator of global economic health and trade flows, posting their biggest fall since December. Helping reduce the losses was a report from Tehran where Iranian lawmakers said they wanted the Islamic Republic to block access to the Strait of Hormuz, route of almost a fifth of the world’s oil exports. Iranian threats to block the waterway through which about 17 million barrels a day sailed in 2011 have grown in the past year as U.S. and European sanctions aimed at starving Tehran of funds for its nuclear program have tightened. A firm dollar and weaker euro weighed on commodities priced in the U.S. currency. Oil also found some support from a strike by Norwegian offshore oil workers, which entered its second week Sunday. A source said the strike had begun to slow crude loadings in the North Sea and had delayed a cargo of Norwegian Oseberg.

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 towards 96 on factory data from us Arab Today, arab today oil falls towards 96 on factory data from us

 



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 towards 96 on factory data from us Arab Today, arab today oil falls towards 96 on factory data from us

 



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 Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
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 Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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