oil hits 8mth highs in london
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil hits 8-mth highs in London

Arab Today, arab today

Arab Today, arab today Oil hits 8-mth highs in London

London - Arabstoday

Brent oil prices hit an eight-month high on Friday, driven by simmering geopolitical tensions over key crude producer Iran and optimism the Greek debt crisis can be resolved, traders said. Brent North Sea crude for April delivery hit $120.70 per barrel, its highest point since June 14. It later pulled back to $119.84, down 27 cents from Thursday’s closing level. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, rose 41 cents to $102.72. “Greater risk appetite in the light of hopes of financial assistance for Greece, coupled with the Iran crisis, have caused Brent to climb to an eight-month high of over $120,” said Commerzbank analyst Carsten Fritsch. “Admittedly, Iran has denied reports of an immediate ban on oil shipments to the EU, yet consumers in Europe already appear to be preparing themselves for just such an eventuality,” Fritsch said. “According to industry sources, the leading European oil companies have slashed their March oil imports from Iran by more than 300,000 barrels per day. This is prompting additional demand for alternative oil types and is thus causing prices to rise.” The market also gained ground on continued tension between Western powers and Iran, as well as positive economic data from the United States, analysts said. “Ongoing Iranian tensions and the threat of disruption to oil supplies continue to be the main driver in the oil price,” said VTB Capital economist Neil MacKinnon. “In addition, better US economic data and improving risk appetite in the equities market also provides support.” Israeli Prime Minister Benjamin Netanyahu accused Iran on Thursday of being the most irresponsible country in the world and said sanctions against Tehran over its nuclear drive “haven’t worked.” His comments come amid growing speculation that Israel was getting closer to mounting a pre-emptive strike on Iran’s atomic sites. Tehran has been slapped with four sets of UN sanctions, in addition to a raft of unilateral US and EU sanctions, designed to halt a programme that the West fears masks a drive for atomic weapons. The Islamic republic denies this charge, saying its nuclear plan is for peaceful purposes. Oil prices were also supported by news that US unemployment benefit claims fell to a four-year low last week, indicating a labour market recovery in the world’s biggest economy and largest oil consumer. The US Department of Labor on Thursday said applications for unemployment insurance payments dropped by 13,000 to 348,000 last week. Meanwhile, traders are also closely watching the situation in the North Sea, where output is set to fall for a third month in March due to maintenance work.

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*

oil hits 8mth highs in london oil hits 8mth highs in london

 



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*

oil hits 8mth highs in london oil hits 8mth highs in london

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday