Arab Today, arab today oil hits peak as saudi resumes yemen strikes
Last Updated : GMT 18:57:34
Arab Today, arab today
Arab Today, arab today

Oil hits peak as Saudi resumes Yemen strikes

Arab Today, arab today

Arab Today, arab today Oil hits peak as Saudi resumes Yemen strikes

Oil station
London - AFP

Global oil prices rebounded to a four-month peak Thursday as Saudi-led coalition warplanes launched new strikes in Yemen, stoking new supply concerns over the crude-rich Middle East.

Brent North Sea crude for delivery in June delivery soared to $65.13 per barrel.

The contract later stood at $64.86 in London late afternoon deals, up $2.13 from Wednesday's closing level.

US benchmark West Texas Intermediate for June meanwhile jumped $1.78 to $57.95 a barrel

"Crude oil prices rebounded to reach four-month highs following news that Saudi Arabia renewed its aerial assault in Yemen to target the Shiite rebels," said energy analyst Myrto Sokou at the Sucden brokerage in London.

"Brent front month futures rallied ... amid renewed concerns of potential disruption in oil shipping across Middle East."

The Saudi-led coalition's latest strikes in Yemen came despite a demand by rebels for a complete halt to the raids as a condition for UN-sponsored peace talks.

The regional alliance had Tuesday declared an end to the first phase of its operations against the Iran-backed Huthi rebels and their allies, but vowed to keep hitting them with targeted bombing when necessary.

"Saudi Arabia’s renewed bombing campaign in Yemen sent crude oil higher, with Brent rising to new 2015 highs," added CMC Markets analyst Jasper Lawler.

Saudi Arabia and its Arab allies launched the air war on March 26 in an attempt to restore the authority of President Abedrabbo Mansour Hadi, who was forced to flee abroad last month as the rebels swept across the country.

After the end of Operation Decisive Storm, the coalition said the campaign would enter a second phase called Operation Renewal of Hope focusing on resuming political talks, aid deliveries and "fighting terrorism".

Crude futures had fallen Wednesday after weekly US petroleum data showed higher crude inventories but marginally lower production.

US commercial crude reserves in the period ending April 17 rose for the 15th straight week, adding 5.3 million barrels, the Department of Energy said Wednesday.

It said the increase lifts US oil supplies to the highest level on record.

However, production slipped by 18,000 barrels a day, following a 20,000 barrel drop in the previous week.

"We ... remain bullish on oil and this hinges on the US crude inventories," said Daniel Ang, analyst at Phillip Futures in Singapore.

Dealers are hoping a slowdown in US shale output could alleviate a global crude oversupply, which led to a collapse in prices of more than 50 percent between June and January.

Singapore's United Overseas Bank said the oil market remained "volatile" as dealers kept close watch on the situation in Yemen.

Yemen has been gripped by turmoil since Shiite rebels launched a power takeover in Sanaa in February.

Although Yemen is not a particularly important oil producer, market watchers have been worried about the impact of the turmoil on the oil-rich region, notably in Iran, which is suspected of supporting the rebellion.

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 hits peak as saudi resumes yemen strikes Arab Today, arab today oil hits peak as saudi resumes yemen strikes

 



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 hits peak as saudi resumes yemen strikes Arab Today, arab today oil hits peak as saudi resumes yemen strikes

 



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 EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
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 Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
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 Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

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