Arab Today, arab today oil market creeps higher after choppy week
Last Updated : GMT 12:41:31
Arab Today, arab today
Arab Today, arab today

Oil market creeps higher after choppy week

Arab Today, arab today

Arab Today, arab today Oil market creeps higher after choppy week

US benchmark West Texas
London - AFP

Global oil prices held firm on Friday at the end of a volatile week that has been marked by jitters over Chinese demand and US supplies.

US benchmark West Texas Intermediate for delivery in November rose 33 cents to $45.24 a barrel compared with Thursday's close.

Brent North Sea crude for November delivery added 12 cents to stand at $48.29 a barrel around midday in London.

Prices had rebounded on Monday from the previous week's losses that were sparked by worries over the uncertain demand outlook in China and the United States.

However, crude futures then sank on Tuesday, hit by resurgent concerns about global oversupply and slowing Chinese economic growth.

Weaker growth in energy-hungry China this year is expected to cause a slowdown in the rest of Asia, the Asian Development Bank said Tuesday as it became the latest major body to revise down its forecasts for the world's number two economy.

The ADB tipped China -- the main driver of global economic growth and the top world energy consumer -- to expand 6.8 percent this year, instead of the 7.2 previously estimated, following a stream of weak indicators including on trade, inflation, investment and consumer spending.

It also warned central banks to prepare for an expected US Federal Reserve interest rate rise, with many nations already seeing huge capital outflows as dealers look for safer US investments.

Crude futures took another knock on Wednesday after a key measure of manufacturing in China fell to its lowest level in more than six years, signalling weaker demand in the world's top energy consumer.

The closely watched PMI for Chinese factory activity came in at 47 in September, down from August and the lowest since March 2009.

A result below 50 indicates the manufacturing sector is contracting, while anything above shows expansion.

"Logic states that markets ought to have become used to poor Chinese economic data by now," added analysts at brokers PVM.

"Well, logic does not always prevail and this was seen yet again following fresh evidence of a slowdown in the world’s second-biggest economy."

Concerns about a slowdown in the global economy, particularly in key energy consumer China, combined with an oversupply have seen oil prices fall more than 60 percent from last year's peaks above $100 a barrel.

The market also sank Wednesday after the US government's Department of Energy reported that American oil production rose last week by 19,000 barrels per day to 9.136 million, snapping a six-week run of lower production.

That overshadowed figures showing US commercial crude inventories sank 1.9 million barrels in the week ending September 18. Market expectations had been for a lighter drop of 1.25 million.

 

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 market creeps higher after choppy week Arab Today, arab today oil market creeps higher after choppy week

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
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