Arab Today, arab today oil market ends turbulent month with tick higher
Last Updated : GMT 03:48:39
Arab Today, arab today
Arab Today, arab today

Oil market ends turbulent month with tick higher

Arab Today, arab today

Arab Today, arab today Oil market ends turbulent month with tick higher

After striking 12-year low points the previous week
New York - AFP

The oil market scored modest gains Friday, ending a turbulent January that drove prices sharply lower amid worries about the global crude oversupply.

Speculation that Russia and the Organization of the Petroleum Exporting Countries will meet to discuss oil output cuts to push up prices supported sentiment for a second day, analysts said.

US benchmark West Texas Intermediate for delivery in March rose 40 cents to $33.62 a barrel on the New York Mercantile Exchange, after advancing almost $3 over the three prior trading sessions.

In London, Brent North Sea for March finished at $34.74, adding 85 cents from Thursday's settlement and about $2.50 over the week.

The oil market managed a second straight week of advances after having sunk to  12-year lows early this month.
Despite those gains, WTI finished the month down about nine percent and Brent nearly seven percent.

Mike Lynch of Strategic Energy and Economic Research said there was "no strong reason" for Friday's lift in prices.

"The talk of Russia and OPEC maybe meeting and working out a production cut has made people think we've reached a bottom and it's time to buy back in the market," Lynch said.

According to Russian news agency reports Thursday, Energy Minister Alexander Novak said Moscow is ready to discuss "coordinating" with OPEC and mutual production cuts of up to five percent.

The news though drew skepticism that such a meeting or agreement would take place.

Novak "said they had been approached by Venezuela about a potential meeting but that was the extent of it, while senior OPEC delegates were dismissive," said Matt Smith of ClipperData.
But Price Futures Group analyst Phil Flynn said the mere talk of a Russia-OPEC meeting was shifting sentiment higher.

"OPEC summit talk is being denied a little bit," Flynn said. But in the market there remains "at least a ray of hope they could get together on a production cut. And that hope is just enough to give the market a boost."

Meanwhile the number of active oil drilling rigs in the United States fell by 12 this week to 498, compared with 1,223 a year ago.

The plunge in the market also was reflected by Chevron. The second-largest US oil company reported Friday a $588 million loss in the fourth quarter, its first loss since 2002.

 

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 market ends turbulent month with tick higher Arab Today, arab today oil market ends turbulent month with tick higher

 



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 market ends turbulent month with tick higher Arab Today, arab today oil market ends turbulent month with tick higher

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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 Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb

GMT 23:44 2017 Saturday ,03 June

OPEC daily basket price for Tuesday, 30th May 2017
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
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