Arab Today, arab today oil market firms after choppy week
Last Updated : GMT 13:16:34
Arab Today, arab today
Arab Today, arab today

Oil market firms after choppy week

Arab Today, arab today

Arab Today, arab today Oil market firms after choppy week

US benchmark West Texas Intermediate
London - AFP

Oil prices rose slightly on Friday, striking a stable note after diving earlier this week to two-year lows on fears over ample supplies and weak demand.
The market won modest support heading into the weekend on worries over US-led airstrikes against jihadists in the oil-rich Middle East.
Brent North Sea crude for delivery in November gained 28 cents to stand at $97.28 a barrel in London midday deals.
US benchmark West Texas Intermediate for November added 42 cents to $92.95 a barrel.
"Oil prices remain virtually unchanged as compared with yesterday despite some pretty volatile trading," said Commerzbank analysts in a note to clients.
"There is a clear lack of any impetus to drive any price recovery, however."
Later on Friday, traders will pay close attention to the latest economic growth data in the United States, the top global crude consuming nation.
"On the macroeconomic front, the main focus will switch to the release of the US GDP data," added Sucden analyst Myrto Sokou.
The oil market was weak on Thursday, buffeted by the strong dollar and rebounding Libyan output.
Recovering Libyan exports have added to the oversupply. Light Libyan crude is valued by refiners in Europe as an alternative to Brent.
Oil prices were also pushed lower this week by poor global economic data which has stoked fresh fears about the energy demand outlook.
“The predominant drivers (of oil prices) remain ample global supply and a perceived weakening in demand as the world’s largest consumers continue to indicate slowing economic growth," said Inenco analyst Dorian Lucas.
"Fears of oil production disruption stemming from the conflicts in the Middle East and North Africa are currently having minimal bullish influence,” he added
The Brent oil contract had dived on Wednesday to $95.60 -- the lowest level since early July 2012 -- on worries over abundant oil supplies, poor global economic data and a weaker demand outlook -- before pulling back on data showing a surprisingly heavy drop in US crude inventories.
The Department of Energy said Wednesday that US crude inventories fell 4.3 million barrels in the week ending September 19, confounding analysts' projections of an increase.
A drop in US stockpiles typically indicates stronger demand in the world's biggest economy and top crude consumer, and therefore tends to support prices.
The rising greenback meanwhile makes dollar-priced oil more expensive for buyers using weaker currencies, dampening demand.
The euro plunged Thursday to a near two-year low of $1.2697 on fresh worries over the health of the stuttering eurozone economy and growing expectations of higher US interest rates.

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 firms after choppy week Arab Today, arab today oil market firms after choppy week

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 21:38 2017 Thursday ,16 February

Kuwait Oil Price Down 25 cents to $52.30 pb

GMT 14:40 2017 Thursday ,16 February

OPEC daily basket price announced for Wednesday

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45
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 Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
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 Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
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 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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