Arab Today, arab today oil market gains on talk of drop in us shale output
Last Updated : GMT 02:43:34
Arab Today, arab today
Arab Today, arab today

Oil market gains on talk of drop in US shale output

Arab Today, arab today

Arab Today, arab today Oil market gains on talk of drop in US shale output

World oil prices rise on forecasts that US
London - AFP

World oil prices rose further Tuesday on forecasts that US shale oil production will decline and hopes the Chinese government will roll out a stimulus package for the slowing economy.

US benchmark West Texas Intermediate for delivery in May won 44 cents to $52.35 a barrel.

Brent North Sea crude for May gained 32 cents to $58.25 per barrel at about midday in London.

A drop in American production is expected to help ease the supply glut that has sent oil prices collapsing since June last year, while a stimulus package could boost demand in China, the world's biggest energy user, analysts said.

The US government's Energy Information Administration said Monday shale oil output could decline in May, which Bloomberg News said was the first time the agency had projected a drop since it began issuing a monthly drilling productivity report in 2013.

David Lennox, Resource analyst for Fat Prophets in Sydney, said the projection was "positive for the market as it could signal the start of a decline for US shale crude oil production".

He said however the market was still interested in the weekly US stockpiles report to be released Wednesday "which will better indicate whether the oversupply situation has diminished".

American crude stockpiles, a closely watched barometer of demand in the world's top oil consuming nation, are currently at record levels and Lennox said that he expects it to further increase.

Meanwhile, a decline in China's trade data in March has stoked expectations of a stimulus package to boost the slowing economy.

Exports fell an unexpected 15.0 percent year-on-year in March to $144.57 billion, the General Administration of Customs said, while imports tumbled 12.7 percent to $141.49 billion.

"The Chinese trade numbers could lead to a surge in import for oil... this can boost demand," Lennox said.

In its latest forecasts for the region released Monday, the World Bank said China's economy should expand by 7.1 percent in 2015, slower than the 7.2 percent rate projected in October and down from last year's 7.4 percent growth.

 

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 gains on talk of drop in us shale output Arab Today, arab today oil market gains on talk of drop in us shale output

 



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 gains on talk of drop in us shale output Arab Today, arab today oil market gains on talk of drop in us shale output

 



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 US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
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 Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
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 Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

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