Arab Today, arab today oil market rebounds lifted by iea report
Last Updated : GMT 19:03:37
Arab Today, arab today
Arab Today, arab today

Oil market rebounds, lifted by IEA report

Arab Today, arab today

Arab Today, arab today Oil market rebounds, lifted by IEA report

A consumer fills up his fuel tank
New York - AFP

World oil prices rebounded Friday after the International Energy Agency declared there were signs "the tide will turn" in the battered market following recent multi-year lows.
The US benchmark futures contract, West Texas Intermediate for February, advanced $2.44 to close at $48.69 a barrel on the New York Stock Exchange.
Brent North Sea crude for delivery in March, the European benchmark, settled at $50.17 a barrel in London trade, up $2.50 from Thursday's closing level.
"The IEA have hedged their bets somewhat by saying the tide may turn," noted CMC Markets analyst Michael Hewson
He added that the "market is very oversold and was probably due a rebound".
Crude futures have more than halved since June, crashing on worries over global oversupply and weak demand in a faltering world economy.
"How low the market's floor will be is anyone's guess," said the IEA in its monthly report Friday.
"A price recovery -- barring any major disruption -- may not be imminent, but signs are mounting that the tide will turn," it said.
The IEA cautioned that prices were expected to keep falling in the short term, with a potential rebalancing of the market coming in the second half of this year, as demand did not appear to be picking up.
"With a few notable exceptions such as the United States, lower prices do not appear to be stimulating demand just yet," said the Paris-based energy watchdog agency.
"That is because the usual benefits of lower prices -- increased household disposable income, reduced industry input costs -- have been largely offset by weak underlying economic conditions, which have themselves been a major reason for the price drop in the first place," it added.
It slashed non-OPEC supply growth projections for 2015 by 350,000 barrels as energy companies ax budgets and cancel projects amid the oil price slump.
But it left unchanged its oil demand forecast for 2015: growth of 0.9 million barrels a day to 93.3 million barrels.
"The yo-yo effect of the crude oil prices can be attributed to the uncertainty in the market," said Shailaja Nair of energy information provider Platts, pointing to an "unstable dollar" and an "irregular equity market".
"OPEC has just forecast a drop in demand for its oil this year and this could mean that the price rally we saw this week is unlikely to last," she said.

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 rebounds lifted by iea report Arab Today, arab today oil market rebounds lifted by iea report

 



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 rebounds lifted by iea report Arab Today, arab today oil market rebounds lifted by iea report

 



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