Arab Today, arab today oil market slides in subdued deals
Last Updated : GMT 18:09:11
Arab Today, arab today
Arab Today, arab today

Oil market slides in subdued deals

Arab Today, arab today

Arab Today, arab today Oil market slides in subdued deals

Brent North Sea crude
London - AFP

Oil prices fell in thin pre-holiday trade Wednesday, but analysts said losses were curbed by upbeat sentiment over a strong US economic growth report.
Brent North Sea crude for delivery in February shed 91 cents to stand at $60.78 a barrel nearing midday in London.
US benchmark West Texas Intermediate for February lost 83 cents to $56.09 per barrel compared with Monday's closing value.
Crude futures had rallied Tuesday as strong US economic data sparked a round of buying in the beaten-down commodity.
Prices have held above the five-year lows forged last week on abundant supplies and poor demand.
"Oil has slipped a bit again this week but has managed to stabilise above the $60 per barrel mark in Brent crude," said CMC Markets analyst Jasper Lawler.
The US Commerce Department said Tuesday the world's largest economy grew at a spectacular five percent in the third quarter, the best growth rate since 2003.
The figure beat the previous official estimate of 3.9 percent and the 4.3 percent projected by analysts, boosting hopes energy use in the world's top consumer will rise.
However, oil prices have nevertheless slumped 50 percent since June due to a glut of world supplies created by increased production and lacklustre global economic growth.
"Whilst oil can piggy-back on data like the impressive US GDP figures, its long term future nevertheless remains bleak," said Spreadex analyst Connor Campbell.
The market was also hit this week after Saudi Arabia declared again that OPEC will not cut output.
OPEC will not cut oil production even if the price drops to $20 a barrel -- and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia said.
"Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant," the kingdom's Oil Minister Ali al-Naimi said.
Saudi Arabia is the biggest producer in the 12-nation Organization of Petroleum Exporting Countries (OPEC) cartel.
"Oil is finishing up on a weak note before Christmas, as the Saudi comments from earlier in the week continue to weigh on prices," said IG analyst Chris Beauchamp.
"However the good (GDP) figures from the US yesterday have allowed markets to end on a good note."
Naimi also defended a decision by OPEC last month to maintain a production ceiling of 30 million barrels per day.
The announcement sent global crude prices tumbling, worsening a price drop that has seen them halve since June.
Later on Wednesday, traders will digest the latest snapshot of US commercial oil inventories for the week ending December 19.

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 slides in subdued deals Arab Today, arab today oil market slides in subdued deals

 



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 slides in subdued deals Arab Today, arab today oil market slides in subdued deals

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
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 Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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