Arab Today, arab today oil mixed in asian trade after iea trims forecast
Last Updated : GMT 00:28:47
Arab Today, arab today
Arab Today, arab today

Oil mixed in Asian trade after IEA trims forecast

Arab Today, arab today

Arab Today, arab today Oil mixed in Asian trade after IEA trims forecast

Singapore - QNA

Oil was mixed in Asia on Friday after the International Energy Agency trimmed its forecast for growth in global demand and the price of oil fell to near $92 a barrel , dragged down by a combination of lukewarm forecasts for demand and ample supplies. The Paris-based IEA on Thursday projected that global oil demand would grow by 795,000 barrels per day to a total of 90.6 million barrels a day in 2013. The IEA report was published a day after the Organization of the Petroleum Exporting Countries (OPEC) also lowered its forecast. New York’s main contract, light sweet crude for delivery in May, dropped 32 cents to $93.19 a barrel in the afternoon and Brent North Sea crude for May delivery gained a cent to $104.28 in the afternoon. “A lowered IEA forecast is definitely having an impact on oil prices,” Kelly Teoh, market strategist at IG Markets here said. “The market is very sensitive to any type of announcement nowadays, with traders being geared onto data.” The figure is slightly lower than its previous outlook, as a decline in European demand partially offset growth elsewhere, the agency said. Brent crude, which sets the price of crude used by many U.S. refineries to make gasoline, was down $1.44 to $102.83 a barrel on the ICE Futures exchange in London. Brent has dropped about 12% in the past two months amid Europe’s ongoing financial crisis, increased supplies and tepid forecasts for demand. “Concerns about European demand continue to weigh on the oil price,” said Michael Hewson of CMC Markets. “U.S. inventories at their highest levels in years and the IEA lowering its forecasts for oil demand are pushing prices lower.” Experts, however, said they expected global demand for crude to strengthen in the second half of the year, leading to higher prices. They forecast global oil demand this year to exceed 2012 levels by 500,000 barrels a day during the first half of the year and by 1.9 million barrels a day between July and December.

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 mixed in asian trade after iea trims forecast Arab Today, arab today oil mixed in asian trade after iea trims forecast

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:38 2017 Friday ,24 March

Pass health bill Friday or he'll move on

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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