Arab Today, arab today oil price set for biggest weekly drop
Last Updated : GMT 06:58:51
Arab Today, arab today
Arab Today, arab today

Oil price set for biggest weekly drop

Arab Today, arab today

Arab Today, arab today Oil price set for biggest weekly drop

Washington - Arabstoday

Brent held above $118 per barrel on Friday, with prices headed for their steepest weekly drop in more than three months as fears that the euro zone debt crisis could flare up again dented the demand outlook. Disappointing data showing the number of Americans claiming unemployment benefits for the first time fell only slightly last week also capped gains in oil prices. Investors are now awaiting next week\'s meeting of US Federal Reserve policymakers, which will be closely scrutinized for any hints of a third round of monetary easing by the world\'s top oil consumer, which could have an impact on crude prices. Brent crude gained 34 cents to $118.34 a barrel by 6.58am UAE time, on track for its steepest weekly loss in 14 weeks. US crude gained 44 cents to $102.71, after settling lower at $102.27 in the previous session. \"The Spain sovereign debt auction went rather well, but the European economy is still very unstable which is affecting Brent prices,\" said Yusuke Seta, a Tokyo-based broker at Newedge. Spain sold 2.5 billion euros in 2-and 10-year bonds, at the top end of the targeted amount, but yields on the key 10-year bond were higher, reflecting fears that it may miss budget deficit targets. But economists polled by Reuters said Spain and Italy would not need international bailouts as they battle through their debt crises, although their economic ills may drag the euro zone\'s recession into mid-year. According to technical charts, Brent may drop to $116.70 per barrel, Reuters market analyst Wang Tao said. US oil needs to drop below a support at $101.67 per barrel to confirm a target at $100.68, he added. U.S. crude remained supported on expectations that an oil glut in the US Midwest would ease with an earlier-than-scheduled plan to reverse the flow of the Seaway crude pipeline. \"Expectations that the stockpile in Cushing will be moved to the US Gulf Coast is prevailing on the US crude prices over a bearish Brent market,\" Seta said. US crude stocks had jumped 3.9 million barrels in the week to April 13, substantially exceeding analyst expectations.

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 price set for biggest weekly drop Arab Today, arab today oil price set for biggest weekly drop

 



Arab Today, arab today

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 price set for biggest weekly drop Arab Today, arab today oil price set for biggest weekly drop

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
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 Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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