oil prices advance on ukraine weak dollar
Last Updated : GMT 17:54:00
Arab Today, arab today
Arab Today, arab today

Oil prices advance on Ukraine, weak dollar

Arab Today, arab today

Arab Today, arab today Oil prices advance on Ukraine, weak dollar

London - AFP

Global oil prices rallied on Wednesday on Ukraine tensions and the weak dollar, and before weekly crude inventories data in top consumer the United States. New York's main contract, West Texas Intermediate (WTI) for May delivery, hit $104.82 a barrel -- the highest level since early March. Brent North Sea crude for May rallied to a similar one month peak at $110.20 a barrel. The WTI contract later stood at $104.69, up 94 cents from Tuesday's closing level. Brent meanwhile pulled back to $110.08 in London morning deals, but still 72 cents higher compared with the previous day's finish. "Crude oil prices have extended gains for a third consecutive session today, supported by a weaker US dollar and persistent tensions in Ukraine, which have raised concerns over oil supplies in the region," said Sucden brokers analyst Myrto Sokou. In foreign exchange, the dollar fell versus the euro as investors bet against the European Central Bank implementing stimulus measures any time soon, dealers said. The weaker dollar makes dollar-priced crude cheaper for buyers using stronger currencies, which tends to stimulate demand and oil price levels. Tensions over Ukraine meanwhile outweighed news of falling Chinese economic growth and oil demand in the first quarter of 2014. Russian President Vladimir Putin warned that Ukraine was on the verge of civil war as Kiev launched a military operation against pro-Kremlin militants in the separatist east. Ukraine's defence ministry said on Wednesday that pro-Russian militants had taken two of its soldiers "hostage" in the separatist eastern region of Lugansk. Traders are concerned that any full-scale armed conflict would disrupt supplies and send oil and gas prices rocketing, because Ukraine is a major conduit for Russian gas to Western Europe. "WTI fell below the $103 per barrel level during Tuesday's trading session, with investors worrying over Chinese data which showed a reduced pace of economic growth," said Capital Spreads analyst Jonathan Sudaria. "The fall in prices was short lived due to mounting tensions in Ukraine with the country on the brink of civil war." The oil market had also fallen on Tuesday on signs that Libya was about to resume oil exports, but Russia-Ukraine tensions acted to curb selling. Crude futures had however marched higher on Monday on simmering tensions between Kiev and Moscow. Dealers are also awaiting the latest US stockpiles report out later Wednesday for clues about demand in the world's biggest economy. The US Energy Information Administration is expected to report that gasoline stocks fell 1.4 million barrels in the week to April 11, according to analysts surveyed by The Wall Street Journal. Crude supplies are expected to rise 1.5 million barrels, as processing is curtailed by refinery maintenance.

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*

oil prices advance on ukraine weak dollar oil prices advance on ukraine weak dollar

 



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*

oil prices advance on ukraine weak dollar oil prices advance on ukraine weak dollar

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
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 Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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