Arab Today, arab today oil prices aim higher amid lingering optimism
Last Updated : GMT 21:08:21
Arab Today, arab today
Arab Today, arab today

Oil prices aim higher amid lingering optimism

Arab Today, arab today

Arab Today, arab today Oil prices aim higher amid lingering optimism

US benchmark West Texas Intermediate
London - AFP

World oil prices edged higher Monday on lingering optimism over falling US production.
US benchmark West Texas Intermediate (WTI) for March delivery firmed three cents to $51.96 a barrel compared with Friday's close.
Brent North Sea crude for April rose 54 cents $62.06 a barrel in London midday trade.
Crude has been on a rollercoaster for the past two weeks after plunging about 60 percent to around $40 between June and late January due to concerns of a global supply glut.
"Prices are fragile and could easily plummet if fundamentals do not improve," said Daniel Ang, investment analyst at Phillip Futures in Singapore.
WTI had jumped $1.57 and Brent crude gained $2.24 on Friday after data showed another drop in the number of oil rigs in operation in the United States.
According to the Baker Hughes US drilling rig count, the number of rigs in operation fell by 84 to 1,056 in the week to February 13.
The falling oil rig count, coupled with announcements by major oil companies of curtailed investments, have raised hopes that US output is tapering.
But traders are divided on where the market could head next.
"The price of oil remains volatile on a weekly basis as it see-saws to the hot and cold winds of the (US) inventory numbers on Wednesday and the rig count release on Friday," said Nicholas Teo, market analyst at CMC Markets in Singapore.
"Oil traders continue to determine the short-term pricing of crude," he added.
With few fresh leads expected Monday, analysts said oil prices are likely to trade sideways. US financial markets are closed for the Presidents' Day Holiday.

 

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 prices aim higher amid lingering optimism Arab Today, arab today oil prices aim higher amid lingering optimism

 



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 prices aim higher amid lingering optimism Arab Today, arab today oil prices aim higher amid lingering optimism

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
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