Arab Today, arab today oil prices dip before opec meeting
Last Updated : GMT 18:43:36
Arab Today, arab today
Arab Today, arab today

Oil prices dip before OPEC meeting

Arab Today, arab today

Arab Today, arab today Oil prices dip before OPEC meeting

London - AFP

Oil prices fell on Monday as traders took profits and geared up for this week\'s key OPEC meeting in Vienna. New York\'s main contract, light sweet crude for delivery in July, sank 74 cents to $99.48 per barrel. Brent North Sea crude for July weakened by 92 cents to $114.92 in late afternoon deals. The market had fallen sharply on Friday after publication of dismal US jobs figures for May but recovered by the end of the day for a modest loss. Disappointing US labour market data \"should increase the pressure on OPEC to raise production quotas\" at its meeting in Vienna on Wednesday, said analyst Carsten Fritsch at Commerzbank. \"The International Energy Agency again urged OPEC on Friday to increase its oil production. OPEC itself is divided on this issue,\" he noted. The 12-nation Organisation of the Petroleum Exporting Countries (OPEC) will meet amid growing fears that high prices could further dent faltering world economic growth and energy demand. \"The debate about a possible quota increase should weigh on prices ahead of the OPEC meeting,\" Fritsch said. \"Speculative financial investors appear to be calculating more on the possibility of an increase of production quotas.\" The IEA wants OPEC to increase output and prevent another damaging spike in prices, with seasonal demand set to strengthen in the coming months as the northern hemisphere enters summer. So far this year, Brent oil prices have soared by about 21 percent, largely as a result of spreading unrest in the crude-producing Middle East and North Africa region -- and particularly in OPEC member Libya. At the same time, downbeat global economic data has suggested that the recovery is struggling and this complicates the outlook. The oil price faces market scepticism in particular over the ability of the economy in the United States, the biggest consumer in the world, to maintain its levels of demand. Such concerns were heightened last week with other economic data, notably in the housing and employment sectors as well as unusually high US oil stocks. The US economy generated a paltry 54,000 new jobs in May, one-quarter of the pace for the previous four months, sparking fresh worries it faces an extended period of slow growth and lower oil consumption. \"I would expect OPEC to leave quotas unchanged, rather than raise them, given the growing evidence that global demand is slowing,\" said Capital Economics analyst Julian Jessop. \"There is speculation in the market that they will be doing something to acknowledge the supply problems in Libya.\" The oil cartel, which pumps 40 percent of the world\'s crude, has left its production target at 24.84 million barrels per day since early 2009.

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 dip before opec meeting Arab Today, arab today oil prices dip before opec meeting

 



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 dip before opec meeting Arab Today, arab today oil prices dip before opec meeting

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
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 Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today China refuses visa to elderly India runner

GMT 15:01 2017 Tuesday ,26 September

China refuses visa to elderly India runner
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat
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 Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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