oil prices drop despite fall in us stockpiles
Last Updated : GMT 14:24:41
Arab Today, arab today
Arab Today, arab today

Oil prices drop despite fall in US stockpiles

Arab Today, arab today

Arab Today, arab today Oil prices drop despite fall in US stockpiles

London - AFP

World oil prices slid Wednesday despite a fall in stockpiles of US crude, with analysts saying the figures did not point to a pick-up in energy demand in top consumer the United States. New York\'s main contract, light sweet crude for delivery in July, lost 90 cents to $98.47 a barrel. Brent North Sea crude for July shed $1.91 to $118.25 in late London deals. Losses for Brent were exaggerated by profit-taking on the contract\'s last trading day. The US Department of Energy (DoE) said crude stockpiles slumped 3.4 million barrels last week, six times greater than expected by analysts. Rather than a spike in demand, the drop was largely due to supply disruption, redit Agricole analyst Christophe Barret said. \"DoE weekly statistics showed a relatively large drop in crude stocks for the second consecutive week, likely to reflect disruption in Canadian crude supplies,\" he said. On Tuesday, the American Petroleum Institute forecast a three-million-barrel decrease in crude oil inventories for the week ending June 10, double initial predictions and a sign that demand was picking up. Oil prices rallied on Tuesday in nervous trade, with New York crude closing up two dollars as the market welcomed encouraging US economic data. John Kilduff of Again Capital had suggested that Tuesday\'s rises had been a technical rebound after two down days. Goldman Sachs meanwhile warned in a market analysis that the bigger picture is rising demand forcing a tightening of supply. \"With world economic growth continuing to drive oil demand growth well in excess of non-OPEC production growth, the oil market continues to draw on inventories and OPEC spare capacity in order to balance,\" Goldman analysts said. \"In our view, it is only a matter of time until inventories and OPEC spare capacity will become effectively exhausted, requiring higher oil prices to restrain demand, keeping it in line with available supplies,\" they added. Official data this week showed industrial output from China, the world\'s largest energy consumer, rose sharply in May. Sustained growth in the Chinese industrial sector would translate to strong crude demand as the Asian economic powerhouse seeks energy to fuel its thousands of workshops and factories.  

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 drop despite fall in us stockpiles oil prices drop despite fall in us stockpiles

 



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 drop despite fall in us stockpiles oil prices drop despite fall in us stockpiles

 



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