Arab Today, arab today oil prices fall on portugal downgrade
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Oil prices fall on Portugal downgrade

Arab Today, arab today

Arab Today, arab today Oil prices fall on Portugal downgrade

London - AFP

World oil prices fell on Wednesday when markets were spooked by a ratings downgrade to Portugal which suggested that the eurozone debt crisis was worsening. New York\'s main contract, West Texas Intermediate for delivery in August, dipped four cents to $96.85 a barrel. Brent North Sea crude for August shed 65 cents to $112.96 in early London deals. Oil prices had made solid gains on Tuesday, helped by a tentative surge in optimism on the US economy. \"The rally came to an end first after Moody\'s lowered the Portuguese credit rating to junk with a negative outlook,\" said SEB Commodity Research analyst Filip Petersson. Moody\'s Investors Service late on Tuesday slashed its credit rating on indebted eurozone struggler Portugal, bailed out earlier this year, by four notches to Ba2 from Baa1, warning it could be lowered further. Moody\'s said the downgrade reflects \"the growing risk that Portugal will require a second round of official financing before it can return to the private market (to raise financing).\" The bad news out of the eurozone contrasted with the United States, which on Tuesday said new orders for US manufactured goods rose 0.8 percent month-on-month in May, after a 0.9-percent drop in April. \"The economic news coming out of the US has been good. Factory orders were up in May, and crude markets have reacted to this,\" said John Vautrain, an analyst for Purvin and Gertz international energy consultancy in Singapore. However, worries over the impact of the eurozone debt crisis are expected to prevent crude prices from rising sharply. \"The European debt problem in Greece and now Portugal is a preoccupation of the market,\" Jason Feer, analyst with Argus Media, told AFP.

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 fall on portugal downgrade Arab Today, arab today oil prices fall on portugal downgrade

 



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 fall on portugal downgrade Arab Today, arab today oil prices fall on portugal downgrade

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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 Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb

GMT 23:44 2017 Saturday ,03 June

OPEC daily basket price for Tuesday, 30th May 2017
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