oil prices firm after ecbinspired rally
Last Updated : GMT 12:38:42
Arab Today, arab today
Arab Today, arab today

Oil prices firm after ECB-inspired rally

Arab Today, arab today

Arab Today, arab today Oil prices firm after ECB-inspired rally

London - AFP

World oil prices held firm on Friday as investors locked in profits after a strong rally following the European Central Bank\'s decision to cut interest rates, and at the end of a rollercoaster week that was mostly driven by global economic data, analysts said. The market was also buoyed by hopes of an upbeat US non-farm payrolls report, which is slated for publication later in the day. Brent North Sea crude for delivery in June rose 36 cents to $103.26 a barrel approaching midday in London. New York\'s main contract, light sweet crude for June gained 18 cents to $94.17. Crude futures had spiked nearly $3.00 higher on Thursday, in the wake of the ECB\'s interest rate cut and positive US economic data, traders said. The jump in prices reversed Wednesday\'s sharp losses that were tied to glum economic figures. \"Crude posted quite a strong rally after the ECB rate cut. We\'re seeing some profit-taking ahead of the weekend,\" Ker Chung Yang, senior investment analyst at Phillip Futures in Singapore, told AFP. Thursday\'s widely-expected quarter-point rate reduction, to a record low of 0.50 percent, is part of the ECB\'s efforts to boost demand and help the debt-stricken eurozone escape from recession. It also comes after the US Federal Reserve maintained its stimulative monetary policy stance on Wednesday. \"The recent rebound in crude oil prices is a result of more confidence in the global economy as ECB and Fed decisions to stimulate growth could bring a boost in oil demand for the second half of 2013,\" noted Sucden brokers analyst Myrto Sokou. \"Today all eyes remain on the US non-farm payroll data that will set the tone for today\'s trading activity,\" she added. Also helping was the weekly US jobless claims report, which came in much better than expected, suggesting some tightness in the jobs market. The Labor Department data showed new claims for unemployment benefits had fallen to a five-year low. The claims -- an indicator of the pace of layoffs -- fell by 18,000 to 324,000, the lowest level since mid-January 2008. World oil prices had meanwhile tumbled by almost $2.5 on Wednesday as traders took their cue from fresh signs of economic weakness in the United States and China, and after a US inventory report showed crude stocks at their highest point in more than 30 years. The decline came after a stream of disappointing economic data from the world\'s top two oil-consuming countries. Wednesday\'s weekly US oil inventory report showed US supplies at their highest level since the government began collecting the data in 1982. Crude oil stocks soared 6.7 million barrels, well above the 800,000 barrels forecast by analysts. \"Oil prices have been very closely linked with economic sentiment over the past couple of days, rising and falling in conjunction with how investors judged economic results,\" said analyst Gary Hornby at British energy consultancy Inenco. \"Oil dropped back below $100 per barrel briefly after Chinese manufacturing PMI data came in worse than expected, before posting the largest daily rise in almost six months, to reach $103 a barrel, after the ECB cut interest rates and US weekly jobless claims fell to five-year lows.\"  

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 firm after ecbinspired rally oil prices firm after ecbinspired rally

 



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 firm after ecbinspired rally oil prices firm after ecbinspired rally

 



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 Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
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 UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
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 VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
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 Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
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 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

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 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

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