Arab Today, arab today oil prices higher in asian trade
Last Updated : GMT 03:56:14
Arab Today, arab today
Arab Today, arab today

Oil prices higher in Asian trade

Arab Today, arab today

Arab Today, arab today Oil prices higher in Asian trade

Oil prices rise in Asia
Singapore - AFP

Oil prices rose in Asia Thursday on expectations that the latest US stockpiles report will show a further dip in crude reserves as traders worry about a global oversupply, analysts said.

US benchmark West Texas Intermediate for July delivery rose 12 cents to $57.63 while Brent crude for July gained 39 cents to $62.45 in afternoon trade.

The Department of Energy's weekly petroleum report, usually released on Wednesdays, will be issued on Thursday owing to a public holiday at the start of the week.

"Speculation that US oil inventories could decline again in tonight’s weekly report appears to have attracted some relative support" to prices, said Nicholas Teo, market analyst at CMC Markets in Singapore.

Analysts expect inventories fell for a fourth consecutive week, by 2.0 million barrels, according to a survey by Bloomberg News. The stockpiles currently stand at 482.2 million barrels, just below record highs.

Dealers have been hoping a slowdown in US output, coupled with increased demand during the summer driving season, could whittle down global supplies, which was a key reason for the collapse in prices of more than 50 percent between June and January.

Dealers are also closely monitoring a potential rise in Iraqi oil exports, which could exacerbate the global glut.

"On the global market, Iraq is planning to escalate its export by 26 percent to a record 3.75 million barrels per day in June," said Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy firm EY.  

"If the planned export is fulfilled, a global glut will persist," he said.

 

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 higher in asian trade Arab Today, arab today oil prices higher in asian trade

 



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 higher in asian trade Arab Today, arab today oil prices higher in asian trade

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
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 10:24 2017 Thursday ,22 June

Crude headed for weakest first half in two decades

GMT 04:23 2017 Tuesday ,20 June

Oil prices flat after weeks of steep declines

GMT 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

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
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel 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