Arab Today, arab today oil prices rally on weak dollar
Last Updated : GMT 16:53:24
Arab Today, arab today
Arab Today, arab today

Oil prices rally on weak dollar

Arab Today, arab today

Arab Today, arab today Oil prices rally on weak dollar

London - AFP

World oil prices rallied on Wednesday on the back of a weakening dollar, as traders shrugged off news of demand forecast downgrades from both the International Energy Agency and the OPEC oil cartel. In midday London trade, Brent North Sea crude for delivery in November leapt $1.12 to $111.85 a barrel. New York\'s main contract, light sweet crude for November, gained 59 cents to $86.40 a barrel. \"Crude oil prices extended gains and climbed higher, as the weaker US dollar provided strong support to the oil market,\" said Sucden brokers analyst Myrto Sokou. The European single currency soared to a three-week dollar high on Wednesday as markets expected Slovakia to eventually back expansion of a eurozone bailout fund despite lawmakers voting against it. The euro surged to $1.3816, the highest level since mid-September and compared with $1.3660 in New York on Tuesday. A weaker greenback makes dollar-priced crude cheaper for buyers using stronger currencies. This tends to stimulate demand and support higher prices. Slovakia\'s parliament on Tuesday blocked a plan to expand the European Financial Stability Facility (EFSF), dealing another blow to the eurozone\'s leaders as they look for a solution to the bloc\'s debt and banking crisis. It effectively stops the expansion of the 440-billion-euro ($600 billion) bailout fund, despite warnings from European Central Bank chief Jean-Claude Trichet that the world financial system faces systemic dangers. \"Slovakia parliament voted no for the expansion of the EFSF, effectively vetoing the motion in the eurozone for the time being,\" Sokou said. \"However, the markets expect that there is a possibility of a re-vote, as part of a newly formed coalition government following the confidence motion attached to the last vote.\" Oil traders are worried that the eurozone debt crisis could spread and help spark a fresh global economic downturn -- and a collapse in demand for energy. The International Energy Agency on Wednesday again cut its oil demand estimates as the economic outlook darkens. The IEA, which advises the developed countries on energy policy and developments, cut its oil demand estimate for 2012 by 210,000 barrels per day to 90.5 million bpd. On Tuesday, the OPEC oil cartel cut its world demand forecasts for 2011 and 2012 for the third time in a row, citing uncertainty in the global economy and weaker demand from developing giants China and India.  

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 rally on weak dollar Arab Today, arab today oil prices rally on weak dollar

 



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 rally on weak dollar Arab Today, arab today oil prices rally on weak dollar

 



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 Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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