Arab Today, arab today oil prices rebound from steep dive
Last Updated : GMT 14:29:22
Arab Today, arab today
Arab Today, arab today

Oil prices rebound from steep dive

Arab Today, arab today

Arab Today, arab today Oil prices rebound from steep dive

US benchmark West Texas Intermediate
London - AFP

Oil prices rebounded Wednesday from recent steep losses in the previous session, as traders awaited the latest snapshot of US crude inventories.

US benchmark West Texas Intermediate (WTI) for delivery in July rose 59 cents to $58.58 a barrel.

Brent North Sea crude for July gained 83 cents to stand at $64.85 a barrel in London early afternoon deals.

"Prices have bounced back a little following yesterday's 3.0-percent drop," said analyst Fawad Razaqzada at trading site Forex.com.

"Speculators are exercising some caution ahead of the official supply data today."

Later on Wednesday, the US government's Department of Energy will publish its weekly inventories data for the week to May 15.

The US Department of Energy is expected to report stockpiles fell by two million barrels in the week ending May 15, according to Bloomberg News. They still remain near their highest levels on record, however.

"Although stockpiles are expected to fall, the crude production level in the US is still on a high side and we expect it to rise further," said Daniel Ang, an investment analyst with Phillip Futures in Singapore.

Both oil contracts fell sharply Tuesday on worries about the crude oversupply and as the greenback soared against other major currencies, making dollar-priced oil more expensive and denting demand.

The dollar strengthened against the euro after a European Central Bank official said the bank would ramp up its asset-purchase stimulus programme in May and June to offset an expected financial market slowdown in the coming months.

A robust report on US housing construction also lifted the greenback.

"The strengthening of the dollar... was the reason for the three percent decline in crude prices yesterday," added Ang.

"The subsequent rebound we see today is due to bargain-hunting and the market forces readjusting to normal trading."

 

 

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 rebound from steep dive Arab Today, arab today oil prices rebound from steep dive

 



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 rebound from steep dive Arab Today, arab today oil prices rebound from steep dive

 



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
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