Arab Today, arab today oil prices rise as china plans to boost spending
Last Updated : GMT 15:59:35
Arab Today, arab today
Arab Today, arab today

Oil prices rise as China plans to boost spending

Arab Today, arab today

Arab Today, arab today Oil prices rise as China plans to boost spending

London - Arabstoday

Oil rose for the first time in seven days in New York after China pledged to boost the nation\'s economy and Goldman Sachs Group Inc said the balance between supply and demand of crude is tightening. West Texas Intermediate futures gained as much as 0.8 per cent after settling at the lowest level in almost seven months on May 18. The extent of oil\'s decline was unwarranted, Goldman said in a report. China will focus more on bolstering economic growth, the official Xinhua News Agency reported on Sunday, citing Premier Wen Jiabao. Crude\'s relative strength index remained below 30, signalling it may be oversold. \"Chinese growth continues to be sustained and robust,\" Christopher Bellew, senior broker at Jefferies Bache Ltd. in London, said. \"The emphasis for oil prices is ultimately where demand is growing the most strongly, such as China and India. Prices seem to have found a bottom at last.\"Crude for June delivery rose as much as 72 cents to $92.20 (Dh338.66) a barrel in electronic trading on the New York Mercantile Exchange and was at $91.84 at 12.29pm London time. It fell 1.2 per cent on May 18 to $91.48, the lowest close since October 26 and expired yesterday. The more-active July contract climbed 36 cents to $92.16. Prices are 7 per cent lower this year. Brent oil for July settlement rose 78 cents, or 0.7 per cent, to $107.92 a barrel on the London-based ICE Futures Europe exchange. The front-month European benchmark contract was at a premium to West Texas Intermediate of $15.78. Last week, the gap narrowed 4.9 per cent with the activation of a pipeline that may ease a glut in US crude inventories. Enterprise Products Partners LP and Enbridge Inc. started shipping oil on May 19 through the 150,000 barrel-a-day Seaway pipeline from Cushing, Oklahoma, to Houston-area refineries, the companies said. \"Despite concerns over the softening economic data, oil demand continues to improve,\" David Greely, head of energy research at Goldman Sachs in New York, said in the e-mailed report. \"The supply of oil actually available to the market is increasingly constrained by the inability of Iran to market its oil owing to the effects of US and European sanctions.\" Brent, the benchmark price for more than half the world\'s petroleum, has dropped about 3 per cent since May 13, when Saudi Arabia\'s Oil Minister Ali Al Nuaimi said it should fall to $100 a barrel because global supply is outweighing demand. Prices slid earlier after Saudi Arabia\'s output in March climbed to the second-highest level in at least 31 years before a European embargo on Iran that starts in July.

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 rise as china plans to boost spending Arab Today, arab today oil prices rise as china plans to boost spending

 



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 rise as china plans to boost spending Arab Today, arab today oil prices rise as china plans to boost spending

 



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 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

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
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

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
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