Arab Today, arab today oil prices rise despite jump in us stockpiles
Last Updated : GMT 12:46:35
Arab Today, arab today
Arab Today, arab today

Oil prices rise despite jump in US stockpiles

Arab Today, arab today

Arab Today, arab today Oil prices rise despite jump in US stockpiles

Crude oil
London - AFP

World oil prices advanced Wednesday despite news of a stronger-than-expected increase in crude inventories in the United States, analysts said.
US benchmark West Texas Intermediate for delivery in May rose 86 cents to $48.37 a barrel compared with Tuesday's close.
Brent North Sea crude for May added 87 cents to $55.98 in London late afternoon deals.
The US government's Department of Energy (DoE) announced that commercial crude reserves rallied 8.2 million barrels in the week to March 20.
That was far more than market expectations for a gain of 4.7 million barrels, according to analysts polled by Bloomberg.
Rising inventories tend to push prices lower because they indicate weakening demand in the world's biggest crude consuming nation.
"It is a bit peculiar," said Natixis analyst Deshpande Abhishek in response to rising oil prices.
"Markets might be positioning themselves ahead of the potential expected slowdown in US oil production growth.
"Demand is strong in (the) United States, and Europe seems to be improving.
"General weakness in dollar is also supporting oil (prices) to a certain extent."
The weaker greenback makes dollar-priced commodities cheaper for buyers using stronger currencies, which tends to stimulate demand and lift price levels.
"We are seeing the weaker dollar help trigger a small commodity sector revival at the moment," added Saxobank analyst Ole Hansen.
Oil stockpiles in the United States have risen for the past 10 weeks in a row, putting further downward pressure on prices in the face of a global supply glut, with the OPEC crude producing cartel also maintaining elevated output levels.
"Inventories remain crucial in judging the oversupply issue," Daniel Ang, an investment analyst with Phillip Futures in Singapore, said in a market commentary.
Data showing an unexpectedly sharp manufacturing slowdown in China is also weighing on sentiment.
China's manufacturing activity contracted in March at its fastest rate in 11 months, British banking giant HSBC said, suggesting worsening conditions in the world's number two economy.
HSBC's preliminary purchasing managers index dipped to 49.2 in March from 50.7 in February.
A number below 50 indicates contraction, and anything above 50 points to growth.

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 despite jump in us stockpiles Arab Today, arab today oil prices rise despite jump in us stockpiles

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts

GMT 05:23 2017 Tuesday ,21 February

Oil rises, but growing US output threatens rally

GMT 00:24 2017 Tuesday ,21 February

OPEC daily basket price announced for Thursday

GMT 16:12 2017 Sunday ,19 February

Oil prices still under pressure from North America

GMT 12:06 2017 Sunday ,19 February

Iran discovers two-billion-barrel shale oil reserves
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
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