Arab Today, arab today oil prices rise on surprise us inventory decline
Last Updated : GMT 18:20:30
Arab Today, arab today
Arab Today, arab today

Oil prices rise on surprise US inventory decline

Arab Today, arab today

Arab Today, arab today Oil prices rise on surprise US inventory decline

New York - AFP

Oil prices gained on Wednesday after an unexpected decline in US oil inventories. Prices were also strengthened by the Federal Reserve's widely expected move to maintain its stimulus programme. A barrel of West Texas Intermediate for delivery in April sold for $92.96, up 80 cents on the New York Mercantile Exchange. European benchmark Brent oil for May delivery closed at $108.72 a barrel, up $1.27. The rally came as the US Department of Energy reported that oil inventories fell by 1.3 million barrels in the week ending March 15. Analysts had forecast a build of 1.7 million barrels. The inventory numbers are "a little bit bullish," said Andy Lebow, senior vice president for energy futures at Jefferies Bache. At the same time, the inventory report showed that the demand numbers were "weak," Lebow said. The report said total US petroleum demand came in at 17.77 million barrels a day, down 4.5 percent from last week's level. Analysts said the low value of the dollar was also supportive of higher oil prices. Because oil is traded in dollars, the commodity becomes cheaper for consumers using stronger currencies when the dollar declines. The Federal Reserve's decision to keep its monetary easing policies in place gave further support to the euro compared with the dollar. "It's steady as she goes," Stephen Schork, analyst at the Schork Report, said of the Fed policy. Like other markets, the oil market kept one eye on the debt crisis in Cyprus, with the Cypriot government scrambling to find alternative ways of raising funds to get the EU-IMF bailout loans. David Bouckhout of TD Securities said while Cyprus is itself a small economy, markets are concerned about what its plight means for the eurozone. "If it were to leave the eurozone, that would set a precedent," Bouckhout 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 rise on surprise us inventory decline Arab Today, arab today oil prices rise on surprise us inventory decline

 



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 on surprise us inventory decline Arab Today, arab today oil prices rise on surprise us inventory decline

 



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 How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
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