Arab Today, arab today oil prices slide ahead of opec meeting
Last Updated : GMT 19:10:18
Arab Today, arab today
Arab Today, arab today

Oil prices slide ahead of OPEC meeting

Arab Today, arab today

Arab Today, arab today Oil prices slide ahead of OPEC meeting

London - AFP

Oil prices fell on Monday as traders took profits and geared up for this week\'s key OPEC meeting in Vienna. New York\'s main contract, light sweet crude for delivery in July, sank $1.09 to $99.13 per barrel. Brent North Sea crude for July fell $1.29 to $114.55 in morning deals. Oil had fallen sharply on Friday after publication of dismal US jobs figures for May but recovered by the end of the day for a modest loss. \"Brent is trading this morning at $115 a barrel while WTI is just under $100. Disappointing US labour market data therefore knocked prices only briefly,\" said analyst Carsten Fritsch at Commerzbank. \"The weak US figures should increase the pressure on OPEC to raise production quotas at its meeting in Vienna on Wednesday, though. \"The International Energy Agency again urged OPEC on Friday to increase its oil production. OPEC itself is divided on this issue,\" he said. The 12-nation Organisation of the Petroleum Exporting Countries (OPEC) will meet Wednesday in Vienna amid growing fears that high prices could further dent faltering world economic growth and energy demand. \"The debate about a possible quota increase should weigh on prices ahead of the OPEC meeting,\" Fritsch said. \"Speculative financial investors appear to be calculating more on the possibility of an increase of production quotas.\" The IEA wants OPEC to increase output and prevent another damaging spike in prices, with seasonal demand set to strengthen in the coming months as the northern hemisphere enters summer. So far this year, Brent oil prices have soared by about 21 percent, largely as a result of spreading unrest in the crude-producing Middle East and North Africa region -- and particularly in OPEC member Libya. At the same time, downbeat global economic data has suggested that the recovery is struggling and this complicates the outlook. The US economy generated a paltry 54,000 new jobs in May, one-quarter of the pace for the previous four months, sparking fresh worries it faces an extended period of slow growth and lower oil consumption. \"I would expect OPEC to leave quotas unchanged, rather than raise them, given the growing evidence that global demand is slowing,\" said Capital Economics analyst Julian Jessop. \"There is speculation in the market that they will be doing something to acknowledge the supply problems in Libya. \"Regardless of what OPEC happens to do ... prices have further to fall,\" he added, citing the recent weak economic data. The oil cartel, which pumps 40 percent of the world\'s crude, has left its production target at 24.84 million barrels per day since early 2009.

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 slide ahead of opec meeting Arab Today, arab today oil prices slide ahead of opec meeting

 



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 slide ahead of opec meeting Arab Today, arab today oil prices slide ahead of opec meeting

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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 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

GMT 23:44 2017 Saturday ,03 June

OPEC daily basket price for Tuesday, 30th May 2017
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