Arab Today, arab today oil prices slip on poor eurozone data
Last Updated : GMT 10:54:50
Arab Today, arab today
Arab Today, arab today

Oil prices slip on poor eurozone data

Arab Today, arab today

Arab Today, arab today Oil prices slip on poor eurozone data

London - AFP

World oil prices dipped on Wednesday as weak economic data and fears over Greece sparked demand concerns, overshadoweding geopolitical concerns surrounding key crude producer Iran, dealers said. Brent North Sea crude for delivery in April fell 11 cents to $121.55 a barrel in London midday deals. New York\'s main contract, light sweet crude for April, lost 36 cents to $105.89 a barrel. Prices hit nine-month highs earlier this week in the run up to and after the Greek bailout announcement. Eurozone private sector activity shrank unexpectedly in February, a key survey showed on Wednesday, sparking fresh fears that the region is heading for recession. The composite purchasing managers\' index (PMI) for services and industry compiled by the research firm Markit sank to 49.7 points from 50.4 points in January. Any score in the survey of 4,500 manufacturing and services firms above 50 points indicates growth, while a score below indicates contraction. \"Today, crude oil prices look set for some consolidation as Iranian supply side tensions are giving way slightly to eurozone slowdown fears after this morning\'s PMI data, implicitly weighing on European demand expectations,\" said Sucden brokers analyst Jack Pollard. \"Further, weakness in European equities is reflective of broader risk aversion.\" Sentiment took another hit from downbeat manufacturing data in China, which is the world\'s leading consumer of energy. China\'s manufacturing activity continued to contract in February as export orders weakened, HSBC said Wednesday, in a further sign that the eurozone crisis and US weakness are hurting demand. HSBC\'s preliminary purchasing managers index rose to 49.7, the highest level in four months, from a final reading of 48.8 in January, the British banking giant said in a statement. But while the figure marked an improvement it still remained below 50, indicating the sector is contracting. The oil market also pulled lower amid ongoing worries that Greece may face difficulties delivering on tough economic reforms that are needed for the new bailout. The international ratings agency Fitch said Wednesday that it had cut the long-term rating on Greece\'s sovereign debt by two notches, from \"CCC\" to \"C\", adding that a Greek debt default was \"highly likely in the near term.\" On Tuesday, the European Union and Greece agreed a 237-billion-euro ($310 billion) rescue package that saves Athens from a messy debt default. Meanwhile on Wednesday, crude producer Iran denied UN inspectors probing its nuclear weapons activities access to a key military site. The visit by the team from the International Atomic Energy Agency (IAEA) was aimed at clarifying issues surrounding possible military dimensions to Iran\'s nuclear programme. Western countries have charged that Iran is attempting to produce an atomic weapon, while Tehran has insisted that its programme is solely for producing energy and treating cancer patients. The US Department of Energy will publish its weekly snapshot of American oil inventories on Thursday, one day later than normal owing to a public holiday on Monday.  

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 slip on poor eurozone data Arab Today, arab today oil prices slip on poor eurozone data

 



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 slip on poor eurozone data Arab Today, arab today oil prices slip on poor eurozone data

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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