Arab Today, arab today oil prices stable after recent spike
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Oil prices stable after recent spike

Arab Today, arab today

Arab Today, arab today Oil prices stable after recent spike

London - AFP

Global oil prices held steady on Thursday as traders paused for breath after an overnight rally that was driven by signs of strong energy demand in the United States. Brent North Sea crude for delivery in September rose 12 cents to $116.37 per barrel approaching midday in London, one day after striking $116.72 -- the highest level since May 3. Elsewhere on Thursday, New York\'s main contract, West Texas Intermediate (WTI) light sweet crude for September, dropped 12 cents to $94.21 a barrel. It had jumped on Wednesday to $94.60, reaching a high point last seen on May 15. The oil market had climbed sharply on Wednesday after the US Energy Information Administration (EIA) said crude inventories plunged 3.7 million barrels in the week to August 10, far heavier than the market had expected. Falling US inventories indicate stronger demand in the world\'s biggest economy. Analysts said prices were being supported by geopolitical tensions amid fighting in Syria, in the crude-rich Middle East, and major oil producer Iran\'s standoff with Western powers over its controversial nuclear programme. Concerns about supply shortfalls arising from forthcoming maintenance in the North Sea also sparked higher prices this week. \"Besides supply outages in the North Sea and ongoing geopolitical tensions in the Near and Middle East, yesterday\'s inventory report ... contributed to the renewed price climb,\" added Commerzbank analyst Carsten Fritsch. In recent days, oil has also gained ground from mounting expectations of fresh stimulus measures from the European Central Bank, US Federal Reserve and Beijing. \"The path of least resistance still remains to the upside, in our view, but there appear to be a number of funds looking for a further cycle downwards in Q3 (third quarter),\" British bank Barclays added in a market commentary. With Brent oil having risen around $25 over the past seven weeks, \"we detect an increasing interest from unhedged money funds to fade the rally\", it said. However, the group noted that this is \"being held back by the recent renewed market sensitivity to geopolitical headlines\".

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 stable after recent spike Arab Today, arab today oil prices stable after recent spike

 



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 stable after recent spike Arab Today, arab today oil prices stable after recent spike

 



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 Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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