Arab Today, arab today oil prices steady after highs
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Oil prices steady after highs

Arab Today, arab today

Arab Today, arab today Oil prices steady after highs

US benchmark West Texas Intermediate
London - AFP

Oil prices steadied on Thursday, a day after reaching five-month high points following an unexpected drop in US crude inventories.

US benchmark West Texas Intermediate (WTI) for June delivery dipped 13 cents to $60.80 a barrel.

Brent North Sea crude for June rose 23 cents to stand at $68.70 a barrel in London midday deals.

Brent had hit $69.63 and WTI reached $62.58 on Wednesday -- the highest levels this year.

Crude stockpiles tumbled by 3.9 million barrels in the week to May 1. Analysts had expected an increase of 1.5 million barrels, according to a Bloomberg News poll.

Despite the decline, at 487.0 million barrels of crude, the stockpiles were at their highest level on record for this time of year.

And US crude-oil production slipped only marginally to 9.4 million barrels per day.

"Prices have come off because markets had been anticipating that US production numbers would have come down lower," Daniel Ang, investment analyst at Phillip Futures, told AFP.

Weak US economic data released Wednesday was also weighing on oil prices, Ang said.

Non-farm productivity fell 1.9 percent in the first quarter year-on-year. It was the second straight quarterly fall.

Payroll firm ADP meanwhile reported the United States added just 169,000 private-sector jobs in April, the second month in a row under 200,000, as the oil sector downturn continued to pinch the labour market.

Sanjeev Gupta, head of the Asia-Pacific oil and gas practice at business consultancy EY, said "the short-term price outlook awaits the US weekly rig count to be released on Friday for a further gauge on supply levels".

 

 

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 steady after highs Arab Today, arab today oil prices steady after highs

 



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 steady after highs Arab Today, arab today oil prices steady after highs

 



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