Arab Today, arab today oil prices steady amid supplydemand tensions
Last Updated : GMT 04:17:36
Arab Today, arab today
Arab Today, arab today

Oil prices steady amid supply-demand tensions

Arab Today, arab today

Arab Today, arab today Oil prices steady amid supply-demand tensions

London - AFP

Oil prices steadied on Friday at the end of a week in which the prospect of reduced energy demand offset tight supply worries caused by turmoil in key crude producers Iran and Nigeria. New York\'s main contract, West Texas Intermediate for delivery in February edged up 17 cents to $99.27 a barrel. Brent North Sea for February dropped 44 cents to $110.82. \"Geopolitical supply side issues continue to be the key bullish factor affecting oil prices,\" said Victor Shum, senior principal at Purvin and Gertz international energy consultants in Singapore. \"Besides Iran, the more immediate concern that could affect supply are the strikes in Nigeria.\" But a surprisingly big increase in US crude oil reserves announced this week have hit oil prices already under pressure from eurozone debt worries heightened by slowing growth in Germany. On Friday meanwhile, a nationwide strike over the removal of fuel subsidies that has locked down oil-rich Nigeria entered a fifth day after talks between the president and labour leaders failed to reach a deal. The main oil workers union has threatened to shut down crude production by the weekend if the government did not reverse the decision, a move that more than doubled fuel prices in Africa\'s top crude exporter. Nigeria produces more than two million barrels per day and is a key oil supplier to the United States and European Union. Meanwhile, concerns over an immediate disruption in Iranian crude exports have eased on news that the threatened EU oil embargo on Tehran might not take effect for six months, analysts said. The phased implementation of the embargo would make the break less painful for financially stressed European countries that depend on Iranian crude -- Italy, Greece and Spain. The EU is collectively the second-biggest destination for Iranian oil exports after China, taking in about 450,000 barrels per day. According to the New York Times, the United States has used a secret channel to warn Iran\'s leaders against closing the strategic Strait of Hormuz, saying that doing so would provoke a US response. Iran has threatened to close the narrow and strategic waterway -- a chokepoint for one fifth of the world\'s traded oil -- in the event of a military strike or the severe tightening of international sanctions. The United States and its allies have stepped up increasingly harsh sanctions on Iran over its nuclear enrichment programme, which they have charged is part of a secret drive to develop nuclear weapons. Iran has insisted its nuclear programme is entirely peaceful and vowed to retaliate against any strike on its facilities.  

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 amid supplydemand tensions Arab Today, arab today oil prices steady amid supplydemand tensions

 



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 amid supplydemand tensions Arab Today, arab today oil prices steady amid supplydemand tensions

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes
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 Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
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 Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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