Arab Today, arab today oil prices steady before us data
Last Updated : GMT 21:34:07
Arab Today, arab today
Arab Today, arab today

Oil prices steady before US data

Arab Today, arab today

Arab Today, arab today Oil prices steady before US data

London - AFP

Oil prices steadied on Wednesday, with supply disruptions in Libya and Nigeria offsetting expectations of a rise in US crude inventories, analysts said. New York's main contract, West Texas Intermediate for delivery in May edged up eight cents to $99.27 a barrel. Brent crude for May rose four cents to stand at $107.03 a barrel in London deals. "Oil prices are continuing to tread water," said Commerzbank analyst Carsten Fritsch. "Prices are finding support on the one hand from the interruptions and risks to production. On top of the continued decline in Libyan production there is now the latest escalation of violence and suspension of delivery... due to a pipeline leak in Nigeria." He added: "At the same time, the still ample supply situation and poor economic development in the emerging economies argue against any sustained price rise. Meanwhile, crude oil stocks are being built up in the US." Rebels pressing for autonomy for Libya's eastern Cyrenaica region have been blockading oil terminals since July. That has led to a decline in exports from 1.5 million barrels a day to just 250,000. Elsewhere, Anglo-Dutch oil giant Shell on Wednesday said it had declared a "force majeure" on crude oil exports from Nigeria as it struggles to repair a sabotaged pipeline. "Force majeure" is a legal term releasing a company from contractual obligations when faced with circumstances beyond its control. Nigeria is Africa's biggest oil producer, accounting for more than two million barrels per day. The market is keeping an eye also on a closely-watched US energy stockpiles report to be released later Wednesday, with analysts expecting a build-up that could put downward pressure on oil prices. Slow traffic movement at a key petroleum waterway in the United States after a ship collision that resulted in an oil spill could help push the inventories higher. Shailaja Nair, senior managing editor of energy market information provider Platts, said that although the Houston Ship Channel was reopened, vessel movement is still not back to normal, slowing down supplies to refineries in the US Gulf Coast. "If the refineries do not take the usual amount of crude oil, the crude stockpiles will go up," Nair told AFP.

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 before us data Arab Today, arab today oil prices steady before us data

 



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 before us data Arab Today, arab today oil prices steady before us data

 



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