oil rebounds back above 32
Last Updated : GMT 12:11:47
Arab Today, arab today
Arab Today, arab today

Oil rebounds back above $32

Arab Today, arab today

Arab Today, arab today Oil rebounds back above $32

Oil prices rallied sharply
London - AFP

Oil prices rallied sharply on Tuesday, regaining $32 per barrel as traders mulled talk of an OPEC-Russia coordinated output cut to curb oversupply.

At about 1800 GMT, Brent North Sea crude for delivery in March jumped $1.84 at $32.34 per barrel.

US benchmark West Texas Intermediate for March added $1.69 to $32.03 a barrel compared with Monday's close.

The market also rebounded as traders took the opportunity to snap up cheap crude, having hit 12-year lows last week on chronic oversupply.

"Vague talk of a possible joint production cut with Russia and OPEC is doing the rounds again," noted CMC Markets analyst Jasper Lawler.

"Any joint action seems unlikely since US shale producers would just use the resulting higher prices as an opportunity to ramp up their own (output) again."

The Kuwaiti and Iraqi oil ministers declared Tuesday that OPEC will not cut production unless producers outside the cartel do the same, despite plunging crude prices that have ravaged its revenues.

"OPEC cannot cut its production unless there is a similar reduction by producers outside OPEC," Kuwait's acting oil minister, Anas al-Saleh, told reporters on the sidelines of an oil conference.

"I don't see any logic in OPEC cutting production while non-OPEC (countries) don't cut," Saleh said.

Iraqi Oil Minister Adel Abdulmahdi said his country was "ready to cooperate" on cutting production to raise oil prices but only if non-OPEC producers did as well.

The 12-nation Organization of Petroleum Exporting Countries (OPEC) has refused to cut production despite the recent collapse in oil prices.

Led by Gulf producers, the cartel is refusing to reduce crude output as it seeks to drive less-competitive players, including US shale producers, out of the market.

In rollercoaster trade last week, oil briefly plunged to 12-year lows under $27 but bounced higher Friday on hopes that more possible stimulus measures in the eurozone and Japan would perk up demand.

However, the rally almost fizzled out Monday as stubborn oversupply fears resurfaced.

"The expectations around central banks unleashing stimulus measures ... provided false hopes for bullish investors, who have fallen victim to the sharp declines led by the intensifying concerns around the excessive oversupply of oil," said research analyst Lukman Otunuga at traders FXTM.

WTI shed 5.7 percent and Brent lost 5.2 percent in value on Monday.

"The catalyst for yesterday's slippery crude sell-off that took the commodity back below $30 was put down to continued global oversupply as US supply is seen expanding the glut," said analyst Michael van Dulken at Accendo Markets.

A strengthening US currency also helped depress demand for dollar-priced oil, which becomes more expensive for holders of weaker units.

The dollar had climbed ahead of the outcome of the US Federal Reserve's latest monetary policy meeting, which wraps up on Wednesday.

Dealers said investors are looking for an insight into the Fed's thinking, just six weeks after announcing the first US interest rate hike since 2006.

The market is also anticipating the return of Iranian oil exports, which would further add to the oversupply.

 

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*

oil rebounds back above 32 oil rebounds back above 32

 



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*

oil rebounds back above 32 oil rebounds back above 32

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Saudis clear passenger flights

GMT 08:38 2017 Saturday ,25 November

Saudis clear passenger flights
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Germany's SPD says ready for talks

GMT 11:28 2017 Saturday ,25 November

Germany's SPD says ready for talks
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
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 UK budget aims for driverless cars

GMT 12:11 2017 Saturday ,25 November

UK budget aims for driverless cars
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today Heidy underlines works like “Seventh Neighbor”

GMT 13:59 2017 Thursday ,23 November

Heidy underlines works like “Seventh Neighbor”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 07:53 2017 Friday ,24 November

To Debate Ethics of Euthanasia

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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