Arab Today, arab today oil rises but oversupply hobbles gains
Last Updated : GMT 13:36:12
Arab Today, arab today
Arab Today, arab today

Oil rises, but oversupply hobbles gains

Arab Today, arab today

Arab Today, arab today Oil rises, but oversupply hobbles gains

US benchmark West Texas Intermediate for delivery in December
London - AFP

Global oil prices rebounded Wednesday but buying sentiment remains sluggish owing to supply glut woes and a strong dollar.

At about 1245 GMT, US benchmark West Texas Intermediate for delivery in December was up 62 cents at $41.29 per barrel.

Brent North Sea crude for January delivery rose 67 cents to stand at $44.24 a barrel.

Traders are waiting for the release later in the day of a US Department of Energy report on commercial stockpiles in the world's top oil consumer which is expected to show an increase and further confirm the oversupply.

Another key focus is the release later Wednesday of minutes from last month's Federal Reserve policy meeting, with dealers looking for hints on whether it will raise interest rates at its gathering next month.

Speculation has mounted in recent weeks that the central bank will pull the trigger following a string of positive US economic figures.

A hike would likely boost the dollar and make dollar-priced oil more expensive for those holding weaker units, depressing demand.

"Strong US employment data and statements by (policy board) members crystalised markets’ expectations of a December rate hike, causing the trade-weighted dollar to rise by more than 5.0 percent," Capital Economics said.

"This sharp appreciation has weighed heavily on (commodity) prices over the past month."

Adding to the supply glut woes was a statement Tuesday by Iranian Oil Minister Bijan Zanganeh that Tehran will not negotiate with OPEC over its planned 500,000 barrels per day (bpd) production hike once western sanctions are lifted.

"We will not negotiate with OPEC to increase our production. We will only notify them when we adapt," he told reporters in Tehran, referring to the Organization of the Petroleum Exporting Countries.

Sanctions on Iran are expected to be lifted in early 2016 following a landmark deal in July with major powers to curb the country's nuclear ambitions.

Iran will follow its output rise with an extra one million bpd a year later, Zanganeh said.

Analysts have said the excess supplies on global markets that have depressed crude prices for more than a year are likely to stretch well into 2016.

 

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 rises but oversupply hobbles gains Arab Today, arab today oil rises but oversupply hobbles gains

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 21:38 2017 Thursday ,16 February

Kuwait Oil Price Down 25 cents to $52.30 pb

GMT 14:40 2017 Thursday ,16 February

OPEC daily basket price announced for Wednesday

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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