Arab Today, arab today oil rises but oversupply hobbles gains
Last Updated : GMT 05:37:54
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.

 

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

 



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 Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
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 France opens door to post-2025 talks

GMT 05:16 2017 Wednesday ,20 September

France opens door to post-2025 talks
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
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 New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
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 Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

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