Arab Today, arab today oil slumps as us crude reserves surge to record high
Last Updated : GMT 16:48:16
Arab Today, arab today
Arab Today, arab today

Oil slumps as US crude reserves surge to record high

Arab Today, arab today

Arab Today, arab today Oil slumps as US crude reserves surge to record high

The oil market has collapsed
New York - AFP

Oil tumbled to near a six-year low Wednesday as US crude stocks soared to a record high, sparking fresh fears over the growing global supply glut.
US benchmark West Texas Intermediate (WTI) for March delivery dropped $1.78 to $44.45 a barrel on the New York Mercantile Exchange, its lowest close since March 2009.
European benchmark Brent North Sea crude for March delivery lost $1.13 at $48.47 a barrel in London.
Data showed that US crude supplies surged 8.9 million barrels to 406.7 million in the week ending January 23, according to the US Department of Energy.
That was the highest level since the US government began keeping weekly records in 1982. It is also above monthly data since April 1931.
"It's not a pretty picture," said Bart Melek, head of commodity strategy at TD Securities. "We're seeking bottom but I don't think we're there yet."
The oil market has collapsed by more than 50 percent since June, plagued by plentiful crude supplies, weak global demand and the decision of the Organization of Petroleum Exporting Countries to let prices fall.
"If proof were needed that oil prices remain constrained by too much supply, this afternoon's US inventory data confirmed it," said CMC Markets analyst Michael Hewson.
"As such, prices could well have further to fall with prospects of a drop below $40 a barrel becoming a reality in the short to medium term."

 

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 slumps as us crude reserves surge to record high Arab Today, arab today oil slumps as us crude reserves surge to record high

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Singer Rowida Attiya will issue a new song

GMT 07:38 2017 Tuesday ,28 March

Singer Rowida Attiya will issue a new song
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" 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