Arab Today, arab today oil slumps as us stokes demand worries
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Oil slumps as US stokes demand worries

Arab Today, arab today

Arab Today, arab today Oil slumps as US stokes demand worries

London - AFP

Crude oil prices slumped Monday on mounting fears of slowing energy demand in the United States after a historic credit rating downgrade, analysts said. Traders also took their cue from tumbling global stock markets, which dived lower on mounting concern over a potential economic downturn.New York\'s main contract, West Texas Intermediate light, sweet crude for delivery in September, plunged $3.33 to $83.55 a barrel.Brent North Sea crude for September shed $3.40 to $105.97 a barrel in late afternoon London deals.\"Crude oil prices started the week on a negative side ... as investors prompted to a heavy sell off amid worries about weak US oil demand for the medium term,\" said Sucden analyst Myrto Sokou.After markets closed for business on Friday, Standard & Poor\'s shocked the world as it became the first ratings agency to scrap Washington\'s cherished triple-A credit rating. S&P downgraded the United States to AA+ with a negative outlook, citing concerns over its massive debt. The US is the world\'s biggest consumer of crude oil. \"Prices are subsequently under enormous pressure as the new trading week kicks off,\" said Commerzbank analyst Carsten Fritsch.\"Further losses can be expected in the near term as financial investors should reduce risk positions on the back of high risk aversion and the uncertain economic outlook.\" S&P said Washington\'s debt and its rising fiscal deficits meant it could no longer be included among the world\'s most risk-worthy sovereign borrowers.The agency also stressed what it saw as the inability of the US political establishment to commit to an adequate and credible debt reduction plan.\"The S&P downgrade of US debt was announced after the US markets closed on Friday,\" said Westhouse Securities analyst Andrew Matharu. \"Crude prices are sharply down on this news and further concerns over European debt.\"Global equity and oil markets have spiralled lower on concern that the slowing US economy and spreading eurozone debt contagion could spark a vicious new global economic downturn. Financial markets remain on edge over concerns that Italy and Spain could fall victim to the eurozone debt crisis, which has already snared Greece, Ireland and Portugal. With anxiety high that debt could plunge the world into a new financial crisis, the European Central Bank signalled late Sunday that it would make major purchases of eurozone government bonds, which market sources indicated on Monday had included Italy and Spain.

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 slumps as us stokes demand worries Arab Today, arab today oil slumps as us stokes demand worries

 



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 slumps as us stokes demand worries Arab Today, arab today oil slumps as us stokes demand worries

 



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 Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
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