Arab Today, arab today oil under pressure as iea warns could drown in supply
Last Updated : GMT 17:05:42
Arab Today, arab today
Arab Today, arab today

Oil under pressure as IEA warns could 'drown' in supply

Arab Today, arab today

Arab Today, arab today Oil under pressure as IEA warns could 'drown' in supply

US benchmark West Texas Intermediate for February closed at $28.46
London - AFP

Oil prices were under pressure Tuesday as the International Energy Agency warned the market "could drown" in oversupply with the return of Iranian oil.
US benchmark West Texas Intermediate for February closed at $28.46 a barrel on the New York Mercantile Exchange, down 96 cents (3.3 percent) from Friday's settlement. The selloff brought WTI to its lowest level since September 2003.

In London, Brent North Sea crude for delivery in March rose to $28.76 a barrel, gained a modest 21 cents (0.7 percent) from Monday.

Regular trade on the New York market was closed for a public holiday on Monday, when Brent briefly fell below $28 for the first time in more than a decade after the United States and European Union lifted economic sanctions on Iran in exchange for its compliance with a deal to curb its nuclear ambitions.

That allows Iran to quickly increase oil exports, with an additional 500,000 barrels a day possible within weeks.

John Kilduff of Again Capital said that Brent's small rise was linked to a rally on European stock markets.

"The price remains to the downside as we continue to sort out the oversupply and Iran returns to the market," Kilduff said.

"They're already starting to battle with the Saudis for market share in Europe so it's going to be interesting times."

The International Energy Agency, in its monthly oil report Tuesday, said that crude prices were set to fall further this year with Iran's return to the market offsetting any production cuts from other countries.

"Can it go any lower?" the IEA asked. "Unless something changes, the oil market could drown in oversupply. So the answer to our question is an emphatic yes. It could go lower."

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 under pressure as iea warns could drown in supply Arab Today, arab today oil under pressure as iea warns could drown in supply

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
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 Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
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