oil up on us gasoline draw equities weigh
Last Updated : GMT 18:08:33
Arab Today, arab today
Arab Today, arab today

Oil up on U.S. gasoline draw, equities weigh

Arab Today, arab today

Arab Today, arab today Oil up on U.S. gasoline draw, equities weigh

New York - Spa

Crude oil held gains of nearly 2 percent on Wednesday as a sharp decline in U.S. gasoline stocks offset worries about economic growth, Reuters reported. Prices rose in early trade, lifted by initial gains in the U.S. stock market and a late Tuesday report by American Petroleum Institute showing a steep drop in domestic gasoline inventories last week. Later, the market pared gains when the U.S. Energy Information Administration confirmed the gasoline drawdown, but also reported a steep build in crude stockpiles. A downturn on Wall Street in New York also weighed on prices, as sentiment wavered after pushing higher on strong earnings. Worries about the euro zone debt crisis and mixed U.S. economic data have kept investors cautious for much of August. In London, ICE Brent for October delivery gained $1.78 at $110.91 a barrel, having traded as high as $111.74, the highest since Aug. 4. It slipped to $98.74 on Aug. 9, the lowest since February, on concern about an economic slowdown. U.S. crude for September delivery was up 95 cents at $87.60. Brent's premium against the U.S. October crude contract rose above $23, after closing $22.29 on Tuesday. The WTI/Brent spread hit a record $26.08 on Aug. 9. Improved risk sentiment pushed the Relative Strength Index of U.S. crude to 43.96 percent, after dipping to 41.25 on Tuesday. Recent buying has lifted the index from the 20.16 low hit on Aug. 9, well below the 30 level that signifies oversold conditions. In London, ICE Brent's RSI also improved to more than 48, from 44.38 on Tuesday. U.S. gasoline stockpiles shrank 3.5 million barrels last week, data from the U.S. Information Administration showed. The drawdown was more than the forecast for a 1.3 million barrel drawdown in a Reuters poll. That overshadowed an unexpected 4.2 million barrel rise in U.S. crude oil inventories, which was against the forecast for a drawdown of 800,000 barrels. Commercial crude stocks rose as the U.S. government continued releasing supplies from the Strategic Petroleum Reserve, part of a coordinated effort with members of the International Energy Agency to cover barrels lost due to fighting in Libya. A drop in refinery utilization and higher imports further contributed to higher crude stocks, EIA data showed. A meeting between the French and German leaders on Tuesday did not calm investor concern about Europe's sovereign debt problems and some analysts said the worries could again prove a drag on oil prices.

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*

oil up on us gasoline draw equities weigh oil up on us gasoline draw equities weigh

 



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*

oil up on us gasoline draw equities weigh oil up on us gasoline draw equities weigh

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
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 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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