Arab Today, arab today us oil drops for third straight day
Last Updated : GMT 16:54:26
Arab Today, arab today
Arab Today, arab today

US oil drops for third straight day

Arab Today, arab today

Arab Today, arab today US oil drops for third straight day

US oil dropped for third day Friday
New York - AFP

US oil dropped for a third day Friday on persistent worries about the global supply glut heightened by weak US economic data and a slowdown in US rig cutbacks.

West Texas Intermediate (WTI) for June delivery, the US benchmark, slipped 19 cents to finish at $59.69 a barrel on the New York Mercantile Exchange.

In London, global benchmark Brent crude for delivery in July gained 11 cents at its settlement of $66.59 a barrel.

Tim Evans, an analyst at Citi Futures, said there was a "healthy round of end-of-the-week profit taking" as the market focus shifted to the second-quarter global oversupply.

The weekly Baker Hughes rig report showed the number of US oil drilling rigs fell by eight to 660, marking a slowdown in the cutbacks seen amid the decline in oil prices.

Compared with the October peak, the rig count has fallen 59.0 percent.

US crude oil production rose slightly last week, to 9.4 million barrels per day, as inventories held at record high levels, according to the Department of Energy.

The decline in the Baker Hughes rig count was the weakest since December 12, said James Williams of WTRG Economics, suggesting that US production would not slow as much as previously estimated.

For Citi's Evans, another batch of disappointing US data further also clouded the demand outlook for the world's largest crude oil consumer.

"Weaker-than-expected US industrial production and consumer confidence data also looks like it is undermining assumptions that the economy would rebound quickly from a soft Q1," Evans said.

US industrial production declined for a fifth consecutive month in April, by 0.3 percent, with mining output falling for a fourth month, dragged lower in part by a sharp fall in oil and gas drilling, the Federal Reserve reported.

The University of Michigan's consumer sentiment index for early May plunged to 88.6 from 95.9 in April.

Matt Smith of Schneider Electric said that Brent was holding up better than WTI because Middle East geopolitical concerns were keeping prices "twitchy."

 

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 us oil drops for third straight day Arab Today, arab today us oil drops for third straight day

 



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 us oil drops for third straight day Arab Today, arab today us oil drops for third straight day

 



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 Mai Al-Jeddawi presents décor ideas for Ramadan

GMT 06:08 2017 Sunday ,18 June

Lower oil prices set to test US shale driller

GMT 05:10 2017 Wednesday ,14 June

Oil prices edge down

GMT 05:22 2017 Tuesday ,13 June

Oil rises as investors buy into US crude

GMT 15:11 2017 Saturday ,10 June

Oil prices steady despite supply glut

GMT 14:28 2017 Sunday ,04 June

Kuwait oil price down 52 cents to USD47.83 pb
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
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