Arab Today, arab today us oil rallies second day wti up 63
Last Updated : GMT 10:36:50
Arab Today, arab today
Arab Today, arab today

US oil rallies second day, WTI up 6.3%

Arab Today, arab today

Arab Today, arab today US oil rallies second day, WTI up 6.3%

US oil prices
New York - AFP

US crude-oil prices surged higher for a second straight day Friday, as investors appeared to view the recent nose-dive as overdone.

The US benchmark West Texas Intermediate crude for October delivery jumped $2.66 to finish at $45.22 a barrel on the New York Mercantile Exchange.

On Thursday WTI prices rocketed 10.3 percent, rebounding from more than six-year lows.

Over the week, the US contract has gained 11 percent, its strongest weekly increase in four and a half years. That came despite WTI falling Monday to its lowest close in six and a half years, at $38.24 a barrel.

"It's just incredible," said Phil Flynn of Price Futures Group. "The reason why oil prices have come back is we're feeling the sell-off was overdone."

"Most of the sell-off wasn't about demand destruction but fears of future demand destruction. When oil prices went below $40 a barrel, that was a signal people thought that because of China, the global economy was going to grind to a halt," he said.

"But now, you look at the economic data that's coming from both Europe and the US, those fears that the China slowdown is having a big impact on the global economy are probably overstated."

 

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 rallies second day wti up 63 Arab Today, arab today us oil rallies second day wti up 63

 



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 rallies second day wti up 63 Arab Today, arab today us oil rallies second day wti up 63

 



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 How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
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