Arab Today, arab today world oil prices tumble sharply
Last Updated : GMT 00:31:57
Arab Today, arab today
Arab Today, arab today

World oil prices tumble sharply

Arab Today, arab today

Arab Today, arab today World oil prices tumble sharply

London - Arabstoday

World oil prices slumped dram-atically yesterday as a stronger dollar and growing gloom over the global economic outlook caused sizeable profit-taking, traders said. New York\'s main contract, West Texas Intermediate (WTI) for delivery in August, tumbled as low as $92.67 (Dh340.4) a barrel. It later stood at $93.09, down a hefty $2.32 from Wednesday\'s closing level. Brent North Sea crude for August meanwhile dived $3.09 to $111.12 a barrel in midday deals. Prices had rallied sharply on Wednesday, as news of tumbling US crude and gasoline reserves sparked hopes of resurgent demand in the United States, which is the world\'s biggest oil consuming nation. Article continues below However, the market hit reverse gear yesterday as the Federal Reserve downgraded its US economic growth forecast, while downbeat Chinese manufacturing data sparked concern about demand from the Asian powerhouse economy. Headwinds Fed chairman Ben Bernanke also warned of stubborn economic headwinds that could persist for longer than expected. The dollar won support after the Fed confirmed that its second round of bond-buying will end later this month — signalling that there would be no further stimulus measures. The euro also remains dogged by worries the Greek-Eurozone debt crisis could spread. \"Following Bernanke\'s comments, a weaker outlook for the US economy and a stronger US dollar, crude oil prices are under pressure, on a downside momentum,\" said analyst Myrto Sokou at the Sucden Financial Research brokerage. \"The market sentiment has been hurt as the US dollar rallied with Brent retreating more than three per cent and WTI crude more than two per cent lower, amid (the) weaker US oil demand outlook.\" A stronger greenback makes dollar-prices commodities more expensive for buyers using weaker currencies. This tends to dent demand and weigh on 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*

Arab Today, arab today world oil prices tumble sharply Arab Today, arab today world oil prices tumble sharply

 



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 world oil prices tumble sharply Arab Today, arab today world oil prices tumble sharply

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Airbus CEO says won't cling to job

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 'Final phase' of battle for Raqa

GMT 03:47 2017 Monday ,16 October

'Final phase' of battle for Raqa
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms
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 Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Norway seeks 'Tesla tax' on electric cars

GMT 08:17 2017 Friday ,13 October

Norway seeks 'Tesla tax' on electric cars
Arab Today, arab today Safaa Sultan happy for “Love School”

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”
Arab Today, arab today Conservation cutbacks put Brazil's

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:19 2017 Wednesday ,11 October

Bosy reveals behind her participation in festival

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:20 2017 Thursday ,12 October

Chad extends key conservation area

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:16 2017 Friday ,13 October

Lufthansa to swallow lion's share

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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