Arab Today, arab today oil prices fall again dealers cautious
Last Updated : GMT 21:37:22
Arab Today, arab today
Arab Today, arab today

Before Fed meeting

Oil prices fall again, dealers cautious

Arab Today, arab today

Arab Today, arab today Oil prices fall again, dealers cautious

The decision by the OPEC oil exporters' group not to cap production levels continues
Hong Kong - Arab Today

Oil prices resumed their retreat in Asia on Tuesday after enjoying  rare gains overnight, as investors train their sights on the US Federal Reserve's most hotly anticipated policy meeting in years.

After plunging around 12 percent last week crude closed slightly up Monday. But with global demand still weak and a continuing supply glut, the commodity was unable to build up any price momentum in Asia.

Energy firms, which have been hammered for months by the sinking oil price -- down more than 60 percent since June 2014 -- enjoyed early gains but late selling saw most end the day further in the red.

The decision by the OPEC oil exporters' group earlier this month not to cap production levels continues to depress prices. BMI research said in a report that more downside pressure is expected in the coming months.

"Oil prices will remain anchored by oversupply," it said, predicting that the global surplus "will only narrow significantly post-2018".
Woodside Petroleum in Sydney edged down 0.8 percent and Santos shed 1.8 percent, while Inpex in Tokyo was more than one percent off.

However, broad gains in Hong Kong -- after eight straight losses -- helped CNOOC and PetroChina rise more than one percent in the afternoon.

Dealers are turning their attention to Washington, where the Fed later Tuesday begins its two-day policy meeting expected to end with its first interest rate rise for nine years.

While analysts say the increase has been on the cards for several weeks, the real focus is on subsequent steps.

- Dollar struggles -
Investors are focusing on the Fed," Toshihiko Matsuno, chief strategist at SMBC Friend Securities, told Bloomberg News.

"They want to see what the Fed will announce on the target interest rate at the end of 2016. There’s market consensus that rates will rise this week, but it is unclear what happens after that."

The dollar has been subdued in recent sessions, with the euro edging up despite the expected US rate rise and speculation the European Central Bank will go the other way and loosen monetary policy to kickstart the eurozone economy.

"If anything, the trend for the dollar going into the Fed is a little bit on the soft side, as generally speaking it’s all about justifying the current positioning rather than pushing it further," said Sam Tuck, a senior currency strategist at ANZ Bank New Zealand.

The euro edged up above $1.10 and the greenback fell to 120.80 yen -- well off the levels above 123 yen seen last week.

Asian stock markets remained largely shaky despite a positive lead from Wall Street, where all three main indexes ended in positive territory Monday.

Tokyo was the main loser as the stronger yen hit exporters. The Nikkei tumbled 1.7 percent, while Sydney fell 0.4 percent, and Shanghai edged 0.3 percent lower. There were also losses in Manila, Jakarta and Kuala Lumpur.

However, Hong Kong was up 0.4 percent in the afternoon after falling for the previous eight days, Seoul closed up 0.3 percent and Singapore advanced 0.1 percent.

- Key figures around 0710 GMT -

Tokyo - Nikkei 225: DOWN 1.7 percent at 18,565.90 (close)

Hong Kong - Hang Seng: UP 0.4 percent at 21,386.14

Shanghai - composite: DOWN 0.3 percent at 3,510.35 (close)

Euro/dollar: UP to $1.1034 from $1.0992 late Monday

Dollar/yen: DOWN to 120.80 yen from 120.98 yen

New York - Dow: UP 0.6 percent at 17,368.50 (close)

London - FTSE 100: DOWN 1.3 percent at 5,874.06 (close)

]Source: AFP

arabstoday
arabstoday

GMT 18:31 2017 Saturday ,21 October

Global oil market improving, stabilizing

GMT 13:23 2017 Friday ,20 October

EU leaders approve first step

GMT 19:29 2017 Thursday ,19 October

IMF policies undermine human rights

GMT 19:13 2017 Tuesday ,17 October

GCC public debts reached to $415bn

GMT 10:22 2017 Sunday ,15 October

ADNOC strengthens energy partnership

GMT 17:02 2017 Saturday ,14 October

IMF, Spain warn on economic growth

GMT 05:05 2017 Saturday ,14 October

Saudi Aramco considering ‘range of options’

GMT 07:46 2017 Friday ,13 October

Canada still optimistic for new NAFTA
Arab Today, arab today
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 oil prices fall again dealers cautious Arab Today, arab today oil prices fall again dealers cautious

 



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 prices fall again dealers cautious Arab Today, arab today oil prices fall again dealers cautious

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
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 Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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