Arab Today, arab today oil picks up after rout but us crude still below 40
Last Updated : GMT 14:24:52
Arab Today, arab today
Arab Today, arab today

Oil picks up after rout, but US crude still below $40

Arab Today, arab today

Arab Today, arab today Oil picks up after rout, but US crude still below $40

Oil prices
New York - AFP

Oil prices recovered some lost ground Tuesday after a sharp fall sparked by worries about China's faltering economy, the world's largest energy consumer.

US benchmark West Texas Intermediate (WTI) for October delivery rose $1.07 to $39.31 a barrel on the New York Mercantile Exchange, after finishing below $40 Monday for the first time in six years.

In London, Brent North Sea crude for October, the international benchmark, finished at $43.21 a barrel, up a modest 52 cents, a day after dropping to its lowest level since March 2009.

"Although we are getting a solid rebound thus far today, there still appears to be a strong tilt towards bearish sentiment from a bigger-picture perspective," said Matt Smith, head of commodity research at US firm ClipperData.

Smith said the market remained focused on the robust production of the Organization of the Petroleum Exporting Countries, in particular cartel kingpin Saudi Arabia, and of the United States.

OPEC's decision last November to not cut production in the face of declining prices was seen as Saudi Arabia's bid for market share. And US producers have also refused to cut back in the face of low prices.

"Given the rise in production in the last year from Saudi, and the lack of response by US production... an increasing number of voices are joining the chorus to question whether Saudi's tactics may have been misguided," Smith said.

Traders were looking ahead to Wednesday's weekly report on US petroleum inventories from the Department of Energy.

"Most people are looking for a build of two million (barrels) in crude oil storage numbers," said Bob Yawger of Mizuho Securities.

An unexpected increase in crude stockpiles last week contributed in the WTI fall  toward $40, he said.

"At least, we're expecting this number this time, and I'm not sure we'll get the same kind of effect if we actually get a build, even if there will definitely be pressure on the market."

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 picks up after rout but us crude still below 40 Arab Today, arab today oil picks up after rout but us crude still below 40

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 05:34 2017 Wednesday ,22 February

Euro zone economy outlook shines

GMT 04:10 2017 Wednesday ,22 February

US stocks finish at another all-time high

GMT 02:31 2017 Wednesday ,22 February

Arms deals worth over AED6.9 bn sealed on day two of IDEX

GMT 02:21 2017 Wednesday ,22 February

Putin urges Russian nuclear weapons boost

GMT 21:14 2017 Tuesday ,21 February

Tatas will lead, not follow

GMT 20:39 2017 Tuesday ,21 February

China allocates $117 billion to expand railway network
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
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