Arab Today, arab today brent crude stays above 109 on us gasoline draw
Last Updated : GMT 15:47:55
Arab Today, arab today
Arab Today, arab today

Brent crude stays above $109 on US gasoline draw

Arab Today, arab today

Arab Today, arab today Brent crude stays above $109 on US gasoline draw

Washington - Arabstoday

Brent crude rose on Wednesday, staying above $109 a barrel as a larger-than-expected drawdown in US gasoline stocks last week trumped ongoing concerns over the euro zone debt crisis.Brent crude for October rose as much as $109.62 a barrel, and traded 30 cents higher at $109.43 by 0328 GMT. US crude was up 48 cents at $87.13 a barrel, after slipping $1.23 to settle at $86.65.In Europe, a meeting between French and German leaders didn\'t result in any concrete measures to try and find a way out of the region\'s sovereign debt problems and restore investor confidence. Participants are worried the crisis would spread globally, hitting demand for oil and other commodities.\"The API numbers were quite supportive as gasoline supplies have come down, but risks continue to be on the economic front,\" said Victor Shum, an analyst with energy consultancy Purvin and Gertz. \"The meeting between Sarkozy and Merkel didn\'t amount to too much and that will cap gains in oil futures.\" US stockpiles of gasoline fell 5.4 million barrels in the week to August 12, well above analyst expectations for a 1.3 million barrel draw, data from the American Petroleum Institute (API) showed on Tuesday. The US Department of Energy will release the inventory data later today. French President Nicolas Sarkozy and German Chancellor Angela Merkel proposed a tax on financial transactions and closer joint governance of economic policy, but did not propose increasing the euro zone bailout fund or selling euro zone bonds. Asian shares fell on Wednesday and the euro wobbled after the disappointing meeting, while the safe haven asset gold held steady near a record high.Concerns about the debt crisis have weighed on oil markets in recent weeks, adding to worries about weak US economic data that could hit fuel demand.The euro zone economy slowed sharply in the second quarter, hobbled by sluggish growth in Germany and stagnation in France, raising fears of a longer-term dip.There was more upbeat data out of the US, with industrial output at the world\'s top oil consumer recording its best gain in seven months in July. Brent crude may end its rebound at around $109.57 a barrel, while US oil is unlikely to reach $90 per barrel as it faces a strong resistance at $88.17, Reuters technical analyst Wang Tao said.The conflict in Libya and Syria could further disrupt supplies and support oil prices, analysts said.\"The scale of disruption to Syrian oil production remains unclear, but Syria is reportedly importing gasoline from companies operating in the Mediterranean despite the existing sanctions,\" said analysts at JP Morgan in a report on Tuesday.\"As highlighted by recent statements by the US, even tougher sanctions may be required to limit Syria\'s ability to participate in the oil market.\"Syrian tanks fired on low-income Sunni Muslim districts in the port city of Latakia on Tuesday, the fourth day of an assault which has killed 36 people and forced thousands of Palestinian refugees to flee, activists said on Tuesday. From / Arabian Business News

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 brent crude stays above 109 on us gasoline draw Arab Today, arab today brent crude stays above 109 on us gasoline draw

 



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 brent crude stays above 109 on us gasoline draw Arab Today, arab today brent crude stays above 109 on us gasoline draw

 



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 Russia and Iraq restore air travel

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel
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 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
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 Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 11:53 2017 Saturday ,16 September

Jolie effect helps Namibian tourism

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

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