oil falls talk of spr release encourages profittaking
Last Updated : GMT 05:07:00
Arab Today, arab today
Arab Today, arab today

Oil falls, talk of SPR release encourages profit-taking

Arab Today, arab today

Arab Today, arab today Oil falls, talk of SPR release encourages profit-taking

Washington - Arabstoday

Oil prices fell for a third straight session on Thursday, snapping key technical support after growing talk of a release of strategic petroleum reserves (SPR) by consumer nations spurred profit-taking. Ahead of the end of the quarter, traders took profits from oil\'s bull run as the United States, Britain and France consider releasing emergency stockpiles in hopes of bringing down high fuel prices that have caused economic and political fallout. Concerns about the economy mounted on Thursday after data showed a higher-than-expected number of Americans filed U.S. jobless claims, weighing on stock and crude markets. \"I think part of it is today\'s economic data,\" said Richard Ilczyszyn, chief market strategist and founder of iitrader.com LLC in Chicago. \"I think traders are very sensitive to booking profits to have that 1 to 2 percent gain for the month.\" \"We\'ve been talking about the SPR here, France and the UK, that could be weighing on some investors.\" Losses accelerated after U.S. crude broke through the 50-day moving average in afternoon trade, dragging down prices for international benchmark Brent as well. Brent crude futures fell $1.89 to $122.27 a barrel by 2:34 p.m. EDT (1834 GMT), extending losses after falling 1.09 percent the previous session. U.S. crude futures dropped $2.63 to settle at $102.78 a barrel, having dropped by 1.8 percent on Wednesday and marking the biggest two-day slide since mid-December. Brent\'s premium to U.S. crude rose above $19 a barrel, reaching $19.82 intraday. Front-month April RBOB gasoline showed more resilience, off only slightly ahead of expiry on Friday. Brent trading outpaced U.S. crude futures although overall volumes were not strong. Brent crude volumes were 7 percent below the 30-day moving average in afternoon trade, while U.S. crude trade was 27 percent below that level. Despite the run up in prices this year, oil volatility has dropped to the lowest level in five years this month, suggesting that demand for protection against risks including an abrupt loss of Iranian supplies, a dramatic drop in demand or a release of emergency reserves has waned. RESERVE RELEASE? In addition to the United States, Britain and France, other countries including South Korea and Japan may join the plan, which comes after prices jumped 15 percent jump since December. French Prime Minister Francois Fillon said he believes there is a good chance of a U.S.-Europe accord on the release of strategic oil reserves. The impact on Iranian supplies from U.S. and EU sanctions aimed at halting Tehran\'s nuclear program, an accident in the North Sea and reported attacks on oil-producing areas in South Sudan this week have contributed to the price rise. The rise in oil prices drew a rare opinion piece in the Financial Times on Wednesday from Saudi Arabia\'s oil minister Ali al-Naimi where he reiterated comments from last week that the market was well supplied reassured that the OPEC kingpin would meet any supply loss. Consumer nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralize the impact on oil prices if they tap emergency reserves, industry and diplomatic sources said. Last year after the International Energy Agency tapped reserves at the end of June to fill the gap left by Libya\'s civil war, Saudi output at first remained high, and then fell. Some members of the IEA have argued against the need for another coordinated effort by the agency, although it said in a statement it was ready to respond if market conditions warrant action. \"The oil market has been tightening in recent months,\" the IEA said in a statement from its Executive Director Maria van der Hoeven. \"The International Energy Agency, like many others, is concerned by the impact of these high prices while the global economic recovery remains fragile.\"

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*

oil falls talk of spr release encourages profittaking oil falls talk of spr release encourages profittaking

 



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*

oil falls talk of spr release encourages profittaking oil falls talk of spr release encourages profittaking

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
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 Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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