28 countries to release crude
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

28 countries to release crude

Arab Today, arab today

Arab Today, arab today 28 countries to release crude

New York - Arabstoday

Crude oil prices tumbled Thursday on fresh news of U.S. economic weakness and a pledge by 28 countries to release 60 million barrels of oil from strategic reserves. And stocks fell sharply on news of a rise in U.S. unemployment claims; the Dow Jones industrials was off more than 200 points early in the day before making a slight comeback. Oil company stocks from BP in Britain to Total in France and ExxonMobil in the U.S. were all marked down heavily in the wake of the oil news, adding to the already depressed mood in stock markets. The mood has been downbeat since Wednesday's warning from Federal Reserve chief Ben Bernanke that the problems plaguing the U.S. economy "may be stronger and more persistent" than originally thought. However, Bernanke gave no indication the central bank will back another monetary stimulus after the current $600 billion program runs out at the end of the month. The International Energy Agency, based in Paris, warned that the tight oil market "threatens to undermine the fragile global economic recovery" by forcing individuals and businesses to spend more on energy and less on other goods and services. It said it made the move because normal increase in demand over the summer "will exacerbate the shortfall further" and pledges by some oil producers to boost ouput will take a while to have an effect. The Obama administration decided to release 30 million barrels of oil from the country's Strategic Petroleum Reserve, about half the total. "We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery," Energy Secretary Steven Chu said Thursday. White House officials would not predict how release of the oil will affect gasoline prices at the pump. On the New York Mercantile Exchange, light, sweet crude for August delivery fell more than $4 a barrel to around $91 a barrel. Oil's most recent high was $113.93 a barrel in April. The slowing U.S. recovery was evident in figures Thursday that showed the number of Americans applying for unemployment rose 9,000 last week to 429,000, while new home sales fell 2.1%. "As the Fed says, housing remains depressed," said Sal Guatieri, senior economist at BMO Capital Markets. "It's likely to stay that way until job growth picks up, and the latest jobless claims figures are far from encouraging." The 28 members of the IEA — mainly oil-importing countries in Europe — will make 2 million barrels a day available from their emergency stocks over an initial period of 30 days. Months of fighting in Libya have removed 132 million barrels of light, sweet crude oil from the market by the end of last month, the agency estimated. Prices have been high in recent months. They eased this week, to below $93 a barrel on Thursday, due to concerns that U.S. economic growth and crude demand will weaken. Demand growth in China, the world's second-largest oil consumer, has also slipped slightly but remains robust.

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*

28 countries to release crude 28 countries to release crude

 



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*

28 countries to release crude 28 countries to release crude

 



GMT 09:16 2017 Wednesday ,13 December

Cape wearing tips

GMT 20:49 2017 Monday ,21 August

South Asia floods claim more than 750 lives

GMT 19:06 2016 Saturday ,10 December

IOF Close Al-Nabi Saleh Village's Entrance

GMT 18:01 2017 Wednesday ,22 February

Abu Sayyaf ‘likely’ behind Vietnam freighter attack

GMT 06:41 2017 Sunday ,03 December

Hamas threatens 'intifada' over US moves on Jerusalem

GMT 16:17 2017 Saturday ,21 January

BMW 7 series crosses 5,000 unit mark in 2016

GMT 12:17 2016 Wednesday ,24 February

United Technologies nixes Honeywell merger

GMT 23:37 2017 Monday ,31 July

Saudi Arabia sanctions Hezbollah member

GMT 05:45 2018 Saturday ,29 September

Abdullah bin Zayed hosts official reception in New York

GMT 04:12 2018 Friday ,12 January

Saudi-led coalition says Yemen rebels threat

GMT 11:18 2014 Monday ,22 December

Richard Ward adds to The Chelsea Collection
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday