after 11month peak oil prices take a breather
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

After 11-month peak, oil prices take a breather

Arab Today, arab today

Arab Today, arab today After 11-month peak, oil prices take a breather

The US benchmark contract, West Texas Intermediate for July delivery
New York - AFP

After surging for three straight days to an 11-month high, oil prices pulled back Thursday as investors booked profits.

"Although there is potential for a small decline to develop into a more significant drop, so far this looks like a modest technical correction following three days of gains rather than a major reversal," said Tim Evans of Citi Futures. 

The US benchmark contract, West Texas Intermediate for July delivery, fell 67 cents to $50.56 a barrel, a day after closing at the highest level since July 2015.

In London, Brent North Sea for August delivery, the European benchmark, dropped 56 cents to $51.95 a barrel.

"A little profit taking here, but there's still a lot of strength in the market," said Carl Larry of Frost & Sullivan.

Larry predicted that prices could reach $55 next week. "Demand is strong," he said, while supplies are starting to look a bit weaker. "We're beginning to see a little more interest to the upside."

Oil prices have almost doubled since hitting their lowest level since 2003 in February, helped by declining US output and production cuts in Nigeria, because of rebel unrest, and in Canada, as wildfires ravaged the oil-producing Alberta region.

"The existing momentum, the market sentiment, the absence of any bearish news and the still sizeable supply outages suggest that the price rise will continue," Commerzbank analysts said in a research note.

They noted that investors shrugged off a 10,000 barrel per day rise last week in US crude oil production, the first increase in 13 weeks.

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*

after 11month peak oil prices take a breather after 11month peak oil prices take a breather

 



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*

after 11month peak oil prices take a breather after 11month peak oil prices take a breather

 



GMT 05:50 2017 Tuesday ,15 August

20 killed in Takhar funeral attack

GMT 04:51 2017 Thursday ,13 April

Huda Kattan among top 10 beauty influencers

GMT 09:44 2018 Saturday ,06 January

Aoun to deliver speech in Rome this afternoon

GMT 09:14 2017 Saturday ,30 December

London stocks end year on record high

GMT 11:47 2017 Monday ,11 December

France's rightwing shifts after Macron victory

GMT 04:49 2013 Monday ,27 May

Feng Shui living room concepts

GMT 19:45 2017 Wednesday ,18 January

The UAE Releases Global State of the Future Report

GMT 23:40 2017 Wednesday ,18 October

OIC condemns terrorist attack in Jeddah

GMT 16:41 2017 Saturday ,18 February

FBMA International Show Jumping Cup 2017 competition

GMT 17:43 2017 Tuesday ,14 February

Spanish activists taken to court over BDS activism
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