crude prices resume longest rally since 2012
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Crude prices resume longest rally since 2012

Arab Today, arab today

Arab Today, arab today Crude prices resume longest rally since 2012

The oil price is still down 14 percent this year
London - Arab Today

Oil pared earlier losses on Monday, resuming its longest stretch of daily rallies in more than five years after data pointed to moderating US output, though analysts said news of rising production from the Organization of the Petroleum Exporting Countries (OPEC) could cap gains.
Brent crude futures were up 26 cents on the day at $49.03 a barrel by 1300 GMT, off a session low of $48.54. The price rose 5.2 percent last week for a first weekly gain in six.
The benchmark Brent price has risen for eight trading days in a row, the longest unbroken stretch of gains since February 2012. US crude futures rose 28 cents to $46.32.
“There may be more upside to come in days ahead, despite sentiment having previously been extremely bearish,” said OANDA analyst Craig Erlam.
Speculators in Brent crude futures and options raised their bets against a sustained price rise to the highest level on record in the latest week.
Drilling activity for new oil production in the US fell for the first time since January, dropping by two rigs, while US government data showed crude output fell in April for the first time this year.
“Sentiment has turned and I think we should be going up (in price). I do not think it is going to last, but the momentum at the moment is with the bulls,” PVM Oil Associates strategist Tamas Varga said.
The drop in US rig count and US Energy Information Administration (EIA) figures showing output fell by 24,000 barrels per day (bpd) on a monthly basis “sent out a short-term bullish message,” he said.
The oil price is still down 14 percent this year, with strong global demand not enough to absorb rising output from the US, Nigeria, Libya and other locations, such as Brazil and the North Sea.
Despite the dip in US drilling, the total rig count was still more than double the 341 rigs in the same week a year ago, according to energy services firm Baker Hughes.
Oil markets remain oversupplied as output from OPEC hit a 2017 high.
“At current output levels OPEC will not succeed in eliminating the inventory overhang completely by year’s end,” Commerzbank analysts said in a note.
June OPEC production was up by 280,000 bpd at 32.72 million bpd, a Reuters survey showed, despite the group’s pledge to hold back output.
“To put that in context, that is nearly a quarter of the 1.2 million barrels (per day) OPEC agreed to cut,” said Greg McKenna, chief market strategist at AxiTrader, adding that the rise came from Nigeria and Libya, which are exempt from the cuts.

 

Source: Arab 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*

crude prices resume longest rally since 2012 crude prices resume longest rally since 2012

 



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*

crude prices resume longest rally since 2012 crude prices resume longest rally since 2012

 



GMT 06:49 2012 Saturday ,01 September

Lamitta Frangieh on her \'Facebook Romance\'

GMT 08:26 2017 Wednesday ,08 February

Qatar spending $500m a week on World Cup projects

GMT 17:00 2017 Tuesday ,27 June

Saudi Arabia rebuts fake news on Turkey, Israel

GMT 10:31 2016 Monday ,12 December

Second Sydney airport cleared for take off

GMT 05:27 2017 Sunday ,16 April

GIB Capital wins 4 EMEA Finance Awards

GMT 13:58 2016 Friday ,30 December

Australia beat Pakistan to win Test series

GMT 10:07 2017 Monday ,17 April

Mark Hamill would like to play George Lucas

GMT 12:10 2016 Tuesday ,13 December

Over 30 dead as Kenya tanker crashes, explodes

GMT 02:13 2017 Monday ,25 September

December22nd-January20th

GMT 15:39 2017 Tuesday ,03 October

Bangladesh rescues 20 Rohingya held by racket gang

GMT 02:51 2017 Friday ,10 November

Under siege, Syria doctors forced to improvise care

GMT 12:18 2015 Tuesday ,14 July

Russia sack Capello as national team coach

GMT 16:07 2017 Saturday ,26 August

ISIS Claims Attack on Shiite Mosque in Afghanistan

GMT 13:47 2017 Monday ,27 February

China blue chips post worst day in 2 months

GMT 02:56 2017 Tuesday ,25 July

President Jokowi performs Eid Prayers in Padang

GMT 16:21 2017 Tuesday ,03 October

Sisi greets Guinea on independence anniversary

GMT 04:18 2017 Saturday ,16 September

Kim and Kanye expecting third baby via surrogate
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