oil prices fall 2 on signs market
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil prices fall 2% on signs market

Arab Today, arab today

Arab Today, arab today Oil prices fall 2% on signs market

The rise in US output coincides
London - Arab Today

Oil prices fell more than 2 percent on Friday after data showed US production rose last week just as the Organization of the Petroleum Exporting Countries (OPEC) exports hit a 2017 high, casting doubt over efforts by producers to curb oversupply.
Global benchmark Brent futures were down $1.01, or 2 percent, at $47.10 a barrel at 1341 GMT, after falling to as low as $46.63, the weakest level in more than a week.
US West Texas Intermediate (WTI) crude futures traded at $44.53 a barrel, down 99 cents or 2.2 percent. Their session low of $44.05 was also the lowest in over a week.
“Bearish news from the supply side has dragged prices down. The spotlight seems to be on the problem of oversupply once again,” said Frank Schallenberger, head of commodity research at LBBW in Stuttgart.
Weekly US government data showed on Thursday that US oil production rose 1 percent to 9.34 million barrels per day (bpd), correcting a drop in the previous week that was down to one-off maintenance work and hurricane shutdowns.
The rise in US output coincides with exports from OPEC climbing for a second consecutive month in June to the highest level this year.
Russia, which is cooperating with OPEC in a deal to stem production, said on Friday it was ready to consider revising the parameters of the deal if need be.
A group of oil producing countries monitoring the output deal will meet on July 24 in Russia at which point they could recommend adjusting the pact.
OPEC sources welcomed Russia’s comments on Friday, saying they provided a good basis for discussions on deepening production cuts. The market largely ignored news from the US Energy Information Administration (EIA) that US crude inventories fell by 6.3 million barrels in the week to June 30 to 502.9 million barrels, the lowest since January.
The push-and-pull between bearish and bullish factors will keep volatility high, said Hans van Cleef, a senior energy economist at ABN Amro.
“In the near term, this leaves us with a volatile trading range of roughly $45-50 a barrel.”
If OPEC were unable to balance the market change would likely be forced on it by oil prices, said Morgan Stanley. The US bank said a WTI price of $46 to $50 per barrel would likely prevent US production rising in the mid- to long-term, but prices need to be “in the low $40s” for US output to fall significantly.
Morgan Stanley said it expected WTI to remain below $50 until mid-2018.

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*

oil prices fall 2 on signs market oil prices fall 2 on signs market

 



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 prices fall 2 on signs market oil prices fall 2 on signs market

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
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