oil prices slide on high supplies
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 slide on high supplies

Arab Today, arab today

Arab Today, arab today Oil prices slide on high supplies

US benchmark West Texas Intermediate
London - AFP

Another surge in US stockpiles pushed oil prices lower on Thursday, giving up gains won after the US Federal Reserve cooled the chances of an early hike to interest rates.
US benchmark West Texas Intermediate (WTI) for delivery in April shed $1.52 to $43.14 a barrel.
Brent North Sea crude for May delivery lost 85 cents to stand at $55.06 in London midday deals.
WTI had gained $1.20 Wednesday and Brent jumped $2.40 after the US central bank signalled it was in no hurry to raise rates, which sent the dollar tumbling.
A weaker US currency makes dollar-priced oil cheaper for holders of rival currencies, fuelling demand.
But the rally was shortlived as the fundamentals of an oversupplied market and weaker demand took hold of sentiment following the US crude inventory report, analysts said.
The US Department of Energy on Wednesday said stocks jumped 9.6 million barrels for the week ending March 13.
"The report indicates a build up in the global supply glut that has been pushing prices down thus far," said Shailaja Nair, associate editorial director at energy information provider Platts.
Daniel Ang, an investment analyst with Phillip Futures in Singapore, said prices would remain under pressure for as long as supply was outpacing demand.
"Fundamentals have not changed and just a short-term jolt in prices from the weakening US dollar will not change that fact," he said in a market commentary.
"Prices are still going to stay low if demand and supply does not improve."
World oil prices have collapsed by about 60 percent since June, with strong US production exacerbating elevated output by the OPEC cartel.
OPEC members meanwhile have no choice but to maintain current production levels despite falling oil prices in order to preserve their market share, Kuwait's oil minister said on Thursday.
"Within OPEC, we don't have any other choice than keeping the ceiling of production as it is because we don't want to lose our share in the market," Ali al-Omair told reporters.
But the minister welcomed any arrangements with non-OPEC crude producers to stabilise the market.
"If there is any type of arrangements with countries outside OPEC, we will be very happy," Omair said after signing a cooperation agreement on oil and investment with Russia.
The 12-member Organization of Petroleum Exporting Countries, which pumps about one-third of the world's oil, decided in November to maintain production unchanged, sending oil prices crashing.

 

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 slide on high supplies oil prices slide on high supplies

 



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 slide on high supplies oil prices slide on high supplies

 



GMT 20:57 2017 Tuesday ,14 February

China to avoid bank shock, reach high income

GMT 14:11 2017 Friday ,18 August

Infosys chief quits in rift with founders

GMT 11:08 2017 Saturday ,16 September

German union attacks Air Berlin administrators for delay

GMT 19:59 2017 Saturday ,21 October

Mufti condemns Afghan mosque attacks

GMT 05:33 2016 Sunday ,18 December

Oil tanker catches fire on Super Highway, 3 killed

GMT 16:15 2017 Tuesday ,11 July

IEA: Oil, gas investment set to recover slightly

GMT 09:12 2018 Wednesday ,12 December

Ford trains 1,600 motorists in Mideast, Africa in 2018

GMT 18:29 2013 Friday ,08 March

Cheb Khaled tops best French song list

GMT 14:22 2018 Saturday ,20 January

Hariri meets French Foreign Minister

GMT 06:33 2017 Sunday ,31 December

Gazan dies after border clash with Israel forces
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