oil recovers a bit from steep falls
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 recovers a bit from steep falls

Arab Today, arab today

Arab Today, arab today Oil recovers a bit from steep falls

Oil pumping jacks are pictured at the Chevron section of the Kern River Oil Field
New York - AFP

Oil recovered a bit Monday from a series of declines that drove prices to near seven-year lows as investors worried about copious global supplies.

US benchmark West Texas Intermediate for delivery in January rose 69 cents to finish at $36.31 a barrel on the New York Mercantile Exchange.

Brent crude futures for January, the global benchmark, fell just one cent to $37.92 a barrel in London.

Ted Sloup of iiTrader.com called the market moves Monday "a healthy correction" in a technically oversold market.

But, he said, "overall the market is still very bearish" as investors continued to worry about global oversupplies.

After falling for six consecutive sessions, oil prices ended Friday with WTI at its lowest point since February 2009 and Brent down to a level last seen amid the 2008 global financial crisis.

Sloup said that investors also were showing caution ahead of the Federal Reserve's interest rate decision due Wednesday, expected to raise the benchmark federal funds rate for the first time in nearly a decade and possibly strengthen the dollar. Crude oil is priced in the US currency.

Tim Evans of Citi Futures pointed out that the landmark climate agreement reached over the weekend in Paris by 195 countries was expected to weigh over the market on a long-term basis.

"More detailed assessments will follow in the weeks and months to come, but the net impact, we think, would be a further gradual dampening of global petroleum demand growth over the decades to some, rather than an immediate downward revision to 2016 consumption," Evans said.

 

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 recovers a bit from steep falls oil recovers a bit from steep falls

 



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 recovers a bit from steep falls oil recovers a bit from steep falls

 



GMT 07:20 2017 Saturday ,08 April

Joint Security Force deploys in Ain el Hilwe

GMT 12:46 2017 Wednesday ,15 February

Turkey’s entanglement in Al-Bab

GMT 14:20 2017 Tuesday ,07 February

Khamenei rebuffs Trump's warning on missiles

GMT 21:12 2016 Sunday ,23 October

Yemen deports 200 illegal African migrants

GMT 09:12 2017 Friday ,10 February

Trump, senior Republican spat over deadly Yemen raid

GMT 13:58 2012 Thursday ,04 October

Michel Azzi leaves Future TV

GMT 12:54 2017 Monday ,21 August

Lawmakers' efforts praised
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