oil creeps up from 10month low but down nearly 4 on week
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 creeps up from 10-month low, but down nearly 4% on week

Arab Today, arab today

Arab Today, arab today Oil creeps up from 10-month low, but down nearly 4% on week

OPEC-led efforts to reduce production and end the oil glut
New York - Arab Today

Oil futures climbed almost 1 percent on Friday on lift from a falling dollar but remained down for a fifth week in a row and close to a 10-month low as production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) have failed to substantially reduce a global crude glut.
Brent futures were up 40 cents, or 0.9 percent at $45.62 a barrel by 11:52 a.m. EDT, pushing the front-month out of technically oversold territory for the first time this week.
US West Texas Intermediate (WTI) crude was up 37 cents, or 0.9 percent, at $43.11 per barrel.
Both Brent and US futures remained on track to decline for a fifth week in a row, which would be the longest slumps for front-month contracts since August 2015.
“Crude is getting a good pop off the fall in the dollar,” said Phil Davis, a managing partner at PSW Investments in Woodland Park, New Jersey.
The US dollar was down 0.4 percent against a basket of currencies, on track for its biggest daily percentage decline since early June after weaker-than-expected US economic data. This boosted greenback-denominated oil.
Still, oil prices remain down about 20 percent this year despite an effort led by OPEC to cut production by 1.8 million barrels per day (bpd).
That puts the market on course for its biggest first-half percentage fall since the late 1990s, when rising output and the Asian financial crisis led to sharp losses.
“We doubt that demand growth will accelerate sufficiently to break the current downward price momentum,” analysts at Bank of America Merrill Lynch said in a note on Friday, citing surprisingly weak recent economic data in the US, China and Asia.
OPEC-led efforts to reduce production and end the oil glut have been frustrated by soaring output from the US and OPEC members Libya and Nigeria, which are exempt from the cuts.
Thanks to shale drillers, US oil production has risen more than 10 percent in the past year to 9.35 million bpd.
“Rising US output continues to stress markets, with increasing evidence that improved efficiency and technology makes many of the shale plays profitable below $40 a barrel,” analysts at Cenkos Securities wrote.

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 creeps up from 10month low but down nearly 4 on week oil creeps up from 10month low but down nearly 4 on week

 



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 creeps up from 10month low but down nearly 4 on week oil creeps up from 10month low but down nearly 4 on week

 



GMT 08:23 2017 Monday ,03 April

Tesla tops quarterly sales forecast

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 05:28 2017 Sunday ,26 November

Gas exporters call for 'fair price'

GMT 10:51 2018 Tuesday ,11 December

Cloudy weather with rain showers forecast Tuesday

GMT 20:00 2017 Monday ,25 September

Tourism minister leaves for France to attend Top Resa

GMT 22:07 2017 Tuesday ,02 May

UAE soldier martyred in Yemen

GMT 00:25 2017 Sunday ,10 September

Philippines Sees the Bloodiest

GMT 20:21 2017 Wednesday ,08 November

Ambassador Aizaz Chaudhry met members of Congress in US

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:16 2017 Monday ,25 December

Sharjah Ruler issues Emiri Decree on SGMB functions

GMT 13:16 2017 Sunday ,15 October

Qatari sheikh says assets frozen over Gulf crisis

GMT 12:50 2017 Saturday ,11 November

ICC prosecutor calls for Afghanistan war crimes probe

GMT 13:28 2012 Friday ,17 February

NYT\'s Anthony Shadid dies in Syria

GMT 16:44 2017 Friday ,01 September

Al-Bashir to partake in OIC Summit in Kazakhstan
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