oil pulls back on preliminary data
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Oil pulls back on preliminary data

Egypt Today, egypt today

Egypt Today, egypt today Oil pulls back on preliminary data

Oil prices
Cairo - MENA

Oil prices sharply pulled back as the market reacted to preliminary data that suggested US crude stockpiles unexpectedly rose last week, CNBC reported.
US West Texas Intermediate crude eased back to $43.70, after ending Tuesday's session at $44.24, up 86 cents, or 2 percent.
International benchmark Brent crude futures were up 33 cents to $46.16 by 4:47 p.m. ET (2047 GMT).
The American Petroleum Institute reported a surprise 851,000 barrel increase in US crude inventories in the week through June 23.
Crude stocks were expected to fall by 3.25 million barrels, according to a survey of analysts by S&P Global Platts.
The API figures capture a smaller portion of total US storage than official government data and frequently diverge significantly from Energy Department figures, which are out Wednesday at 10:30 a.m. ET (1430 GMT).
US stockpiles at the Cushing, Oklahoma delivery hub for the WTI contract fell by 678,000 barrels, according to the API data. The read on Cushing is considered the most accurate in the API figures.
Oil prices surged 2 percent earlier on Tuesday as traders covered bets that oil prices will fall further and the market anticipated a drop in US crude inventories.
Technical analysts have identified support levels between $40.40 and $40.70, according to Tom Kloza, global head of energy analysis at Oil Price Information Service
"I don't want to call [Tuesday's price rise] a dead cat bounce," he said, referring to a brief recovery from a sharp decline. "But it's a nominal bounce. It's certainly nothing that proves that the bear market is over."
"I think it's the notion that the next $7 will be a move up as opposed to a move down," he added.
Analysts and traders told CNBC oil's plunge to the low $40 range has made traders less likely to take out new short positions, or bets that prices will fall further.
With consensus forming around the idea the bottom is likely somewhere in the upper $30 range, there is too little reward in opening new short positions, analysts said. A bounce higher on a supply disruption or geopolitical event could make a bet on a further drop a costly one.
In the week through June 20, the ratio of long positions to short positions in WTI among money managers on the New York Mercantile Exchange further narrowed from recent highs, a contrarian signal that the market is approaching a bottom. 

Source: MENA

egypttoday
egypttoday

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 pulls back on preliminary data oil pulls back on preliminary data



GMT 08:02 2015 Tuesday ,15 September

No snow: Californian water source at 500-year low

GMT 15:25 2018 Wednesday ,14 November

Friedrich Merz vows to steal half of AfD voters

GMT 06:53 2017 Saturday ,18 February

G20 foreign ministers vow to fight poverty in Africa

GMT 14:27 2017 Friday ,10 March

Hypercars mingle with station wagons

GMT 13:13 2011 Friday ,16 December

Hyundai i-oniq Concept for Geneva 2012

GMT 11:53 2011 Monday ,26 September

Guerrero: We’ve got Peruvians dreaming

GMT 18:17 2016 Sunday ,18 December

Iraqi warplanes bomb Daesh warehouses

GMT 16:54 2017 Sunday ,15 January

26 killed as Hadi forces push Houthis back

GMT 04:29 2016 Saturday ,25 June

A New Generation of Robots is Ready for the Market

GMT 12:31 2011 Saturday ,26 November

Google working on OnLive rival for Chrome OS

GMT 23:18 2017 Wednesday ,01 March

Dh4.2m lawsuit against George Wassouf thrown out

GMT 12:57 2018 Tuesday ,09 January

German industrial orders dip in November

GMT 07:18 2018 Sunday ,07 January

Palestinians mark Orthodox Christmas

GMT 02:09 2017 Sunday ,08 January

Downtown Dubai is a place to be on New Year’s Eve

GMT 06:32 2018 Wednesday ,03 January

A Weathered Penny appoints

GMT 10:14 2015 Tuesday ,11 August

Woman drowns in Dubai after father blocks rescue

GMT 13:51 2013 Friday ,25 January

Billy Bragg to get BBC Folk Award

GMT 00:30 2012 Thursday ,27 September

Causes of snoring in pregnancy revealed

GMT 08:30 2016 Sunday ,10 April

War photographer and mother, the woman

GMT 14:06 2012 Thursday ,26 July

Depression linked to artificial light

GMT 05:44 2011 Tuesday ,19 April

New hope for secretive rare animal

GMT 18:53 2012 Tuesday ,27 November

Radio host suspended over anti-Semitism
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt 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 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday