Oil touches 3-month lows
Pipelines are seen at the industrial zone
London - Arab Today
Oil hovered around three-month lows on Monday, as rising US inventories and drilling activity offset optimism over the Organization of the Petroleum Exporting Countries’ (OPEC) efforts to restrict crude output.
Brent crude was down 7 cents at $51.30 a barrel by 1202 GMT, having hit a session trough of $50.85, its lowest level since Nov. 30. US West Texas Intermediate crude (WTI) fell 15 cents to $48.34 a barrel. The price has fallen by more than 8 percent since last Monday, its biggest week-on-week drop in four months, and analysts said the slide may not have much further to run.
“The market is bearish because sentiment has turned. The risk is still toward the downside, but we are nowhere near the precipice,” PVM Oil Associates Tamas Varga said.
Goldman Sachs said in a note it remained “very confident” about commodity prices and maintained its price forecast of $57.50 a barrel for WTI in the second quarter. US drillers added oil rigs for an eighth consecutive week, Baker Hughes said on Friday, lifting spending to benefit from an earlier recovery in crude prices since OPEC agreed to cut output.
Source: Arab News
GMT 05:36 2017 Saturday ,18 March
Weaker dollar helps lift oil prices as investors weighedRussia tests new telemetry system during manned Soyuz MS-11 spacecraft’s launch
Moscow - TASS
The Astra-06 apparatus developed by specialists of Russian Space Systems (RSS) was used for the first time as additional telemetric equipment aboard the manned Soyuz MS-11 spacecraft launc...Read More
GMT 10:08 2018 Wednesday ,24 January
US Senate confirms Jerome Powell as next Fed chairman
GMT 07:32 2018 Tuesday ,23 January
Oil spill disasters in the past 50 yearsGMT 14:45 2011 Friday ,30 September
Plutonium \'detected outside Fukushima plant\'GMT 06:38 2011 Friday ,03 June
Cyber attacks constant
GMT 09:06 2024 Thursday ,08 February
Meghan presents fashion award to wedding dress designer Waight Keller
GMT 22:48 2018 Thursday ,13 December
French archaeological mission discovers artefacts in Umm Al Qaiwain
GMT 07:58 2018 Thursday ,25 October
Cathay Pacific data breach affects 9.4 million passengers
GMT 08:46 2018 Wednesday ,12 September
Arab foreign ministers conclude 150th meeting at the Arab League’s Secretariat
GMT 13:56 2018 Tuesday ,04 September
HRH Premier's keenness to promote social ties hailed
GMT 17:29 2013 Tuesday ,02 July
HEC pays an inspection visit to Ahlia University
GMT 18:50 2016 Monday ,04 April
United States seizes thousands of Iranian weapons, including grenade launchers, in Arabian Sea
GMT 06:38 2017 Monday ,10 April
Prime Minister Participates in Meetings of Interior Ministers' Council
GMT 10:35 2017 Thursday ,10 August
Victory Team ready for UIM F1H2O World Championship
GMT 11:38 2017 Thursday ,10 August
Fujairah Crown Prince opens Jiu Jitsu ChampionshipGMT 13:46 2011 Thursday ,16 June
Flavoured milk off the menu in schools
GMT 21:07 2017 Thursday ,04 May
Afghan president calls upon Taliban to join peace process
GMT 16:01 2014 Monday ,06 January
Hilton continues growth in UAEGMT 14:44 2011 Sunday ,12 June
Hundreds of schools face blacklistingGMT 09:16 2011 Friday ,15 July
Google going social as profit soarsGMT 11:49 2011 Thursday ,13 October
Abou-Treika joins Ahly trainings for Haras clash
GMT 08:57 2015 Friday ,12 June
Trio share St Jude lead
GMT 13:09 2016 Wednesday ,07 September
Bosch 'helped conceal' Volkswagen's emissions cheating devicesGMT 00:48 2011 Sunday ,08 May
West Ham rooted to bottom of PremiershipGMT 23:09 2011 Tuesday ,10 May
De Jong backs Man City to beat SpursGMT 06:53 2011 Saturday ,21 May
UN Chief to visit Nigeria next week
GMT 11:57 2017 Monday ,27 February
Meet Malaysia's first family of skiing
GMT 11:31 2012 Monday ,15 October
Chadli Bendjedid.. The era where change stopped in Algeria
GMT 10:07 2017 Thursday ,10 August
Portuguese media delegation praises activities of Dubai Sports World
GMT 19:04 2017 Saturday ,25 March
Malaysia's February CPI Up 4.5 Per Cent
GMT 14:16 2013 Sunday ,30 June
Top advice on making him careGMT 09:52 2013 Friday ,19 April
Actress shaves her locks for cancer-patient role
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 ©
Send your comments
Your comment as a visitor