Oil prices hit 7-month lows on oversupply
Oil prices hit 7-month lows on oversupply
London - Egypt Today
Oil prices fell to seven-month lows on Tuesday after news of increases in supply by several key producers, a trend that has undermined attempts by Opec and others to support the market through reduced output.
Benchmark Brent dropped $1.29 to a low of $45.62 a barrel, its weakest since November 15, two weeks before Opec and other producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from January.
Brent was trading around $45.81, down $1.10, by 1225GMT. The US crude futures contract for July, due to expire later on Tuesday, fell $1.27 to $42.93, its lowest since November 14, before recovering to around $43.10.
Both benchmarks are down more than 15 per cent since late May, when the Organisation of the Petroleum Exporting Countries, Russia and other producers extended limits on output until the end of March 2018.
source: Khaleejtimes
GMT 12:56 2018 Friday ,21 September
Is London real estate still a buyer’s market?GMT 13:38 2018 Thursday ,06 September
Northern Powerhouse cities for UAE property investorsGMT 13:33 2018 Friday ,05 January
London house prices in first annual fall since 2009GMT 08:10 2017 Tuesday ,31 October
London house-buyers get lift from BrexitGMT 08:01 2017 Wednesday ,03 May
Hong Kong firm snaps upRussia 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 17:41 2018 Thursday ,06 December
Israeli forces halt construction of school facility in Nablus
GMT 07:22 2017 Monday ,20 November
Honda recalls 800,000 minivans over faulty seats
GMT 07:15 2017 Thursday ,30 November
Colombian President invites UAE companies
GMT 13:44 2013 Wednesday ,07 August
Chinese game developers bet on smartphone gamesGMT 10:30 2011 Tuesday ,23 August
The Arab-Spanish investment forum 2011
GMT 10:49 2017 Monday ,06 November
Britain frozen out as EU finance chiefs plot future
GMT 14:30 2017 Wednesday ,06 December
India scent Test victory as pollution makes bowlers vomit
GMT 08:16 2018 Friday ,09 November
Russia’s Aurus cars to be showcased during Geneva Motor Show
GMT 12:32 2018 Tuesday ,16 October
Runaway former sex offender nabbed in Thailand
GMT 10:05 2017 Tuesday ,07 March
Turkey, Russia, US army chiefs hold talks in Turkey
GMT 16:34 2017 Wednesday ,01 March
Afghan capital attack toll jumps to 16
GMT 20:32 2013 Monday ,17 June
Porsche finds a new target audienceGMT 17:46 2013 Monday ,21 January
US Navy ship stranded at Philippines World Heritage siteGMT 01:03 2012 Sunday ,15 July
Wikipedia hits defining moment in social Web era
GMT 05:29 2014 Tuesday ,04 November
New telecommunications entity not alternative to Telecom Egypt
GMT 23:25 2016 Friday ,17 June
Pentagon criticises Russia for striking US-backed Syrian rebels
GMT 10:13 2011 Sunday ,31 July
Distressed debt firm eyes Nakheel creditors
GMT 18:25 2016 Thursday ,08 September
Ex-Lankan president’s ‘vanity airline’ grounded
GMT 13:22 2018 Thursday ,06 September
India after Goods and Services Tax: Hundreds of thousands lose jobs, small businesses shut down
GMT 21:02 2018 Wednesday ,05 September
Magnitude 5.5 earthquake strikes Russia’s Urals region
GMT 18:54 2014 Tuesday ,14 January
Cobalt nanoparticles applied in designing biosensor
GMT 12:00 2013 Wednesday ,31 July
Saudi consumers given teeth whitening kit warning
GMT 14:26 2014 Wednesday ,12 February
Earthquake behind shroud of Turin image
GMT 08:58 2014 Wednesday ,15 January
\'Lone Survivor\' blows away North American box office
GMT 03:42 2017 Thursday ,09 March
INTERVIEW: May Zain El Din on improving the lives of the differently-abled in Egypt
GMT 15:32 2015 Sunday ,27 September
Thousands march to remember Mexico's missing students
GMT 01:25 2017 Thursday ,05 January
Strong Earthquake Strikes Off Coast of Fiji
GMT 12:51 2011 Friday ,08 July
No plans to merge Gazprom and Naftogaz
GMT 16:03 2016 Tuesday ,12 July
Abu Dhabi Municipality seizes 765 derelict cars in Musaffah
GMT 20:23 2016 Wednesday ,12 October
Saudi King Directs to Facilitate Transfer of Wounded in Sana'a Accident
GMT 19:46 2016 Monday ,05 December
Fake ‘US Embassy’ in Ghana shut down after 10 years
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