oil dives to new 5year lows
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 dives to new 5-year lows

Arab Today, arab today

Arab Today, arab today Oil dives to new 5-year lows

In early afternoon London deals
London -AFP

Global oil prices spiralled lower Monday to strike new five-year lows as traders fretted over gloomy data, demand worries and plentiful crude supplies.
In early afternoon London deals, Brent North Sea crude for delivery in February sank to $54.44 per barrel, hitting the lowest level since May 2009.
US benchmark West Texas Intermediate for February sank to a similar low at $51.16.
"Oil endured brand new five-year lows," said analyst Connor Campbell at trading firm Spreadex.
"The commodity has continued to shed points in the New Year, prompted by a cavalcade of bad manufacturing figures across the globe last week.
"The black stuff is still looking abandoned and lost as 2015’s trading begins in earnest, and continues to be a stain on the worldwide markets."
Traders meanwhile awaited fresh leads from top crude consumer the United States, while analysts warned that further losses are  likely.
Singapore's United Overseas Bank said in a commentary that a key US employment report on Friday and the release of the latest meeting minutes from the US Federal Reserve on Wednesday "will dominate the market's attention" this week.
Investors will pore over both releases for fresh clues on when the US central bank will raise interest rates, the Singapore lender said.
Daniel Ang, investment analyst at Phillip Futures in Singapore, said crude prices are expected "to continue to be on (a) bearish trend".
"After what seemed to be profit-taking at the end of the year, oil bears have returned from their holidays and are back for more," he said.
"As we continue to take a bullish stand for the US economy, we expect the dollar to strengthen, thus putting further downward pressure on oil prices."
Crude has lost nearly half its value since June because of a global supply glut, as well as slowing growth in China and emerging market economies, a recession in Japan and a near stall in the eurozone.
The OPEC oil-producing cartel in November said it would maintain output levels despite ample global supplies, in part because of cheaper oil extracted from North American shale rock.

 

 

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 dives to new 5year lows oil dives to new 5year lows

 



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 dives to new 5year lows oil dives to new 5year lows

 



GMT 09:55 2017 Wednesday ,19 April

Filipino president arrives in Saudi

GMT 12:47 2017 Sunday ,06 August

Hend Saeed Saleh reveals secrets of his father

GMT 01:49 2016 Wednesday ,15 June

Swedish SAS pilots agree to end strike

GMT 13:52 2018 Tuesday ,09 January

Berri, Richard tackle current situation

GMT 07:24 2017 Sunday ,24 December

Nelson Mandela, anti-apartheid icon, dies at 95

GMT 15:16 2017 Sunday ,17 September

Four killed in market explosion in Afghanistan

GMT 23:03 2017 Wednesday ,06 December

FNC Speaker receives President of Nepal

GMT 05:41 2017 Tuesday ,29 August

Kenya bans plastic bags in bid to fight pollution

GMT 05:00 2017 Wednesday ,06 September

War-divided Syrians unite over football spot

GMT 01:07 2016 Tuesday ,30 August

China reviews inbound investment laws

GMT 02:32 2017 Thursday ,11 May

Own a business in Oman? Haya Water warns traders

GMT 23:07 2017 Thursday ,16 November

Jordan condemns terrorist attack in New York

GMT 16:16 2013 Monday ,15 April

Fewer Americans view their income taxes as fair
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