oil prices mixed after china stimulus move
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 prices mixed after China stimulus move

Arab Today, arab today

Arab Today, arab today Oil prices mixed after China stimulus move

US benchmark West Texas Intermediate
London - AFP

Oil prices diverged Monday as the market assessed fresh stimulus action by China against a background of a US crude supply glut.

US benchmark West Texas Intermediate for May delivery gained 17 cents to $55.91 a barrel.

Brent North Sea crude for June fell 66 cents to stand at $62.79 a barrel in London afternoon deals and after recent strong gains.

China's central bank has cut the reserve requirement ratio (RRR) -- or amount of cash that commercial banks must hold in reserve -- by one percentage point, the second such move this year to boost lending.

The People's Bank of China (PBoC) made the move effective on Monday.

Sucden brokers said investors were mulling "over the effects of the PBoC’s decision to cut its reserve".

It added in a note that "market participants anticipate that the move will hopefully free up additional capital, as much as $200 billion, in an effort to stimulate lending but investors remain hesitant to commit to significant positions as market volatility spikes".

Dealers are also reading a drop in US oil rig activity as a sign of a production slowdown that could alleviate global oversupply and push prices up, analysts said.

The latest count by Baker Hughes showed rigs targeting US crude dropped by 26 to 734 last week, Bloomberg News reported.

Oil prices rallied last week on news that US shale output may be on the cusp of easing.

Crude prices collapsed more than 50 percent between June and January owing to the oversupply and weak demand.

"Indeed, there may be scope for oil prices to be lifted further in the near term both by falling US oil output and crude stock data, and by better news on the demand side from the economies of the US, eurozone and China," said Julian Jessop, head of commodities research at Capital Economics.

 

 

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 prices mixed after china stimulus move oil prices mixed after china stimulus move

 



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 prices mixed after china stimulus move oil prices mixed after china stimulus move

 



GMT 03:23 2017 Monday ,17 April

Oman to take part in Rabat meeting

GMT 14:43 2017 Tuesday ,03 October

EU parliament to denounce lack of progress on Brexit

GMT 02:12 2017 Wednesday ,27 December

Lactalis Baby Milk Contamination

GMT 04:34 2017 Thursday ,21 December

Royal row as body of king who aided Mussolini returns

GMT 01:48 2017 Wednesday ,22 November

ERC provides aid relief in Hadramaut districts

GMT 09:06 2017 Thursday ,09 March

Digital publishing pays off for Axel Springer

GMT 13:03 2016 Wednesday ,21 December

Fila partners with Mountain dews green label exclusives

GMT 09:15 2017 Thursday ,09 November

Government Treasury Bills issue 1677 fully subscribed
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