Finance Minister enhances Primary Dealers system to strengthen government securities market, alleviate debt service burden    Valu Partners with Magdi Yacoub Heart Foundation to streamline donations for New Cairo centre    Australia retail sales inch up 0.1% in April    UK retail sales rebound in May – CBI survey    ECB should favour QE in Crisis – Schnabel    Kremlin accuses NATO of direct involvement in Ukraine conflict as fighting intensifies    SCZONE aims to attract more Korean companies in targeted industrial sectors: Chairperson    30.2% increase in foreign workers licensed in Egypt's private, investment sectors in 2023: CAPMAS    Cairo investigates murder of Egyptian security personnel on Rafah border: Military spox    Al-Sisi receives delegation from US Congress    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Russia to build Uzbek nuclear plant, the first in Central Asia    Arab leaders to attend China-Arab States Co-operation Forum in Beijin    East Asian leaders pledge trade co-operation    Abdel Ghaffar highlights health crisis in Gaza during Arab meeting in Geneva    Tunisia's President Saied reshuffles cabinet amidst political tension    Hassan Allam Construction Saudi signs contract for Primary Coral Nursery in NEOM    US Embassy in Cairo brings world-famous Harlem Globetrotters to Egypt    Instagram Celebrates African Women in 'Made by Africa, Loved by the World' 2024 Campaign    US Biogen agrees to acquire HI-Bio for $1.8b    Egypt to build 58 hospitals by '25    Giza Pyramids host Egypt's leg of global 'One Run' half-marathon    Madinaty to host "Fly Over Madinaty" skydiving event    Coppola's 'Megalopolis': A 40-Year Dream Unveiled at Cannes    World Bank assesses Cairo's major waste management project    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil prices fall on global glut fears, slowing U.S. jobs growth
Published in Amwal Al Ghad on 07 - 09 - 2015

Oil prices fell on Monday as oversupply concerns, a firmer dollar and lackluster U.S. non-farm payrolls data weighed on global markets, but a rebound in Chinese stocks after a two-day holiday helped prop up prices.
The long Labor Day holiday in the United States may also lead to thin trading until U.S. markets open in the next session.
"I think there is a bit of investor relief China's stock market opened relatively firm," said Ric Spooner, chief market analyst at Sydney's CMC Markets.
China's main indexes rose on Monday in the first trading after a two-day holiday during which further restrictions on futures trading were announced.
Oil prices have seesawed in recent weeks due to turmoil in global stock markets after a devaluation of its currency and weaker economic data raised concerns about a slowing Chinese economy.
A surprise build in U.S. crude inventories and fears of a global oil glut, a stronger dollar and uncertainty on a possible interest rate hike when the U.S. Federal Reserve policymakers meet next week all weighed on sentiment, Spooner said.
"There is a 30 percent probability attached (by investors) to a September (rate) increase," Spooner said.
Brent crude for October delivery LCOc1 fell 37 cents to $49.24 a barrel as of 0656 GMT, after ending the previous session down $1.07, or 2.1 percent. The European benchmark fell almost 1 percent last week.
U.S. crude for October delivery CLc1, also known as West Texas Intermediate, was down 32 cents at $45.73, after settling 70 cents down, or 1.5 percent, in the previous session.
"U.S. non-farm payrolls turned out weaker than expected, causing oil prices to fall on anticipations of a weaker economy," Singapore's Phillip Futures said in a note on Monday.
U.S. jobs data on Friday showed non-farm payrolls increased 173,000 last month compared with economists' forecasts of a 220,000 gain.
A surprise gain in U.S. crude stocks of 4.7 million barrels in the week to Aug. 28, the biggest one-week rise since April, added to worries of an oil glut.
That was despite the number of U.S. oil rigs falling by 13 to 662 last week, according to Baker Hughes data, the first decline in rig counts in seven weeks.
"If we continue to see cuts in production it may be a constructive development" for oil prices, Spooner said.
A firmer U.S. dollar .DXY also hurt oil prices by making the commodity more expensive for holders of other currencies.
Investors are now waiting for second-quarter Eurozone GDP growth figures on Tuesday to give oil further direction.
Source: Reuters


Clic here to read the story from its source.