Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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 holds above $51 as traders search for floor
Published in Ahram Online on 08 - 01 - 2015

Oil held above $51 a barrel on Thursday, supported by a surprise drop in U.S. inventories, as bulls and bears searched for a floor to the market's second-biggest rout.
Crude halted a four-session decline on Wednesday after U.S. crude stockpiles fell and as data showed that the U.S. economy remained resilient amid slowing global growth.
Brent crude LCOc1 rose 12 cents to $51.27 by 0950 ET. It dropped as low as $49.66 on Wednesday, the lowest since April 29, 2009. U.S. crude CLc1 was at $48.84, up 19 cents.
"This is just a technical rebound after the massive drop in previous days," said Carsten Fritsch, analyst at Commerzbank, adding the rout may not have bottomed out. "I don't think we are there yet, given the fundamental backdrop."
Brent has plunged more than half since June. Downward pressure remains strong as OPEC and Russia show no sign of cutting output despite a supply glut and as major economies in Europe and Asia struggle with slowing growth.
"We believe that the market is testing water to find where the bottom of crude oil is and it seems for now, $50 is the limit for Brent," Phillips Futures analyst Daniel Ang wrote in a daily note.
Data showing that Germany's industrial orders fell more than expected in November pressured oil prices and served as a reminder that a recovery in Europe's largest economy remains fragile.
The price slump has sparked a buying spree by China that led to record crude imports in December, according to Reuters estimates that suggest the top energy consumer doubled the oil put aside for strategic reserves in 2014 compared with 2013.
U.S. crude inventories USOILC=ECI last week fell 3.1 million barrels compared with analyst expectations for an increase of 880,000 barrels, a report from the Energy Information Administration showed on Wednesday. [EIA/S]
Economists have sharply raised estimates for U.S. fourth-quarter growth after the country's trade deficit shrank in November on lower oil import costs.
Brent's largest rout occurred in 2008, when prices collapsed from a record high above $147 a barrel and declined by 51 percent over the year.
http://english.ahram.org.eg/News/119821.aspx


Clic here to read the story from its source.