EGX kicks off week higher on August 17    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    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    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    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    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    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 above $98 and investors eye US monetary stimulus
Oil prices hovered above $98 a barrel Thursday in Asia
Published in Ahram Online on 14 - 07 - 2011

Oil prices hovered above $98 a barrel Thursday in Asia amid speculation about a possible new round of U.S. monetary stimulus while a rating agency put the country's credit rating under review for a downgrade.
Benchmark oil for August delivery was up 12 cents to $98.17 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
Crude rose 62 cents to settle at $98.05 on Wednesday. In London, Brent crude fell 3 cents to $118.75 per barrel on the ICE Futures exchange.
Federal Reserve Chairman Ben Bernanke said Wednesday he is considering another round of Treasury bond purchases, known as quantitative easing, in a bid to lower interest rates and spur lending and economic growth.
A previous round of quantitative easing, which began last year and ended last month, helped lead to a weaker dollar and higher oil prices, since a cheaper U.S. currency makes commodities such as crude less expensive to investors with other currencies.
Weighing on crude prices was a threat by Moody's Investors Service on Wednesday to lower the United States' credit rating, saying there is a small but rising risk that the government will default on its debt.
Moody's said it will review the U.S. government's triple-A bond rating because the White House and Congress are running out of time to raise America's $14.3 trillion borrowing limit and avoid a default.
Some analysts expect crude will fall in the second half as global economic growth stalls. Capital Economics forecasts Brent will drop below $90 by the end of the year.
"We expect a substantial fall in the price of oil as global demand remains sluggish, supply recovers from shocks, and the dollar regains more ground," Capital Economics said in a report.
In other Nymex trading in August contracts, heating oil added 0.3 cent at $3.10 a gallon while gasoline dropped 0.8 cents at $3.14 a gallon. Natural gas futures slid 2.7 cents at $4.38 per 1,000 cubic feet.


Clic here to read the story from its source.