Egypt to swap capital gains for stamp duty to boost stock market investment    Petroleum minister, AngloGold Ashanti discuss expanded investments in Egypt    Egypt, Volkswagen discuss multi-stage plan to localise car manufacturing    Egypt denies coordination with Israel over Rafah crossing    Egypt tackles waste sector funding gaps, local governance reforms    Egypt, Switzerland explore expanded health cooperation, joint pharmaceutical ventures    IMF mission begins fifth, sixth reviews of Egypt's economic programme – PM    EGX closes in green area on 3 Dec    Egypt recovers two ancient artefacts from Belgium    Oil prices edged lower on Wednesday    Egypt's Abdelatty urges deployment of international stabilisation force in Gaza during Berlin talks    Egypt opens COP24 Mediterranean, urges faster transition to sustainable blue economy    Private Egyptian firm Tornex target drones and logistics UAVs at EDEX 2025    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt adds trachoma elimination to health success track record: WHO    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    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 dip further after U.S. stock-build, Saudi export rise
Reuters Published in Albawaba on 20 - 08 - 2015

Oil prices fell again on Thursday as supplies rose both in North America and the Middle East, with U.S. contracts hovering slightly above $40 per barrel, levels not seen since the credit crunch of 2009, and globally traded Brent falling below $47.
U.S. West Texas Intermediate (WTI) crude oil already slumped over 4 percent on Wednesday to hit a 6-1/2-year low as a huge unexpected stockpile build in the United States reinforced concerns about a growing global oil glut.
U.S. crude inventories rose 2.6 million barrels last week to 456.21 million barrels, the government's Energy Information Administration said.
Supplies were also added from Canada, which increased exports to the United States by more than 400,000 barrels per day (bpd) over the past week to 3.39 million bpd, according to a research note by Energy Aspects.
Markets fell further on Thursday in Asian trading hours, with U.S. crude futures CLc1 easing 0.8 percent to $40.48 per barrel at 0630 GMT. Brent LCOc1 was down 35 cents at $46.81 a barrel.
"WTI prices plunged to the lowest level in more than six years after an EIA report showed that U.S. crude stockpiles unexpectedly rose 2.6 million barrels against market expectations for a small decline," ANZ bank said on Thursday.
"Despite the weak price environment, the biggest OPEC producer, Saudi Arabia, boosted its oil exports," it added.
Saudi Arabia exported 7.365 million barrels per day (bpd) in June, up from 6.935 million bpd in May, figures published by the Joint Organisations Data Initiative (JODI) showed.
The bearish sentiment is also visible in the long-term derivatives market.
Contracts for delivery of crude oil in the future on the big commodities markets such as the New York Mercantile Exchange (CME.O) and the Inter Continental Exchange (ICE.N) show the price of oil for delivery in five years' time has collapsed in recent months, implying that traders do not expect a price recovery any time soon.
U.S. crude prices for delivery in 2020 cost only about $20 more than they do now, a price difference that falls further when adjusted to expected inflation and interest rates.

Clic here to read the story from its source.