Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt delivers over 30 million health services through public hospitals in H1 2025    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    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    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 warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    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 steady, finds support from U.S. inventories, weaker dollar
Published in Amwal Al Ghad on 10 - 12 - 2015

Crude oil prices were unchanged on Thursday, supported by a fall in U.S. crude inventories after 10 straight weeks of builds and a weaker dollar but a global oversupply still dominates the broader market.
U.S. crude futures were at $37.43 per barrel at 0631 GMT, up 27 cents from their last settlement, but still not far off this week's seven-year lows below $37 per barrel. Prices are down over 11 percent since the beginning of December.
Internationally traded Brent futures were at $40.54 a barrel, up 43 cents.
Crude inventories fell 3.6 million barrels in the week to Dec. 4, compared with analysts' expectations for an increase of 252,000 barrels, U.S. Energy Information Administration (EIA) data showed.
Along with signs of dipping U.S. production, oil prices were also supported by a weaker dollar making the world most traded commodity more affordable to importers.
There were signs of more demand from China, the world's second-biggest oil user. Vehicle sales were up 20 percent in November from a year earlier to 2.5 million vehicles, the China Association of Automobile Manufacturers said at a briefing in Beijing.
Simultaneously, however, EIA data also showed that U.S. distillate stockpiles rose by 5 million barrels, twice the expected increase and the sharpest increase since January.
In Europe, refineries increased their oil intake in November by 4 percent from a year earlier leading to a rise of more than 10 percent in middle distillates stocks which include gasoil and diesel, according to industry monitor Euroilstock.
Between 0.5 million and 2 million barrels of crude oil are being produced in excess of demand every day, creating a glut that has pulled down prices by almost two-thirds since 2014. The excess supply is being pushed into storage and threatening to fill up the existing facilities
"Oil markets are likely to run out of onshore crude storage in 1Q16," PIRA Energy said this week.
Despite an expected fall in U.S. production next year, BMI Research said on Thursday that global output was forecast to rise by 500,000 barrels per day in 2016.
"In particular, we see potential for a temporary undershoot by prices to 2008 financial crisis lows around $36 per barrel for Brent," BMI said on Thursday.
Source: Reuters


Clic here to read the story from its source.