Bahrain expects $3.2 bln deficit in 2021, 5% economic growth    A diplomatic challenge    Don't miss the online jazz concert of Italian artist Rita Marcotulli    Mutaz Elemam's show at UBUNTU is a must see    Don't miss Islam Zaki's exhibition at Gezira Arts Centre    Nigerian governor says 279 kidnapped schoolgirls are freed    US imposes sanctions on Russia over poisoning of Navalny    Ahram Online Journalist Doaa Abdel-Moneim wins 1st place at Nawal Omar Journalism Award    BREAKING: Egypt, Sudan call for international mediation to reach legally binding agreement on GERD    Austria and Denmark break ranks with EU to produce vaccines with Israel    US supports ‘constructive' efforts to reach deal on GERD dispute: State Department Spokesman    Huawei launches HUAWEI FreeLace Pro in Egypt with extra-long battery life and top-grade noise cancellation    Egypt approves new facilities for imported second-hand cars including electric cars    NBK expects Egypt's economy to improve on global economy recovery, vaccine sustainability    Implementation of controversial property registration law will be delayed 2 years on Sisi orders    COVID-19 pandemic fuels attacks on health workers globally    Tennis: Murray feels like playing for his career in every match    Johnson backs UK bid for 2030 World Cup, offers stadiums for Euro 2020 games    Egyptian Premier League fixtures (15th matchday)    Saudia plans to order 70 Airbus, Boeing jets: Report    Enhanced Labs signs Mr. Olympia 2020 "Big Ramy" And His Trainer Dennis James    State keen on completing Nile water quality improvement projects in 2 years: Egypt PM    1st hours of registration for coronavirus vaccine seen 7,000 Egyptians signing up: ministry    Second coronavirus wave in Egypt more serious, widespread: statistics authority    Egypt lifts ban on Ramadan's Taraweeh prayers in some mosques coronavirus continues for a 2nd year    Egypt briefs Arab, European ambassadors on developments in GERD dispute    King Tutankhamun funerary mask is must-see tourist icon: The Telegraph    Russian flights to return to Sharm el-Sheikh and Hurghada for first time since 2015    Australia slams Facebook's move to block news as unnecessary and heavy-handed    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    







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





Oil rises on US crude stock draw, but prices remain weak
Published in Amwal Al Ghad on 06 - 07 - 2017

Oil prices recovered some ground on Thursday on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets after a steep fall in the previous session.
Brent crude futures were trading up 34 cents, or 0.7 percent, at $48.13 per barrel by 0513 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.7 percent, at $45.45 per barrel.
The gains reflected firm fuel demand in the United States, where data from the American Petroleum Institute (API) on Wednesday showed that U.S. crude inventories fell by 5.8 million barrels in the week to June 30 to 503.7 million.
"Prices have managed to recover ever so slightly after API released its inventory data which showed U.S. crude inventories falling," said Sukrit Vijayakar, director of energy consultancy Trifecta. However, overall market conditions remain weak.
Prices tumbled about 4 percent on Wednesday on rising exports by the Organization of the Petroleum Exporting Countries (OPEC), despite its pledge to hold back production between January this year and March 2018 to prop up prices.
"Against expectations, OECD total oil inventories are still above 3 billion barrels and the recovery in Libyan and Nigerian supplies, coupled with a fast return of U.S. shale, should prevent steep stock draws ahead," Bank of America Merrill Lynch (BAML) said, adding that output was set to rise further.
BAML said it was cutting its WTI forecasts to an average $47 per barrel this year and $50 in 2018, down from $52 and $53 previously.
The bank cut its average Brent forecasts to $50 this year and $52 per barrel in 2018, down from $54 and $56 before.
OPEC exported 25.92 million barrels per day (bpd) in June, 450,000 bpd above May and 1.9 million bpd more than a year earlier, according to Thomson Reuters Oil Research.
Bernstein Research reduced its average Brent crude price forecasts for 2017 and 2018 to $50 per barrel each, down from $60 and $70 previously.
Bernstein said that the reduction was a result of an expected increase in U.S. shale oil output, especially from the Permian field.
Bernstein also said that non-shale supply additions outside OPEC would likely exceed or match production declines of mature fields.
Denmark's Saxo Bank said that oil prices could rise towards $55 per barrel in the coming months, but said it expected lower prices towards the end of the year and into 2018, especially if OPEC and Russia fail to extend the production cut deal beyond the first quarter of 2018.
Source: Reuters


Clic here to read the story from its source.