Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egypt's enterprise agency injects EGP 2.2bn into Alexandria projects    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    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    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    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 eases from 2019 highs, settles down 1.6% at $59.04 per barrel
Published in Amwal Al Ghad on 23 - 03 - 2019

Oil fell more than 1 percent on Friday, slipping further from 2019 highs as focus shifted to a lack of progress in U.S.-China trade talks and as grim manufacturing data from Germany and U.S. reignited fears of a slowdown in the global economy and oil demand.
Wall Street's main indexes tumbled more than 1 percent on Friday after manufacturers in Europe, Japan and the United States suffered in March as surveys showed trade tensions had impacted factory output, a setback for hopes the global economy might be turning the corner on its slowdown.
Brent crude futures were at $66.96 per barrel, down 1.3 percent. The contract hit a four-month high of $68.69 on Thursday.
The global benchmark has risen by more than 20 percent since the beginning of January, due to supply cuts by the Organization of the Petroleum Exporting Countries and allies, such as Russia, and U.S. sanctions on Iran and Venezuela.
U.S. West Texas Intermediate (WTI) futures settled down 1.6 percent at $59.04 per barrel. WTI marked a 2019 peak on Thursday at $60.39 and is roughly flat on the week.
"Today's disappointing PMI data out of Germany and France spurred further dollar gains while, at the same time, compressing global risk appetite," said Jim Ritterbusch, president of Ritterbusch and Associates.
The U.S. dollar climbed against the euro on Friday to its highest in more than a week. A strong dollar makes oil more expensive for holders of other currencies.
"The fact that these macro factors are able to offset the price impact of an exceptional bullish EIA report attests to the fragility of this three month bull move in oil."
The U.S. Energy Information Administration data on Wednesday showed that stockpiles last week fell by nearly 10 million barrels, the most since July, thanks to strong export and refining demand.
As economic growth has slowed across Asia, Europe and North America, potentially denting fuel consumption, no breakthrough has emerged in the trade stand-off between Washington and Beijing, at least before meetings scheduled on March 28-29.
Trade negotiations with China were progressing and a final agreement "will probably happen," U.S. President Donald Trump said in a television interview aired on Friday.
Three in four Japanese companies expect U.S.-China trade frictions to last until at least late this year, a Reuters poll found.
A jump of more than 2 million barrels per day in U.S. crude oil production since early 2018 to a record 12.1 million bpd has made the United States the world's biggest producer, ahead of Russia and Saudi Arabia.
This has resulted in increasing exports, which have doubled over the past year to more than 3 million bpd. The International Energy Agency estimated that the United States would become a net crude oil exporter by 2021.
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row, cutting nine rigs to the lowest count in nearly a year as independent producers follow through on plans to cut spending with the government cutting its growth forecasts for shale output.
Source: Reuters


Clic here to read the story from its source.