Egypt says GERD talks with Ethiopia 'stumbled', next round in Khartoum in October    Saudi Arabia to invite UN experts to investigate oil attack: statement    Oil tanker bottleneck builds at Saudi ports after attacks    North Korea leader Kim invited Trump to Pyongyang in letter: report    UEFA Champions League group stage fixtures (1st matchday)    Biggest oil price surge since 1991 as 'locked and loaded' US points finger at Iran for attack    Egyptian navy rescues tourists aboard yacht adrift in Red Sea    Tutankhamun Opera to debut with inauguration of Grand Egyptian Museum: Zahi Hawass    Egyptian transport start-up Swvl plans IPO in 5-10 years    Kessie and Lukaku subjected to more racism in Italy    Juventus 'ultra' fan leaders arrested in tickets probe    Oil majors curb FTSE losses as crude surges after Saudi attacks    Egypt's Tourism Minister Al-Mashat holds several meetings on sidelines of UNWTO session    Egypt court sentence 6 to death for joining terrorist group, manufacturing explosives; 8 acquitted    New academic building in Bahrain to be completed in Q4    New York moves to prohibit flavored e-cigarettes after Trump ban move    Brexit will be delayed again when PM Johnson's deal falls: Nigel Farage    Dollar drops, oil-exporter currencies climb after Saudi attacks    EU funding Egypt's annual developmental projects at €1.1bn – minister    European markets to open lower on geopolitical tensions, weak Chinese data    Egyptian gov't working to remove trash in Ismailia    'Al-Daheeh' host Ahmed El-Ghandour shortlisted for IBC's first 'Young Pioneer' award    Egypt forces kill group of terrorists in North Sinai, four policemen wounded: Ministry    Iran dismisses as ‘pointless' U.S. claims about Aramco attacks    Egypt's Zamalek suffer surprise 2-1 defeat at Senegal's Generation Foot    Ukraine poised to seal 3-year IMF loan of $5bn    Egypt's Sisi discusses education, terrorism at national youth conference    Sisi to open 8th edition of the National Youth Conference Saturday    Spotify buys music production marketplace SoundBetter    Egypt's Ahly striker Amr Gamal joins Talae El-Geish for 2 seasons    Shikabala left out of Egypt's Zamalek squad for Generation Foot clash    Egypt, UK sign deal to establish branch of London School of Economics at New Administrative Capital    8th edition of Egypt's National Youth Conference to start Sunday    Egypt's PM discusses details of Al-Hussein Mosque renovation    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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Oil rises after U.S. crude stocks fall , economic concerns weigh
Published in Amwal Al Ghad on 22 - 08 - 2019

Oil rose on Thursday after a draw down in U.S. crude inventories, but lingering worries over the global economy and a build-up in U.S. refined product stocks kept a lid on gains.
Brent crude futures climbed for a fifth consecutive session on Thursday, rising 6 cents, or 0.1 percent, to $60.36 a barrel by 0242 GMT on Thursday.
West Texas Intermediate (WTI) crude futures rose 10 cents, or 0.2 percent, to $55.78 per barrel.
U.S. crude inventories fell more than expected last week as refineries hiked production, but gasoline and distillate stockpiles showed bigger-than-expected builds, the Energy Information Administration said on Wednesday.
Crude inventories fell by 2.7 million barrels in the week to August 16, compared with analysts' expectations for a drop of 1.9 million barrels. However, gasoline stocks rose by 312,000 barrels and distillate supplies grew by 2.6 million barrels.
"Amid mounting market concerns about a slowdown in economic and oil-demand growth, it might come as a surprise that crude oil inventories have actually been plunging," analysis firm Kayrros said in a note.
Traders were worried on the prospects of global oil demand especially amid lingering trade tensions between U.S and China, the world's two major economies.
"If trade uncertainties persist it will be difficult for oil to shrug off concerns about the threat to global demand," said Stephen Innes, a managing partner at Valour Markets.
U.S. President Donald Trump on Wednesday said he was "the chosen one" to address trade imbalances with China, even as congressional researchers warned that his tariffs would reduce U.S. economic output by 0.3 percent in 2020.
Asian shares edged ahead on Thursday after Wall Street got a boost from strong retail results, but minutes of the Federal Reserve's July meeting showed policymakers were deeply divided over whether to cut interest rates as sharply as markets were wagering.
Meanwhile, oil markets were also supported by simmering tensions between the United States and Iran, with Iranian President Hassan Rouhani cautioning Washington against tightening pressure on Tehran.
If Iran's oil exports are cut to zero, international waterways will not have the same security as before, Rouhani said on Wednesday.
Echoing Rouhani's tone, Iranian Foreign Minister Mohammad Javad Zarif said Tehran might act "unpredictably" in response to U.S. policies under President Donald Trump.
Source: Reuters


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