Egypt reach Olympic Games with 3-0 win over South Africa    Egyptian Museum marks 117th anniversary    Egypt has spent $60 bln on electricity network, linkages: Sisi    Amnesty says at least 106 killed in Iran protests    Police kill 2 ‘dangerous criminals' in shootout in Upper Egypt's Aswan    Egypt's trade with COMESA records $2.9 bln in 2018    North Korea says no more talks with U.S. just so Trump can boast    Olympics:Tokyo finishes building stadium for 2020    Euro 2020 likely to decide my future, says England boss Southgate    BREAKING: Lebanese parliament session postponed - Statement    U.S. backs Israel on settlements, angering Palestinians    Democrats dubious as Trump declares willingness to testify in impeachment inquiry    Egypt's Zamalek dismisses defender Mahmoud Alaa departure rumours    Saudi markets rise, Air Arabia propels Dubai    Oil falls amid worries over U.S.-China trade talks dragging on    US investments in Egypt increase by 26%: Prime Minister Madbouly    In Photos: 10th Int'l Theatre Without Fund Festival opens in Alexandria    51 brokerage companies granted licences to offer short-selling in Egypt's stock exchange    To prevent dementia, exercise is the answer – researchers say    In Photos: Cairo Circus promises impressive shows this season    Bank workers in Lebanon to remain on strike on Monday: Union    Apple Watch detects irregular heartbeats in US study    Egypt's El-Badry promises performance will improve after Salah's return    Saudi Aramco to sell small stake on Riyadh exchange    Egypt to host the second trilateral meeting over GERD in December    The Jobs with the best and worst heart health according to Bupa study    Children are nearing slavery due to digital development: Al-Azhar grand imam    Six people killed, 16 injured in fuel pipeline explosion in Behaira    Liverpool's forward Salah out of Egypt games with ankle problem    10 tips to have your 30s starting a lifelong success    ‘Shining' sequel ‘Doctor Sleep' targets $25 mln opening, has Stephen King's blessing    Sisi: Egypt believes in comprehensive approach to human rights    Egypt rejects politicised reports on human rights conditions – parliament    Egypt to vote on 3-month extension of state of emergency Monday    Al Pacino says follows this mantra on every acting job    Remembering Mustafa Mahmoud, philosopher of his time    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    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"    







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





Oil drops after data shows bigger-than-expected build in U.S. inventory
Published in Amwal Al Ghad on 23 - 10 - 2019

Oil fell on Wednesday after gaining over 1 percent in the previous session as U.S. industry data showed a bigger-than-expected build in crude stockpiles, but the possibility of deeper output cuts from OPEC and its allies contained the decline.
Brent crude futures dropped 31 cents, or 0.52 percent, to $59.39 a barrel by 0405 GMT on Wednesday.
West Texas Intermediate (WTI) crude futures for December delivery, the new front-month contract, fell 43 cents, or 0.79 percent, to $54.05 per barrel. The November contract expired on Tuesday at $54.16.
U.S. crude stocks rose by 4.5 million barrels to 437 million barrels in the week ended Oct. 18, compared with analysts' expectations for a gain of 2.2 million barrels, data from industry group the American Petroleum Institute showed.
Inventory data from the U.S. Energy Information Administration (EIA) is due later on Wednesday.
The Organization of the Petroleum Exporting Countries (OPEC) is mulling whether to deepen production cuts amid concerns of weak demand growth next year, underpinning prices after helping to lift both benchmarks on Tuesday.
"The OPEC induced oil rally has come to a grinding halt in the wake of the bearish to consensus API inventory swell," Stephen Innes, market strategist at AxiTrader, said in a note on Wednesday.
"Further OPEC cuts are unlikely the cure-all medicine. But by the numbers, the magnitude of the expected oversupply in 2020 is thought to be well within OPEC's ability to manage," Innes added.
OPEC and other oil producers including Russia, a group known as OPEC+, have pledged to cut production by 1.2 million barrels per day (bpd) until March 2020.
OPEC and other non-members are scheduled to meet again from December 5 to 6.
OPEC's de facto leader Saudi Arabia, however, wants to focus first on boosting adherence to the group's output reduction pact before committing to more cuts, sources from the oil-producing club said.
Meanwhile, easing trade tensions between China and the United States, the world's two largest economies and biggest oil consumers, were also helping to cushion overall sentiment for oil, traders said.
U.S. President Donald Trump said earlier this week that efforts to end the trade war with China were going well, while a similar view was echoed by Chinese Vice Foreign Minister Le Yucheng on Tuesday.
Washington and Beijing are trying to finalize the first phase of a trade agreement for Trump and Chinese President Xi Jinping to sign in November at the Asia-Pacific Economic Cooperation summit in Chile.
"Overall oil appears somewhat directionless (at current levels). Prices seem to have reached an equilibrium, for now, awaiting developments on trade and ahead of the OPEC+ meeting," said Jeffrey Halley, senior market analyst at OANDA.
Source: Reuters


Clic here to read the story from its source.