Record-breaking early voting in US election tops 80 million    Britain resists COVID lockdown as Europe counts cost    Thwart US veto or await new president? WTO has leadership dilemma    France goes on maximum alert after attack at church kills 3    UAE denounces attack at French consulate in Jeddah    Elite sport to continue in France despite lockdown: Sports Minister    Ismaily sign Angolan forward Ary Papel    Al-Azhar condemns terror attack in Nice: reaffirms 'religions are innocent of these criminal acts'    Leipzig face major Bundesliga test after European mauling    UK doing everything it can to avoid national lockdown, minister says    Tunisian parliament, cbank chief tell govt to cut spending plans    In Photos: Egypt collector accumulated over 100 vintage cars    Egypt extends deadline for reconciliation requests in building violations to 30 November    El Gouna Film Festival sheds light on digital media in the wake of COVID-19    The Senate and the return of party politics    Parliament's ‘driving force'    Sculptor Tarek Zabady, tamer of difficult materials    GERD: In quest of meaningful negotiations    Egyptian insurance companies' premiums 9.6% up in five months    Egypt's President Sisi names new head of anti-corruption watchdog    Egypt's c.bank offers 18 bln pounds T-bills on Sunday    EgyptAir offering discounts for some international flights    Egypt records 212 new coronavirus cases, 14 deaths on Saturday    Egypt to require PCR coronavirus tests for airport travelers    Egypt sends 125 tonnes of glass by sea to Beirut    Legend Messi officially wants to leave Barcelona, hands transfer request    Global smartphone sales drop 20% in Q2, yet Apple's iPhone sales steady    Sisi: Egypt keen on establishing development projects with Iraq, Jordan    Egyptian megastar Amr Diab releases new hit music video    Making of Harry Potter will be available for fans at new park in Tokyo    Egypt's Senate elections official results to be announced Wednesday    Netflix Egypt is bringing megastar Amr Diab back with a new original    Egypt reopens Rafah border crossing for first time since April    Egypt's senate elections 2020 trending on social media in few days    African Champions League final will be played on Oct. 16-17, CAF says    No room to delay Egyptian Premier League games – EFA's board member    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 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.