Egypt detects 354 new coronavirus cases, 12 deaths on Monday    Egypt condemns Houthi attack on Saudi fuel distribution terminal    Sisi, telecom company Orange discuss increasing cooperation in Egypt    Cairo International Book Fair suspended for five months over coronavirus concerns    Suspension of CAF boss Ahmad opens elections race wide open    GCC countries surpass 1 million COVID-19 cases: Reuters Tally    AstraZeneca novel COVID-19 vaccine can be 90% effective, results show    Egypt's military production minister, S. Korean ambassador discuss boosting industrial cooperation    UN urges civilian protection after Ethiopia's 72-hr deadline for Tigrayan forces    Orascom Development inks $265m loan deal with four banks    International Energy Agency tailors a plan for post COVID-19    Egypt-Kenya bilateral trade hits $303m in H1-20    Suarez says Uruguay players let guard down after spate of COVID-19 cases    Polling stations open at home for 1st stage of Egyptian parliamentary run-offs    Liverpool coach Klopp blasts broadcasters over hectic match schedule    Biden expected to nominate Blinken as secretary of state    Egypt detects 351 new coronavirus cases, 13 deaths on Sunday    Egyptian president inaugurates Middle East and Africa Smart Transportation Fair    Winners of the 5th Sharm El-Sheikh Int'l Theatre Festival for Youth    Egypt confirms 358 new coronavirus cases, 14 deaths on Saturday    BREAKING: Sudan decides not to participate in ministerial meeting on GERD Saturday    G20 to discuss post-pandemic world, back debt relief    First day of Egypt's parliamentary runoffs kicks off for expats    US will reduce number of its troop in Iraq, Afghanistan    Don't miss the concerts of the 12th Cairo International Jazz Festival    Asia forms world's biggest trade bloc, a China-backed group excluding U.S    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Palestinians mourn the loss their longtime spokesman, Saeb Erekat    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    1st stage of Egypt's parliamentary elections kicks off on Saturday    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    Legend footballer Lionel Messi says he is forced to stay with Barcelona    Iraqi conglomerate eyes developing land that housed Mubarak-era ruling party HQ    Famous Egyptian actor Mahmoud Yassin passes away at 79    Legend Messi officially wants to leave Barcelona, hands transfer request    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 steady after two-day declineas growth worries weigh
Published in Amwal Al Ghad on 20 - 11 - 2019

Oil was steady on Wednesday, after falling the past two days, as a surge in U.S. stockpiles reinforced concerns about lackluster global economic growth amid the trade war between the United States and China, the world's two biggest oil consumers.
West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2 percent, to $55.32 a barrel by 0252 GMT, after falling 4.3 percent during the previous two sessions.
Brent crude futures were at $60.93 a barrel, up 2 cents, or 0.03 percent. Brent dropped 3.8 percent during the prior two sessions.
U.S. crude inventories rose 6 million barrels in the week to Nov. 15 to 445.9 million, compared with analysts' expectations for a increase of 1.5 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.
The increase in inventories in the United States, the world's biggest oil user, added to concerns about a crude oversupply raised after Reuters reported that Russia, the world's second-biggest producer, was unlikely to back deepening output cuts when the Organization of the Petroleum Exporting Countries (OPEC) meet on December5-6 in Vienna.
Russia and other oil producers have agreed with OPEC to cut 1.2 million barrels per day of output through March to bolster prices, a producer group known as OPEC+.
"Oil is also feeling heavy after the Russians signalled they are unlikely to agree on deepening oil production cuts at the December OPEC + meeting," said Edward Moya, an analyst at brokerage OANDA, in a note.
"The API data also showed U.S. inventories posted a rather robust increase last week, which if confirmed by the EIA report, we could see oil prices continue to slide," he said.
Official U.S. government inventory data from the Energy Information Administration is due at 10:30 a.m. EST (1530 GMT) on Wednesday.
U.S. crude demand has slowed amid its protracted trade war with China. Hopes for an end to the dispute in the signing of a so-called Phase 1 agreement between the sides has dimmed amid disagreements over the removal of tariffs each side has enacted.
U.S. President Donald Trump on Tuesday said that the United States would raise tariffs on Chinese imports if no deal is reached with Beijing to end the war.
Knock on effects from the trade war have been felt in other industrialized economies.
Japanese exports tumbled at their quickest pace in three years in October, threatening to tip the trade-reliant economy into recession because of weakening demand from the United States and China.
Crude imports to Japan, the world's fourth-largest oil buyer, fell 1.3 percent in October compared to the same month a year ago.
Source: Reuters


Clic here to read the story from its source.