"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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    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    







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Oil falls towards $79, euro zone debt in focus
Published in Daily News Egypt on 06 - 05 - 2010

LONDON: Oil fell towards $79 a barrel on Thursday, after earlier hitting a nine-week low as fears a Greek-style debt crisis may spread to other European nations raised uncertainty over future global energy demand.
The euro fell to a 14-month low as the US dollar strengthened on skepticism that Greece could deliver on its promises of strict austerity measures dominated financial markets.
A stronger US dollar makes oil more expensive for investors holding other currencies.
US crude for June delivery fell 63 cents to $79.34 by 1350 GMT, having earlier slumped to $78.24 a barrel, the lowest intraday price since March 1.
The contract dived more than 3 percent on Wednesday to below $80 a barrel for the first time in six weeks after US government data showed builds in crude stocks.
London Brent crude fell 42 cents to $82.19 a barrel.
"The dollar is up as risk appetite has been dampened and prices are adjusting to more realistic levels as earlier this week prices were not backed up by fundamentals," said Carsten Fritsch, oil analyst at Commerzbank in Frankfurt.
"More proof of weak demand came yesterday with US data showing crude and products stocks rose."
Doubts over Greece's ability to carry out tough spending cuts in return for a €110 billion euro aid package from the European Union and the International Monetary Fund continued to dampen risk appetite.
The European Central Bank left monetary policy unchanged on Thursday, failing to convince investors that it will be able to prevent a debt crisis in the euro zone.
In Nigeria, Africa's largest oil exporter, Acting President Goodluck Jonathan was sworn in as head of state on Thursday following the death of President Umaru Yar'Adua.
Analysts said his death on Wednesday was unlikely to have an impact on oil production in Nigeria, which has suffered major outages due to attacks on oil facilities in the last five years.
"I think with Yar'Adua's death at least the situation is clear now," said Holly Pattenden, head of oil and gas at Business Monitor International.
"I don't think it is in militants' interest to cause trouble at this stage and they may well want to give the new administration a chance," Pattenden added. –Additional reporting by Florence Tan in Singapore


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