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Thread: Oil News

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    Default Oil News

    Oil holds onto gains midday as players see yesterday's falls as overdone

    LONDON - Oil held onto earlier gains in a rebound from yesterday's falls, as market players took the view the 65 usd level for Brent crude is more or less fair value in the short-term.

    US gasoline stocks rose by 400,000 barrels last week, after 12 consecutive weeks of falls, according to data out yesterday from the US Energy Information Administration.

    The news weighed on crude oil prices yesterday, especially as the agency also reported a much larger than expected 5.6 mln barrels increase in crude oil stocks last week.

    But Lasserre said the downside in crude is limited. "Overall demand is still quite robust and if you look at the supply side OPEC is quite disciplined in terms complying with the (output cut) quotas ... and on non-OPEC supply front its still disappointing," he said.

    At 12.51 am, London Brent crude for June delivery was up 72 cents at 65.92 usd. Meanwhile, New York crude for June delivery was up 52 cents at 62.07 usd a barrel.

    Prices were underpinned also by continued worries over supply disruptions in Nigeria, where gunmen yesterday kidnapped four US oil workers, a day after blowing up three oil pipelines operated by Eni. "The market remains well supported by continuing violence in Nigeria," said Sucden analyst Michael Davies.

    Nigeria is Africa's largest oil producer and a key supplier of crude oil to the US. Attacks by militants demanding a greater share of the country's oil wealth have to date shut more than a quarter of the country's output.

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    thanksss

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    ياريت يجماعه حد يترجملنا الكلام ده لو سمحتم
    علشان مش عارف افهم المقصود ايه

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    انا اسف انا مش عارف انجليزى ممكن تكتبوا لنا باللغه العربيه احلى من اللغه دى بكثير جدا

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    ممكن من فضلكم تكتبوا لنا بالعربى احلى من اللغه دى بكثير ممكن من فضلك

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