Crude oil prices slid on Wednesday with traders taking profits from gains won in New York overnight on hopes of fresh stimulus measures from the US Federal Reserve, analysts said. New York's main contract, light sweet crude for delivery in July, fell 17 cents to $83.86 a barrel. Brent North Sea crude for August shed 62 cents to $95.14. The losses came after a rally on Tuesday fuelled by talk of Fed action to boost the flagging US economy -- which is also the world's biggest oil-consuming nation -- said Jason Hughes, head of premium client management for IG Markets Singapore. "We've seen the oil price ease a bit ... in line with the view that people might be taking some short-term gains," he told AFP. The Federal Reserve on Tuesday began a two-day policy meeting against the backdrop of weakening US jobs growth and a European debt crisis that is taking its toll on the global economy. Many on Wall Street were betting that the Fed would unveil plans to pump more cash into the market, although Hughes said some dealers were reassessing the likelihood of fresh action. "There is mixed opinion in the market on what kind of easing might come about... and given little or no action (from the Fed) we'll probably see quite a negative response" from crude markets, he said. On the European front, traders were also sceptical of a G20 statement issued Tuesday vowing that eurozone members would "take all necessary measures" to stabilise the debt-riddled single currency bloc, Hughes said. "The view that Europe will come out all guns blazing is a little optimistic," he added.
GMT 18:36 2017 Tuesday ,26 December
Scenting a recovery, oil producers ratchet up spendingGMT 20:43 2017 Monday ,25 December
Oil markets will witness balance in 2018: Iraqi Oil MinisterGMT 16:17 2017 Sunday ,24 December
Iraq invites bids for new oil pipelineGMT 14:26 2017 Friday ,22 December
Energy prices bump key US inflation index up in NovemberGMT 17:59 2017 Tuesday ,19 December
Japan trade surplus drops sharply on higher oil importsGMT 17:31 2017 Thursday ,14 December
Energy costs push US consumer inflation higher as Fed meetsGMT 15:30 2017 Wednesday ,29 November
Shell resumes all-cash dividend as oil price recoversGMT 13:22 2017 Sunday ,26 November
Chinese demand teaser to weigh on Vienna oil summit
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor