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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Oil prices are stable amid a balance between China's demand and the strength of the dollar

rocky
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Oil prices are stable amid a balance between China's demand and the strength of the dollar Empty Oil prices are stable amid a balance between China's demand and the strength of the dollar

Post by rocky Fri 08 Dec 2017, 1:37 am

[ltr]Oil prices are stable amid a balance between China's demand and the strength of the dollar[/ltr]
[ltr]Economie[/ltr]
 Since 2017-12-08 at 09:58 (Baghdad time)
[ltr]Oil prices are stable amid a balance between China's demand and the strength of the dollar Medium_2017-11-07-f59855c2be[/ltr]
[ltr]Follow - Mawazine News[/ltr]
[ltr]Oil prices held steady on Friday, curbed by the dollar's rise as China's relentless appetite for crude backed by OPEC-led supply cuts has already led to market shortages this year.[/ltr]
[ltr]At 0535 GMT, US WTI crude futures were at $ 56.68 a barrel, unchanged from the previous settlement price of $ 56.69.[/ltr]
[ltr]Brent crude futures contract settled at $ 62.20 per barrel.[/ltr]
[ltr]Traders said the dollar, which rose 0.9 percent this month against a basket of other major currencies, is weighing on prices.[/ltr]
[ltr]The rise in the dollar is attracting financial traders who convert investments between commodity contracts and the exchange market. A strong dollar also inhibits crude prices by making oil purchases denominated in US currency higher in countries using other currencies.[/ltr]
[ltr]Bank of America Merrill Lynch said in its 2018 forecast "a strong US dollar could act as a counterweight to commodities."[/ltr]
[ltr]However, China's booming demand for oil will exceed US demand this year to become Beijing, the world's largest crude importer.[/ltr]
[ltr]China's crude oil imports rose to 37.04 million tons in November, equivalent to 9.01 million barrels per day, the second-highest level ever, data from the General Administration of Customs showed on Friday.[/ltr]
[ltr]"China's imports of crude oil will continue to rise over the coming years as production declines from a number of its giant land fields ... This will inevitably lead to China's dependence on crude oil imports ... to reach a record high of 68 percent in 2017 to about 80 percent by 2021.[/ltr]

[ltr]Meanwhile, Bank of America Merrill Lynch said strong global demand and tight supply would push Brent crude to $ 70 a barrel by mid-year.[/ltr]

[ltr]US investment bank Jefferies said it expected demand for oil to grow by 1.5 million bpd in 2018, driven by a 10 percent increase in Chinese demand.[/ltr]




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