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.

Join the forum, it's quick and easy

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

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Oil falls by about 2% and falls to its lowest level in more than a month, with increasing fears of

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 281403
    Join date : 2012-12-21
    • Post n°1

    Oil falls by about 2% and falls to its lowest level in more than a month, with increasing fears of Empty Oil falls by about 2% and falls to its lowest level in more than a month, with increasing fears of

    Post by Rocky Thu 23 Jan 2020, 1:23 am

     Oil falls by about 2% and falls to its lowest level in more than a month, with increasing fears of a Chinese virus outbreak

    Oil falls by about 2% and falls to its lowest level in more than a month, with increasing fears of 18792




    Economy News _ Baghdad
    Oil prices fell more than 2% on Wednesday as the International Energy Agency forecasts for market supply and demand fears amid a virus outbreak in China overshadowed concerns over disruptions in crude production in Libya.
    Brent crude ended the session down $ 1.38, or 2.1 percent, to $ 63.21 a barrel, while West Texas Intermediate crude fell $ 1.64, or 2.8 percent, to set the settlement price at $ 56.74.
    Fatih Birol, director of the International Energy Agency, said he expected a glut of one million barrels per day in the market in the first half of this year.
    "Oil prices remain heavy due to concerns about oversupply and after Saudi Energy Minister Prince Abdulaziz declined to provide any signs of optimism that OPEC + production cuts will be extended beyond March," said Edward Moya, chief market analyst at Oanda in New York.
    "The coronavirus in China is likely to lead to travel restrictions that could ultimately harm demand for crude during the height of the flight season in China."
    Markets are focusing on the emergence of a new coronavirus in China ahead of the Lunar New Year holidays early next week and the potential impact of the epidemic on global economic growth.
    Deaths due to the new virus increased to 17, with more than 540 cases confirmed, some as far away as the United States.
    Goldman Sachs said that if there is a dramatic development in the virus that affects travel and growth, then the demand for oil may drop by 260 thousand barrels per day.
    Goldman said, "Fears of demand arising from a possible epidemic will collide with fears of supply disruptions in Libya, Iran and Iraq, which will lead to fluctuations in the spot price in the coming weeks," but "the impact on the fundamentals of oil remains limited until now."
    Oil prices were not significantly supported after the National Oil Corporation of Libya announced on Monday the state of force majeure in crude loading from two main fields following the recent developments in the long-running military conflict there.
    Unless the oil facilities return to work quickly, the production of OPEC member Libya may decrease to about 72 thousand barrels per day from about 1.2 million barrels per day.

    • Back to top
      Current date/time is Wed 27 Nov 2024, 5:52 pm