Oil Rebounds From Biggest Drop in Three Months


21/03/2012 05:28 AST

Oil rebounded from the biggest decline in three months after a report showed crude stockpiles falling in the U.S. Prices dropped yesterday as Saudi Arabia said it may boost supplies.

Futures gained as much as 0.5 percent after sliding 2.3 percent yesterday. U.S. crude supplies shrank by 1.4 million barrels last week, according to the American Petroleum Institute. The Energy Department may say today that inventories climbed by 2.2 million barrels, a Bloomberg News survey showed. Saudi Arabia can increase output by 25 percent immediately if needed, Oil Minister Ali al-Naimi said. Prices have risen this year on concern that tension with Iran threatens supplies.

“When we get big draws or builds the market will take it and move, but then it’ll come back to reality,” said Jonathan Barratt, chief executive of Barratt’s Bulletin, a commodity markets newsletter in Sydney.

For more on this Click Here

Bloomberg
Crude Oil News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
EEC 24.65 565,432
OTEL 1.51 51,918
BKMB 0.44 2,191,781
GFH 0.51
SABIC 94.79 4,071,107
EMAAR 7.4 18,957,908
STC 72.5 785,974
Recent News

Listless trading on Muscat bourse
Amid dull trading activity, the MSM30 Index ended on flat note at 5,656.35 points, up by 0.03 per cent. The MSM Sharia Index closed at 854.23 points, up by 0.18 per cent. Galfar Engineering was the m

US stocks’ bull run seen extending into ’17
The US stock market’s bull run since 2009 will extend into 2017 if President-elect Donald Trump’s plans to stimulate the economy with infrastructure spending and financial deregulation come to pass,

Qatar-German trade reaches QR9.5bn in 2015
The Qatar-German Joint Economic and Trade Cooperation Committee concluded its 5th meeting yesterday in Doha. The Qatari side was chaired by the Minister of Economy and Commerce, H E Sheikh Ahmed bin

Sharjah rents down for second consecutive year
The rents in residential and commercial property markets across Sharjah have fallen for a second year in a row, increasing tenancy options in the northern emirate, according to real estate consultanc

Alba expecting strong finish for 2016
Aluminium Bahrain (Alba), one of the largest and modern aluminium smelters in the world, said it has been performing reasonably well in light of the market conditions and is expecting a strong finish

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?