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

Crude Oil News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
SABIC 84.16 1,768,425
BATELCO 0.29 50,134
STC 56.17 377,851
QNBK 162 102,331
SAFCO 62.66 173,552
MARK 35 817,048
EEC 17.3 1,549,736
Recent News

Qatar Stock Exchange as a tool for economic diversification
Continuing our assessment of Qatar’s economic diversification in Gulf Times, the decision to encourage the development of Qatar’s equity market by establishing the Doha Securities Market (now Qatar S

Technical analysis of the QSE index
Even though the traded volumes were shallow, the current movement on the index is slightly positive. The index ended yet another week up by 0.47% to 10,438.45 from last week’s close. We support the i

Oman’s GDP falls in first quarter
Oman’s nominal gross domestic product (GDP) derived from the petroleum sector contracted by 34 per cent in the first quarter of 2016 and that from the non-petroleum sector registered a decrease of 2.

Qatar Islamic Bank launches dedicated Ladies Banking facility
Qatar Islamic Bank (QIB) has launched a new proposition specifically designed to cater to the financial needs of ladies in appreciation for their role in the Qatari society and as part of the nation’

Qatari logistics firm GWC profit up 11pc
GWC, a leading logistics provider in Qatar, has reported a net profit of QR150 million ($41 million) in the third quarter of 2016, up 11 per cent over QR135 million ($37 million) for the same period

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


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