Oil Rebounds From Biggest Drop in Three Months


21/03/2012 05:28 AST  Bloomberg

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
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT
Most Viewed Companies
Ticker Price Volume
SPIMACO 50.41 432,161
RIBL 21.11 1,579,267
EMAAR 11.55 21,057,575
MESC 19.09 649,301
ALKHODARI 63.1 836,910
SAGRINSURANCE 48.76 452,775
KAYAN 16.64 13,038,721
Recent News

Shurooq promotes Sharjah’s investment opportunities in US
Continuing its commitment to promoting the investment potential of the Emirate of Sharjah, the Sharjah Investment and Development Authority, Shurooq, has concluded a series of high profile investment

SR2.5b Riyadh metro power contracts signed
The Saudi Electricity Company (SEC) awarded on Tuesday seven contracts worth a total of SR2.56 billion to supply electricity power to the Riyadh metro, which is currently under construction.

Sharjah lures one million tourists in H1
Sharjah has witnessed a significant increase in the number of visitors touching one million mark in the first half of the year 2014, according to the tourism statistics released by the Sharjah Commer

US seen to overtake Saudi petroleum production
US liquefied petroleum output is set to overhaul Saudi Arabia in September or October, for the first time since 1991. In terms of crude oil production, the US is still third behind, with Russia in th

Al Jaber Group finalizes debt restructuring agreement
Al Jaber Group announced Tuesday the successful completion of its debt restructuring agreement with its lending banks.

Al Jaber Group Chairman Obaid Khaleefa Al Jaber Al Marri said "I am p

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

Poll

Which of the following do you think is the best long-term investment?