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
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 32.33 474,138
RIBL 17.94 2,168,327
ALKHODARI 31.8 1,798,656
ACIG 39.29 938,961
SABIC 102.9 6,725,171
SPIMACO 48.81 672,841
ALMARAI 91 95,865
Recent News

Saudi investors confidence high
A real estate investment specialist has confirmed that the fundamentals of the local economy “indicate renewed high levels of confidence among a wide spectrum of capital investors, despite internatio

National Water Co. implements 62 projects worth SR9 billion
National Water Company (NWC) intends to start awarding projects to develop infrastructure of Jeddah and implement a number of drainage networks.

NWC will create water treatment projects and

Cayan in deal to build commercial property in Riyadh
Cayan Group has signed an investment-fund deal with Saudi Arabia-based MEFIC Capital for the construction of a commercial property in Riyadh, the Gulf-based real-estate developer said in a statement.

Spotlight on smart business connectivity for Jeddah
A smart security and emergency services system, smart solutions to a cleaner environment, smart technology and a smart business connectivity for Jeddah are some of the issues under the spotlight at a

New pacts signed by chief of royal commission
The Royal Commission for Jubail and Yanbu (RCJY) has initiated new industrial development and expansion projects.

Contracts worth SR120,259,000 were signed by Prince Saud bin Abdullah bin Th

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?