Oil Trades Near One-Week Low on Stockpile Gain, Reserves


29/03/2012 07:00 AST  Bloomberg

Oil traded near the lowest close in almost a week in New York after U.S. inventories surged and Western countries discussed tapping emergency reserves.

West Texas Intermediate futures were little changed after falling 1.8 percent yesterday as an Energy Department report showed crude supplies rose the most since July 2010. The U.S. proposed a release from strategic reserves, French Industry Minister Eric Besson said. A White House official said no decision has been made. There is “no rational reason” for prices at current levels and Saudi Arabia would like to see them fall, the nation’s Oil Minister Ali al-Naimi said.

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
EEC 35.21
SECO 19.11 15,293,879
SABIC 91.57 5,396,919
ZAIN.TASI 12.45 40,798,560
STC 64.81 982,626
RIBL 17.85 1,018,717
SAGRINSURANCE 33.4 516,186
Recent News

US index at peak, European stocks extend gains on Greece, Fed
European stocks extended gains for a sixth day to its highest level in seven years, and US indexes recovered to hit another record after Greece proposed a list of reforms to euro group and Federal Re

Afriland First Bank officially launches Islamic finance in Cameroon
At an event held at the Hilton Hotel in Yaounde, Cameroon, on 20 February, Afriland First Bank unveiled its suite of Islamic finance products.

For more than 10 years, First Bank has been a

Funds ‘increasingly bullish on Saudi equities’
Middle East funds are increasingly positive toward Saudi Arabia’s stock market as oil prices appear to be stabilising and the kingdom is preparing to open its bourse to direct foreign investment, a R

Tadawul trading volume remains low
Most major Gulf stock markets slipped despite stronger oil prices, as low trading volumes indicated retail investors remained cautious.

Brent crude surged 5 percent on Wednesday. That was po

KSA land of opportunities, says Indian business tycoon Shetty
The UAE-based Indian business tycoon B. R. Shetty plans to open 150 branches of UAE Exchange across Saudi Arabia as part of his efforts to expand his operations in the Kingdom.

Speaking to A

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?