WTI Crude Trades Near One-Week High on U.S. Fuel Demand Outlook

07/02/2014 09:37 AST

West Texas Intermediate crude traded near the highest price in a week as stronger-than-forecast economic data bolstered the outlook for fuel demand in the U.S., the world’s biggest oil user.

Futures were little changed in New York after rising 0.5 percent yesterday as U.S. unemployment benefit claims slid more than economists estimated. WTI is poised for a fourth weekly gain, the longest rally in seven months, as cold weather boosts consumption of distillate fuels. London-traded Brent crude climbed as Libya’s oil output fell after protesters tampered with a pipeline.

“The positioning for the U.S. economy and what the market is perceiving is providing support for oil,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin in Sydney who predicts investors may sell WTI contracts at about $98.80 a barrel. “The draw in the products is typical for this time of the year where we see inventories start to decline. That should provide some underlying support to the market.”

For more on this Click Here

Crude Oil News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
GFH 0.5 1,361,733
QNBK 135 62,706
BKSB 0.14 70,617
DANA 0.62 13,288,208
SABIC 98.09 2,208,800
EEC 18.02 328,623
ALINMA 16.47 22,194,374
Recent News

GCC project awards to stay steady at $117bn this year
The total value of contract awards in the GCC projects market this year is expected to stay steady at $117 billion compared to last year, a report said.

The GCC projects market had a mute

No ban on Qatari riyal exchange, Saudi says
Saudi Arabia’s central bank said on Sunday it has not banned trading in the Qatari riyal after the country severed diplomatic ties with Doha more than two months ago and clarified that visiting Qata

Saudi Arabia’s stocks rise for third day on Al Rajhi gains
Stocks in Saudi Arabia, the region’s biggest equity market, rose for a third day boosted by gains in the kingdom’s largest lender by market capitalisation.

Benchmark indexes in other GCC m

Dana Gas moves to lift court injunction in sukuk case
Dana Gas, a Sharjah-based oil and gas exploration firm, has filed an application with the emirate’s Federal First Instance Court to lift an injunction, protecting it against claims related to its US$

Qatar gains as Gulf stocks find support from robust oil price
The Qatar index rose 0.3% to 9,134 points yesterday, as most stock markets in the Gulf rose modestly, lifted by a rally in oil prices at the end of last week. Three small to mid-sized Saudi Arabian

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?