Fidelity bank banner Bayelsa State banner
Oil prices ease as market shrugs off Turkey coup bid

By News Express on 18/07/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,308


Oil prices fell on Monday as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals, while disruptions to crude exports in Libya lent prices some support.

Brent crude futures fell 36 cents to $47.25 a barrel by 1131 GMT, while U.S. crude futures were 31 cents lower at $45.64 a barrel.

“The market is looking past the coup,” CMC Markets’ chief market analyst in Sydney Ric Spooner said.

Istanbul’s Bosphorus Strait, a chokepoint for oil that handles about 3 percent of global shipments, mainly from Black Sea ports and the Caspian region, reopened on Saturday after closing for several hours after Friday’s failed coup.

News that oil guards protesting over pay shut Libya’s Hariga oil terminal on Sunday dampened hopes the country could boost its output significantly any time soon.

“Libya remains a wild card in the global oil market balance,” SEB chief commodities analyst Bjarne Schieldrop said.

“This morning, however, an immediate revival in Libyan crude exports looks less daunting and might help to support crude prices slightly.”

Saudi Arabia’s energy minister said on Sunday the kingdom always reacts to oil market supply and demand and would continue to monitor crude markets for any developments.

The race among oil suppliers to meet the rise in demand for imports from China’s independent refineries is heating up, with Iran supplying a 2-million-barrel cargo via trader Trafigura.

A report by Morgan Stanley raised concerns about the longer-term outlook for oil consumption as demand for petrochemicals rather than fuels such as diesel and gasoline is clouding the outlook for crude demand.

“Fundamental headwinds are growing, supply-demand rebalancing is likely still a mid-2017 event, but tail risks are admittedly large in both directions, as geopolitics add to uncertainty,” the report said.

“A rapid rise of non-petroleum products is boosting total product demand, but this is unhelpful for crude oil. Based on the latest data, even our tepid 800,000 barrels per day growth estimate for global crude runs looks too high.”

Oil market investors again cut their bullish bets on Brent to their lowest since February.

Data from the InterContinental Exchange on Monday showed investors cut net long positions by 8,899 to 303,371 in the week to July 12, their lowest since February 22. (Reuters)

•Photo shows OPEC President Barkindo.

Source News Express

Posted 18/07/2016 3:32:39 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
10 killed in Calabar fire disaster

Buhari blamed for attacks on Christians •Group documents...

Angry reactions greet Edo State Government’s plan to...

2019: Uneven distribution of PVCs a dangerous signal...

Breaking News: Ex-ASUU President Festus Iyayi dies in...

Dogara tasks Public Complaints Commission to tackle abuse...

Dangote clears the air on Apapa – Oworonshoki...

23 Olympic athletes from 6 countries fail drug...

News Express 5th Anniversary Lecture holds September

NAPTIP declares online job offers fake

Payroll scam: Bayelsa annual wage bill drops to...

18 states draw from bailout fund

 

Latest News Buhari’s biggest hurdles ahead 2019 polls PDP shops for consensus presidential candidate Battle for Saraki’s seat hots up Ohanaeze warns IPOB, urges Ndigbo to intervene Oyo 2019: Political heavyweights regroup under Obasanjo’s ADC to unseat APC Investors lament woes in Lagos Free Zone Uproar as Satan worshippers unveil statue in America Baby with brain tumor recovers miraculously after kiss from Pope Francis Love struck 98-year-old man walks 6 miles each way daily to visit paralysed wife in the hospital Okowa calls for collective efforts to check irregular migration Kofi Annan’s death a loss to Africa and the entire world, says Bola Tinubu Magu’s Chief of Staff not under investigation — EFCC

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (378,677 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,203 views) Shameless Genevieve Nnaji exposes breasts in public (296,966 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,332 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,269 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,443 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,993 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,198 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,893 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,724 views) Lagos plane crash: Journalist releases victims’ names (153,022 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,307 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,462) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (640) Global Business Monitor (295) International (2,278) Interview (162) Live Commentary (28) Love Matters (135) News (38,135) Opinion (1,061) Pidgin (11) Politics (6,096) Religion (826) Sports (1,650) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement