Last Update 20:23
Friday, 15 November 2019

Oil slips from recent gains, though Middle East tensions remain high

Reuters , Thursday 19 Oct 2017
Views: 2287
Views: 2287

Oil prices slipped on Thursday, pressured by larger-than-expected product inventories in the United States, and some profit-taking after a recent run-up in oil benchmarks.

Ongoing tension in the Middle East has kept a bid under the market, however, as reduced flows from the Iraqi Kurdish pipeline through Turkey have raised worries about supply.

Brent crude <LCOc1> fell 64 cents to $57.52 a barrel from Wednesday's mid-week high of $58.15 a barrel by 1135 EDT (1535 GMT). The global benchmark is still about 30 percent above its mid-year levels. U.S. light crude <CLc1> lost 45 cents to $51.59, and is still almost 25 percent higher than June's lows.

Analysts said they have seen some profit-taking after two weeks of gains as upward momentum in prices appears to be waning. Energy equities <XLE> were also weaker, falling to three-and-a-half week lows.

"There seems to be a macro selloff across the board with energy stocks also coming down," said John Kilduff, partner at Again Capital LLC.

The U.S. Energy Information Administration said on Wednesday that U.S. crude inventories fell by 5.7 million barrels in the week to Oct. 13. <C-STK-T-EIA>

U.S. output slumped by 11 percent from the previous week to 8.4 million barrels per day (bpd), lowest since June 2014, as production was shut in by Hurricane Nate.

U.S. distillate and gasoline inventories rose, however, even as refining activity fell. 

Search Keywords:
Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.