Saudi Crown Prince, Italian PM Meloni discuss regional security in phone call    Musaned tops 2024 Beneficiary Satisfaction Index among 39 platforms with a rate of 96%    Saudi Arabia launches loan guarantees for SMEs to stimulate investment in environmental projects    Dr. Soliman Fakeeh Hospital, Jeddah is among top three 5-star hospitals in Middle East and North Africa    Antenna: Saudi artist Ahmed Mater opens first solo exhibition in China    79 hospitality facilities in Makkah and Madinah face penalties for closure order violations    S&P upgrades Saudi Arabia's credit rating to A+    Trump orders 'decisive' military action against Houthis in Yemen    US Senate passes Republican spending bill to avert government shutdown    Zelenskyy says territorial control key to peace talks, rejects recognition of occupied regions    Pakistan says train hijacking death toll rises to 30, accuses India and Afghanistan of supporting militants    Al Nassr climbs to third with dominant win over Al Khaleej, Al Qadsiah slips after loss to Damac    CEDA reviews role of reforms in diversification of economy and surge in non-oil revenues    Crown Prince receives Yazeed Al-Rajhi after historic Dakar Rally 2025 victory    Saleh Al-Shehri's late penalty rescues Al Ittihad against Al Riyadh    SR17 million fines slapped on 16 individuals and companies convicted of violating Capital Market Law    Grand Mufti rules against posting prayers and preaching in mosques on social media    Man lives for 100 days with titanium heart in successful new trial    Argentinian court begins trial of seven healthcare professionals over Maradona's death    Singer Wheesung who wooed Korea with his ballads, found dead at 43    Prince Frederik of Luxembourg dies from rare disease    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Oil slips below $95 as China output falls
Published in The Saudi Gazette on 02 - 07 - 2011

NEW YORK: Oil prices came off their lows Friday on easing concerns over Greece's debt crisis and a report showing US manufacturing activity recovered somewhat in June from a sharp slowdown in May.
Benchmark West Texas Intermediate for August delivery lost 25 cents to $95.17 per barrel in afternoon trading on the New York Mercantile Exchange. It traded as low as $93.46 earlier in the day.
In London, Brent crude fell $1.22 to $111.32 per barrel on the ICE Futures Exchange.
Oil fell after China reported that its manufacturing industry cooled off in June, slipping to its slowest pace in 28 months. Activity slowed down as credit tightened due to inflation-fighting measures and weaker oversea demand.
The country is still expected to drive world oil demand for years to come, but slower manufacturing growth means demand for fuels may not grow as quickly.
Trading could be volatile ahead of a long weekend in the US, where markets will be closed Monday for Independence Day holiday, analysts said.
After ending last year around $91 a barrel, oil peaked at nearly $114 in late April. Crude has given up about 16 percent since the beginning of May.
Worried about oil's impact on the global recovery, the 28-nation International Energy Agency, which includes the US, has pledged to release 60 million barrels of crude and refined products onto the market in an effort to prevent another price spike.
In other Nymex trading for August contracts, heating oil dropped 2.2 cents to $2.9295 per gallon and gasoline futures gave up 1.35 cents to $2.9557 per gallon. Natural gas fell 3.5 cents to $4.358 per 1,000 cubic feet.
The 28-nation International Energy Agency, which includes the US, was worried enough about oil's impact on the global recovery that it pledged last week to release 60 million barrels of crude and refined products onto the market in an effort to prevent another price spike.
Oil plunged after the IEA announcement. The group said it should more than make up for the loss of Libya's 1.5 million barrels of daily exports. The release is only a temporary fix, however, until additional Saudi crude reaches the market.


Clic here to read the story from its source.