Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Oil price near 10-week high  Join our daily free Newsletter

MENAFN - Arab News - 27/12/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) Oil prices jumped by the most in weeks yesterday, with US crude reaching its highest in more than two months as technical buying and signs of speedier efforts to avert a US fiscal crisis fueled an abrupt year-end rally.

After trading about 1 a barrel higher earlier in the day, oil prices jumped by another 1 in the early US hours.

Brent crude held most of those gains by mid-morning, up 1.76 or 1.6 percent at 110.56 a barrel by 1530 GMT, on track for its biggest one-day rise since mid-November. Volume was about one-sixth the average.

US crude led yesterday's gains, up 2.17 from Monday's close to 90.77 a barrel, but trading activity remained subdued.

About 150,000 lots had changed hands, roughly a third of the daily norm.

Oil prices dropped more than 1 percent on Friday after US fiscal talks dissolved when Republican lawmakers withheld support for a proposal to avert a raft of tax hikes and spending cuts, but many investors doubt that lawmakers would risk tipping the fragile US economy into recession again.

Friday's intraday low for WTI crude was a major 50 percent retracement mark, and 88 a barrel was a "big level that a lot of people were watching", Bill Baruch, senior market strategist at iitrader.com LLC in Chicago, told Reuters.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help