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| Economy | |
| Oil Hits Peak as Saudi Resumes Yemen Strikes | |
| 2015-04-24 | |
[AnNahar] Global oil prices rebounded to a four-month peak Thursday as Saudi-led coalition warplanes launched new strikes in Yemen, stoking new supply concerns over the crude-rich Middle East.
The contract later stood at $64.86 in London late afternoon deals, up $2.13 from Wednesday's closing level. U.S. benchmark West Texas Intermediate for June meanwhile jumped $1.78 to $57.95 a barrel "Crude oil prices rebounded to reach four-month highs following news that Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... renewed its aerial assault in Yemen ...an area of the Arabian Peninsula sometimes mistaken for a country. It is populated by more antagonistic tribes and factions than you can keep track of. Except for a tiny handfull of Jews everthing there is very Islamic... to target the Iranian catspaws," said energy analyst Myrto Sokou at the Sucden brokerage in London. "Brent front month futures rallied ... amid renewed concerns of potential disruption in oil shipping across Middle East." Crude futures had fallen Wednesday after weekly U.S. petroleum data showed higher crude inventories but marginally lower production. U.S. commercial crude reserves in the period ending April 17 rose for the 15th straight week, adding 5.3 million barrels, the Department of Energy said Wednesday. It said the increase lifts U.S. oil supplies to the highest level on record. However, if you can't say something nice about a person some juicy gossip will go well... production slipped by 18,000 barrels a day, following a 20,000 barrel drop in the previous week. "We ... remain bullish on oil and this hinges on the U.S. crude inventories," said Daniel Ang, analyst at Phillip Futures in Singapore. Dealers are hoping a slowdown in U.S. shale output could alleviate a global crude oversupply, which led to a collapse in prices of more than 50 percent between June and January. | |
| Posted by:trailing wife |