Crude prices flat after sharp decline

GMT 01:15 2014 Sunday ,19 October

Arab Today, arab today Crude prices flat after sharp decline

Crude prices flat after sharp decline
New Yourk - XINHUA

Crude prices were little changed Friday after the market declined significantly this week.
Earlier this week, the crude prices fell sharply to its lowest level since June 2012 and they climbed and pared losses on Thursday as traders thought they were oversold.
The recent sharp decline was mainly due to the forecast that crude supply surpassed demand globally.
The International Energy Agency (IEA) Tuesday lowered its projections for global oil demand in the remaining period of this year and the next.
The IEA cut its global oil demand forecast over the next two months by 200,000 barrels per day than its previous projection. According to the agency, oil demand is projected to increase in 2015 from 2014, but at a slower growth pace than what was expected earlier.
The oil prices got some support from upbeat U.S. economic data out Friday.
U.S. consumer confidence rose in October to the strongest level in seven years. The Thomson Reuters/University of Michigan preliminary sentiment index went up to 86.4, the highest since July 2007, beating analysts' expectation of 84.
U.S. Commerce Department reported Friday that privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,017,000, which was 6.3 percent higher than the revised August estimate of 957,000.
Light, sweet crude for November delivery moved up 5 cents to settle at 82.75 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 34 cents to close at 86.16 dollars a barrel.

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