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Oil Retreats from 8-week Highs - ASHARQ AL-AWSAT English Archive
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London-Oil prices dipped on Friday, edging back from eight-week highs, amid speculation that there would be a deal next month on a production freeze.

Brent crude was down 24 cents, or 0.5 percent, to $50.67 per barrel by 1:33 p.m. EDT (1733 GMT). The session peak was $51.22, the highest since June 22.

U.S. West Texas Intermediate (WTI) crude was flat at $48.22 a barrel after reaching $48.75, its highest since July 5.

“We would argue that improved fundamentals are not a key reason for the recent price bounce,” analysts at Morgan Stanley said in a note.

“Crude oil demand is anemic, gasoline demand has decelerated globally, and China crude oil imports are likely to decelerate,” the analysts said, adding that supply could surprise to the upside in a number of countries.

Data showed Iraq has resumed pumping oil from fields operated by the state-run North Oil Company via a Kurdish pipeline to Turkey at a rate of around 70,000 barrels per day, with plans to double the volume next week.

In Libya, the National Oil Corporation began to load a tanker with crude at the country’s eastern Zueitina port, which has been shut since November.

The dollar rose against a basket of currencies, making greenback-denominated oil more expensive to holders of other currencies.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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