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Plan to Restructure Greek Debt Makes Some Positive Impact on Oil Price

Middle East : 29 March

The Euro rose against the dollar on Thursday when news broke that the European Union was on the verge of agreeing a restructuring deal for debt ridden Greece. This led to an increase in investment in riskier assets which in turn led to an increase in the price of a barrel of oil.

While there was initially more stability it did not counteract the long term worry about Greece and other vulnerable countries within the recessionary European Union so the markets remained somewhat limited.

U.S. crude to be delivered in May increased in price for the first time in three days reaching $81 per barrel and by early afternoon it had risen further to $81.06 per barrel. ICE Brent reached $80.68 but then declined back down to $80.31

Analysts however feel that the uncertainty surrounding Europe and especially Greece is far from over at this stage and that the price of U.S. crude is still going to be dominated by this issue for sometime to come.

Commerzbank’s Fritsch said a rise in demand from Asia is very likely and that there are signs that the U.S. stockpile is decreasing as their economy improves slightly but this will probably only lead to prices reaching $83 at best.

It seems there is still a strong risk of over supply in the next three months which could lead to a surplus market and prices bottoming out.

Andrew Reid, Staff Writer, Gulf Jobs Market News
25 March

Petrochemical Plant to be Relocated by Saudi Aramco

A new Petrochemical plant that is earmarked to be constructed in Dammam city is now being reconsidered for the city of Jubail a statement revealed yesterday.
This venture is a joint undertaking by Saudi Aramco and a Company known as Dow and the construction of this plant is predicted to cost in the region of $20 [...]

25 March

US Crude Caused Prices to Slip Yesterday

The price of Oil fell by $2 a barrel yesterday amid a statement from the US energy department that their crude stocks were actually higher than anticipated. The only positive factor to help counteract the effect of this price drop was the news that petrol demand was higher than expected.
US crude stock levels were reported [...]

23 March

Russia’s Rising Oil Exports Will Not Affect Asian Market

It has been announced that new Russian Oil supplies currently being shipped across the Pacific Ocean will not adversely affect the price of Middle Eastern crude according to a statement made yesterday afternoon.
This was the same conclusion that had already been reached by Opec last week. Russia has started selling a new blend of crude [...]

21 March

Saudi’s Oil Demand Slumped During Recession

In 2009 Saudi Arabia envisaged that they could not have been in a better position to increase their supply of Oil. Oil supplies were reportedly running short and they were about to begin expanding their Oil production by opening a new oil field capable of pumping 1.2 million barrels a day. This was just one [...]

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