LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Oil settles higher as stock markets gain, Saudi signals intervention

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Oct 26, 2018
06:29 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Oil prices rose 1 percent on Thursday, following the U.S. stock market higher a day after Wall Street`s biggest drop since 2011 and as Saudi Arabia`s energy minister signalled major producers may have to intervene in crude markets to support prices.

Brent crude futures rose 72 cents to settle at $76.89 per barrel as U.S. equities rose amid strong corporate earnings. The global benchmark has lost almost $10 a barrel since hitting a high of $86.74 on Oct. 3.

U.S. crude settled at $67.33, up 51 cents.

"We dropped precipitously on the idea global demand is going to slow," said Gene McGillian, vice president of market research at Tradition Energy. "Now that equity prices are stabilizing, those fears are fading."

The Dow Jones Industrial Average rose 1.6 percent and the benchmark S&P 500 stock index jumped 1.8 percent as companies such as software maker Microsoft Corp, automaker Ford Motor Co and social media company Twitter Inc reported strong third-quarter earnings, allaying some fears that slowing growth would hit oil demand. [.N]

"The stock market coming back is definitely cheering people who want to focus on the demand side," said Phil Flynn, an oil market analyst at Price Futures Group in Chicago. "It`s erasing fears that demand will fall off the map."

Also lifting prices were comments by Saudi Arabia Energy Minister Khalid Al-Falih, who said there could be a need for intervention to reduce oil stockpiles after increases in recent months.

Saudi Arabia`s OPEC governor said on Thursday the oil market could face oversupply in the fourth quarter.

"The market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks," Adeeb Al-Aama told Reuters.

Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields, as well as economic concerns in Italy.

"It`s too early to call this a rebound that can be sustainable," said Tony Headrick, energy market analyst at commodity brokerage CHS Hedging LLC. "International demand and trade concerns are what the market is grabbing onto here."

Traders brushed off a report showing rising inventories at Cushing, Oklahoma, the delivery hub for U.S. crude futures. Cushing crude stocks rose to 33 million barrels on Tuesday, up almost 1.8 million barrels from the previous week, traders said, citing a report by market intelligence firm Genscape.Graphic - U.S. oil production and storage levels: https://tmsnrt.rs/2OPukzK

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

West Bengal, Assam Assembly elections 2021: After TMC, BJP likely to release candidates lists today

Post Office Schemes: Good news for savings account holders! Withdrawal limit hiked from Rs 5,000 to Rs 20,000 at these branches

7th Pay Commission Latest News: Central government employees' alert! one mistake could cost you your LTC claim—check report

HSSC Recruitment 2021: Application forms reopened for Patwari, Canal Patwari and Gram Sachiv posts; Check where to apply online and how

BJP candidates list for West Bengal, Assam assembly election to be announced today?

Jathi Ratnalu trailer launch: WATCH! Prabhas launches Naveen Polishetty-starrer movie, spots new look

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

JEE Main 2021: RUSH! March registration ends today—Here is how you can apply

CBSE Class 10, Class 12 date sheet revised—check new time table, instructions here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved