Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Islamophobia_$type=carousel$h=350$show=/search/label/Muslim%20World

Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Iran_$type=three$count=3$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Palestine$type=three$author=hide$comment=hide$rm=hide$date=hide$show=/search/label/Muslim%20World

Brent crude oil falls after North Korea nuclear test

SHARE:

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014.

SINGAPORE - Oil prices fell on Monday after a powerful North Korean nuclear test explosion triggered a flight of investors away from crude markets and into gold futures, which are seen as a safe haven.

Brent crude futures LCOc1, the international benchmark for oil prices, fell by around 1 percent from their last close, or 51 cents, to $52.24 per barrel by 0631 GMT.

The fall came as traders were nervously eyeing developments in North Korea, where the military conducted its sixth and most powerful nuclear test over the weekend. Pyongyang said it had tested an advanced hydrogen bomb for a long-range missile, prompting the threat of a “massive” military response from the United States if it or its allies were threatened.

This put downward pressure on crude as traders moved money out of oil - seen as high-risk markets - into gold futures XAU=, traditionally viewed as a safe haven for investors. Spot gold prices rose for a third day, gaining 0.9 percent on Monday.


U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, at $47.28 barrel, close to their last settlement.

Traders said that the more stable U.S. crude prices were a result of production outages following Hurricane Harvey.

About 5.5 percent of the U.S. Gulf of Mexico’s oil production, or 96,000 barrels of daily output, remained shut on Sunday, the federal Bureau of Safety and Environmental Enforcement said.

At the same time, refineries that use crude to make fuel were gradually starting up again, along with the pipelines transporting products.

“Traders are hopeful that crude backlogs will be cleared,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA.

Meanwhile, U.S. gasoline prices RBc1 slumped back from a spike after the release of emergency fuel stocks and on signs that the damage from Hurricane Harvey to the Gulf coast energy infrastructure was not as bad as initially feared.

Still, many analysts say it could take months before the U.S. petroleum industry fully recovers from Harvey, and Texas Governor Greg Abbott estimated damage at $150 billion to $180 billion, calling it more costly than Hurricanes Katrina or Sandy, which hit New Orleans in 2005 and New York in 2012.

Storm Harvey made landfall along the Gulf coast of Texas and Louisiana last week, knocking out almost a quarter of the entire U.S. refining capacity, causing a price spike and supply gap for fuels like gasoline, which traders around the world have been scrambling to fill.

Overall trading activity in oil futures market is expected to be low on Monday due to the U.S. Labor Day public holiday.

COMMENTS

Name

Ads,5,Afghanistan,75,Africa,23,Americas,5,Animals,36,Argentina,1,Asia,220,Australia,9,Austria,4,Bahrain,2,Bangladesh,18,Barcelona,1,Belgium,3,Brunei,1,Business,1267,Canada,2,Catalan,80,China,114,Cuba,3,Czech Republic,3,DR Congo,1,Egypt,21,Ethiopia,1,Europe,229,Fitness,14,France,25,Germany,37,Headlines,11,Health,168,Hillary Clinton,199,Hong Kong,1,Hungary,1,Iceland,1,India,103,Indonesia,9,International,75,Iran,77,Iraq,75,Ireland,2,Islamophobia,19,Israel,10,Italy,3,Japan,36,Jordan,1,Kenya,5,Kosovo,1,Kuwait,3,Lebanon,2,Libya,2,Lifestyle,302,Lithuania,1,Malawi,1,Malaysia,14,Malta,1,Maxico,3,Middle East,121,Muslim World,588,Myanmar,34,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,9,Niger,1,Nigeria,2,Nobel Prize,81,North Korea,53,Norway,1,Opinion,26,Pakistan,1031,Palestine,35,Philippine,13,Pics,66,Poland,2,Popular,1,Qatar,93,Rohingya,118,Russia,42,Rwanda,1,Saudi Arabia,82,Science,144,Serbia,2,Showbiz,349,Somalia,4,South Africa,1,South Korea,7,Spain,55,Sports,1308,Sudan,1,Sweden,1,Switzerland,2,Syria,109,Taiwan,2,Technology,442,Thailand,4,Today IN History,24,Top News,989,Tunisia,1,Turkey,76,U.S.,290,UAE,21,UK,50,Ukrain,2,Venezuela,4,Videos,75,Vietnam,2,World,4776,Yemen,21,Zimbabwe,2,
ltr
item
Muslim Global: Brent crude oil falls after North Korea nuclear test
Brent crude oil falls after North Korea nuclear test
https://4.bp.blogspot.com/-PTUh_sSRSfk/Wa0BoryyrzI/AAAAAAAAenA/eks3YAn4hVs6pxTeU0Vx6iSknlpYner8gCLcBGAs/s640/A%2Bpump%2Bjack%2Bis%2Bseen%2Bat%2Bsunrise%2Bnear%2BBakersfield%252C%2BCalifornia.jpg
https://4.bp.blogspot.com/-PTUh_sSRSfk/Wa0BoryyrzI/AAAAAAAAenA/eks3YAn4hVs6pxTeU0Vx6iSknlpYner8gCLcBGAs/s72-c/A%2Bpump%2Bjack%2Bis%2Bseen%2Bat%2Bsunrise%2Bnear%2BBakersfield%252C%2BCalifornia.jpg
Muslim Global
http://www.muslimglobal.com/2017/09/brent-crude-oil-falls-after-north-korea.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/09/brent-crude-oil-falls-after-north-korea.html
true
616431133175714168
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy