• Home
  • Contact Us!
  • Privacy Policy

Radio Metta

  • Home
  • Business
  • Education
  • Health
  • Home Deco
  • News
  • Real Estate
  • Technology
  • Contact Us!
  • Privacy Policy
Home» Business»Oil prices back to square one

Oil prices back to square one

Saheli 02 Apr 2016 Business Comments Off on Oil prices back to square one 304 Views

NEW YORK, April 1– Oil prices took one of their biggest hits of the year Friday as pressure from Riyadh’s response to a production freeze was doubled by weak U.S. labor figures.

Mohammed bin Salman, the deputy crown prince of Saudi Arabia, poured water on a fire set by talks of a production freeze from Russia and members of the Organization of Petroleum Exporting Countries in an interview with Bloomberg News.

“If all countries agree to freeze production, we’re ready,” he said. “If there is anyone that decides to raise their production, then we will not reject any opportunity that knocks on our door.”

Saudi Oil Minister Ali al-Naimi in December suggested there would be no limit to the kingdom’s oil production.

A meeting planned later this month in Doha is aimed at controlling production levels in an effort to stabilize an oil market skewed heavily toward the supply side. Iran, which is returning to the oil market after years of isolation triggered by economic sanctions, said it would freeze its production, but only after it regained a stronger market position.

When rumors of a production freeze first surfaced in January, Neil Atkinson, the head of the oil markets division at the International Energy Agency, told UPI the market in 2016 would favor the supply side unless there was widespread agreement on controlling production.

Crude oil prices nearly erased all of their gains for the year following the comments from the Saudi official. Brent crude oil was down nearly 4 percent at the start of trading in New York to $38.75 per barrel. West Texas Intermediate, the U.S. benchmark price for crude oil, lost 3.6 percent from Thursday’s close to $36.94 per barrel early in the trading day.

Negative pressure on crude oil prices was influenced further by a slight increase in the U.S. unemployment rate to 5 percent in March. The U.S. Bureau of Labor Statistics reported retail, construction and healthcare jobs increased, though job losses occurred in manufacturing and mining.

The labor sector has been one of the stronger points for the U.S. economy. The latest data show, however, that those left out of the work force for 27 weeks or more were still unable to find jobs, with figures showing little movement since June. Wages, meanwhile, remained relatively flat, growing only 2.3 percent over the year.

[Source:- UPI]

"One Back Oil prices square to 2016-04-02
Tags "One Back Oil prices square to
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : Saheli
Previous Article :

State School Boards Feel New Urgency to Flex Muscles

Next Article :

Rahul visits Kolkata flyover collapse site

Related Articles

Step up: Tips for organizations from the FTC’s settlement with Genshin Effect designer HoYoverse

Step up: Tips for organizations from the FTC’s settlement with Genshin Effect designer HoYoverse

admin 07 Feb 2025
The main 3 showcasing challenges for independent companies (and how mechanization can tackle them)

The main 3 showcasing challenges for independent companies (and how mechanization can tackle them)

admin 24 Sep 2024
The most effective method to Begin a Blog (and Bring in Cash) in 6 Stages: Simple Fledgling’s Aide

The most effective method to Begin a Blog (and Bring in Cash) in 6 Stages: Simple Fledgling’s Aide

admin 19 Sep 2024

Latest Post

Cross-skilling: How to maintain government efficiency amidst change
Technology

Cross-skilling: How to maintain government efficiency amidst change

admin 21 May 2025
Our comprehensive list of 135 topics for real estate blogs
Real Estate

Our comprehensive list of 135 topics for real estate blogs

admin 13 May 2025
Why some houses sell more quickly than others
Real Estate

Why some houses sell more quickly than others

admin 07 May 2025
Get AI Ready — What IT Leaders Need to Know and Do
Technology

Get AI Ready — What IT Leaders Need to Know and Do

admin 22 Apr 2025
Job Prospects in Real Estate: Is Real Estate a Good Career Path?
Real Estate

Job Prospects in Real Estate: Is Real Estate a Good Career Path?

admin 12 Apr 2025

Creating Spaces: Decor for Every Room in Your Home

admin 05 Apr 2025
Tips for staying safe online and tracking scams
Technology

Tips for staying safe online and tracking scams

admin 01 Apr 2025
June 2025
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30  
« May    
  • Home
  • Contact Us!
  • Privacy Policy
Copyright 2016, All Rights Reserved
Magazine Blog News WordPress Theme