{"id":281775,"date":"2011-02-25T06:47:17","date_gmt":"2011-02-25T06:47:17","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/25\/supply-talk-eases-oil-price-surge\/"},"modified":"2011-02-25T06:47:17","modified_gmt":"2011-02-25T06:47:17","slug":"supply-talk-eases-oil-price-surge","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/25\/supply-talk-eases-oil-price-surge\/","title":{"rendered":"Supply talk eases oil price surge"},"content":{"rendered":"

\n \t\t
\n 25 February 2011<\/span>
\nLast updated at <\/span>01:47 ET<\/span>
\n<\/span><\/p>\n

Oil prices have retreated from Thursday’s multi-year highs amid optimism that crude producers can offset any drop in supply caused by the unrest in Libya. <\/p>\n

Brent crude was trading at $112.65 a barrel, after almost breaking through the $120 mark on Thursday. <\/p>\n

US light crude was at $97.49 a barrel. It surged past $100 on Thursday.<\/p>\n

Asian stock indexes gained with analysts saying they were now more optimistic about global growth. <\/p>\n

Singapore’s STI stock index and Hong Kong’s Hang Seng saw increases of more than 1%.<\/p>\n

Stock markets in South Korea, Japan and Taiwan also gained.<\/p>\n

‘Verbal finesse’<\/span><\/p>\n

Analysts said that the mood had been helped by comments from Saudi Arabia and the International Energy Agency (IEA). <\/p>\n

Saudi Arabia said that it would step in to fill any shortfall in supply should it be needed now or should the Libyan situation deteriorate in future. <\/p>\n

At the same time, the IEA said that Libyan production had been less affected than many observers had first forecast. <\/p>\n

Analysts said that the markets want to see crude supplies becoming available as and when they are needed. <\/p>\n

The worry is that if oil prices climb too high, then they will slow global economic growth, and hurt consumers and companies.<\/p>\n

“Now is not the time for producers to attempt verbal finesse,” said analysts at Barclays Capital in a research note. <\/p>\n

“It is better to visibly supply more oil now, and then pull it off the market swiftly if it later proves unnecessary.” <\/p>\n<\/p><\/div>\n<\/p>\n

See the article here:
\nSupply talk eases oil price surge<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

25 February 2011 Last updated at 01:47 ET Oil prices have retreated from Thursday’s multi-year highs amid optimism that crude producers can offset any drop in supply caused by the unrest in Libya. Brent crude was trading at $112.65 a barrel, after almost breaking through the $120 mark on Thursday. US light crude was at $97.49 a barrel<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-281775","post","type-post","status-publish","format-standard"],"yoast_head":"\nSupply talk eases oil price surge - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/02\/25\/supply-talk-eases-oil-price-surge\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Supply talk eases oil price surge - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"25 February 2011 Last updated at 01:47 ET Oil prices have retreated from Thursday's multi-year highs amid optimism that crude producers can offset any drop in supply caused by the unrest in Libya. 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