MIDEAST STOCKS-Gulf falls after oil dips; investment deals lift Egypt | Reuters

MIDEAST STOCKS-Gulf falls after oil dips; investment deals lift Egypt | Reuters:



"Cheaper oil dragged down Gulf stock markets on Sunday, while Egypt rose after an international conference pledged tens of billions of dollars of investment for the country.



Brent crude settled near a one-month low below $55 a barrel on Friday and fell 9 percent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency that the oil glut is still growing.



Prices of many petrochemical products are linked to the price of oil, and cheaper oil squeezes the margins of Gulf producers."



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U.S. Seeks More Crude for Strategic Reserve After 2014 Sale - Bloomberg Business

U.S. Seeks More Crude for Strategic Reserve After 2014 Sale - Bloomberg Business:



"The U.S. government wants to buy up to 5 million barrels of crude to store in its strategic reserve on the Gulf Coast.



The Energy Department wants the crude delivered to its Bryan Mound storage cavern near Freeport, Texas, in June or July, according to a pre-solicitation notice posted on federal websites today. The purchase follows a 5 million-barrel test sale last spring, when oil prices were nearly double what they are now.



The Strategic Petroleum Reserve purchase comes as booming shale oil production has pushed private oil inventories in the U.S. to 449 million barrels, the most in records dating back to 1982. The reserve has 691 million barrels and 36 million barrels of empty space."



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