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Oil prices up in Asian trade SINGAPORE: Oil prices edged higher in Asia Thursday but remained under pressure over ebbing fears about armed conflicts around the world and concerns about weakening US demand, analysts said. US benchmark West Texas Intermediate for September delivery rose nine cents to $97.01 in mid-morning trade, after falling 46 cents in New York to its lowest closing level since February 3. Brent crude for September gained 13 cents to $104.72. "Fears that the crises in the Middle East and Ukraine would disrupt supplies have abated, adding to a downward trend in oil prices," Sanjeev Gupta, head of the oil and gas practice at consultancy EY, told AFP. Oil prices have seen a build in risk premium in recent months over armed insurgencies in crude producers Iraq and Libya, as well as Ukraine, a key conduit for Russian energy exports to Europe. But a market awash with supplies have since eased worries ...
Middle East crude Saudi Arabia, Abu Dhabi cut OSPs SINGAPORE: The Middle East crude market gained some support after Saudi Arabia and Abu Dhabi cut monthly prices slightly more than expected, although excess supply in other regions weighed on Asia."There's oversupply in West Africa and the North Sea," a trader said. "The narrow EFS should affect demand for Middle East crude too."Saudi Aramco has cut the September price for its Arab Light grade for Asian customers by 40 cents a barrel from August to ...
Tokyo stocks close down 1.05pc TOKYO: Tokyo stocks fell 1.05 percent Wednesday after a sharp sell-off on Wall Street, with SoftBank shares dropping on a report that its US unit Sprint was abandoning plans to buy T-Mobile.The Nikkei 225 index, which has declined for the past four sessions, gave up another 160.52 points to close at 15,159.79, while the Topix index of all first-section shares lost 0.97 percent, or 12.24 points, to 1,251.29.Copyright AFP (Agence France-Presse), 2014 ...
Oil prices up ahead of US stockpiles report SINGAPORE: Oil prices edged higher in Asia Wednesday on bargain-hunting, but gains were capped by concerns about tepid demand in the United States, analysts said.US benchmark West Texas Intermediate (WTI) for September delivery rose 10 cents to $97.48 while Brent crude gained 25 cents to $104.86 in afternoon trade.WTI prices closed lower in New York for the sixth time in seven days Tuesday as traders looked ahead to Wednesday's weekly US energy inventory report.Singapore's United ...
Brent rebounds to $105; US oil stocks eyed SINGAPORE: Brent crude rose to around $105 a barrel on Wednesday, bouncing off a nine-month low hit in the previous session after industry data showed a large drop in US crude stocks last week. The rebound came after oil prices tumbled on Tuesday as investors grew increasingly nervous about weak seasonal demand and poor refinery margins in a well-supplied global market. "The main concerns are about the high levels of supply and soft demand," said ...