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Oil bounces from 4-year low to $85 as dollar falls LONDON: Brent crude bounced off a four-year low on Wednesday to above $85 a barrel, a level that was still down 25 percent since June, as a drop in the value of the dollar attracted some cautious buying in the oil market.On Tuesday, the Brent benchmark lost almost $4, its biggest daily fall in more than three years, after the West's energy watchdog slashed its forecasts for world oil demand.Brent for November delivery was up 31 cents at $85.35 by 1410 after initially sliding to another fresh post-2010 low of $83.37.U.S. crude gained 40 cents a barrel to $82.24, rebounding by more than $2 after hitting a 27-month low of $80.01 earlier in the session. On Tuesday, the contract posted its largest fall in a single session in nearly two years.Traders said prices had rebounded slightly after U.S. crude held above $80 a barrel, a symbolically important level in a ...
Oil prices reach new depths on oversupply LONDON: Oil prices reached new multi-year low points on Wednesday owing to a supply glut and weak global demand, analysts said.Brent struck $83.37 a barrel -- the lowest level for nearly four years -- and the WTI contract dropped to $80.37, a point last seen more than two years ago.In later deals, Brent North Sea crude for delivery in November stood at $84.06 a barrel, down 98 cents compared with Tuesday's close.US benchmark West Texas ...
OPEC unlikely to hold emergency meeting on oil drop-sources LONDON: OPEC is unlikely to call an emergency meeting as proposed by Venezuela, two OPEC sources said on Tuesday, a sign the exporter group is in no rush to discuss a collective response to the sharp drop in oil prices.Venezuela last week became the first member of the Organization of the Petroleum Exporting Countries to call for an emergency meeting to arrest the slide in oil prices, which have slid to below $88 a barrel, ...
Oil falls to $84, near 4-year low, on oversupply LONDON: Brent crude fell to a fresh 47-month low on Wednesday before recovering to just above $84 a barrel as faltering global growth curbed demand for fuel at a time of heavy oversupply.Oil saw its biggest daily fall in more than three years on Tuesday after the West's energy watchdog slashed its forecasts for world oil demand for this year and 2015.Core members of the Organization of the Petroleum Exporting Countries appear to be focused ...
Oil falls to post-2010 low after IEA cuts demand forecasts LONDON: Brent crude fell to a fresh low below $88 a barrel on Tuesday, trading at the weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next.The global oil benchmark has dropped almost 25 percent from its 2014 high in June as supplies have risen and global demand has slowed, creating a glut in many markets.The International Energy Agency said on Tuesday world oil demand growth ...

 





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