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Brent oil dips below $108, market well-supplied LONDON: Brent crude dipped below $108 a barrel on Thursday as unseasonably weak demand from European refiners and plentiful supplies offset strong Chinese factory data.Brent for September delivery was down 31 cents at $107.72 a barrel by 0909 GMT, after closing 70 cents higher on Wednesday. U.S. crude was down 33 cents at $102.79 a barrel, after gaining 73 cents in the previous session."Oil is moving in a small range. It opened relatively high and was supported in Asia on the back of the Chinese/HSBC data," said Ole Hansen, senior commodity strategist at Saxo Bank."But Brent is in contango, reflecting weak demand from European refiners," Hansen added. Contango is a situation in which the price of oil for near-term delivery is cheaper than that for delivery further into the future.China's factory activity expanded at its fastest in 18 months in July as new orders surged, a preliminary HSBC survey showed. ...
Oil market firm before US energy report LONDON: World oil prices edged higher Wednesday in cautious trading and dealmakers monitored the latest newsflow from Ukraine and the Middle East, ahead of the weekly US inventories report.Israel's operation against Hamas in Gaza continued to cause tensions, however, as UN chief Ban Ki-moon urged an end to the conflict that has entered its 16th day.Brent North Sea crude for delivery in September climbed 30 cents to stand at $107.63 a barrel nearing midday in ...
Brent firm above $107; strong dollar offsets global tensions LONDON: Brent crude steadied above $107 a barrel on Wednesday as a stronger dollar and weak demand offset threats to supplies from oil-producing regions.The European Union threatened Russia with harsher sanctions on Tuesday after the downing of the Malaysian airliner in Ukraine, straining the EU's relationship with the world's second-largest oil exporter."When the U.S. and the EU impose more sanctions on Russia, that will impact the mid-term production profile of the Russian oil industry," said ...
UK gas near-term prices weaker on oversupply LONDON: Wholesale natural gas prices in Britain were lower on Wednesday as supply continued to exceed demand.The front-month futures lost 0.4 percent to 37.20 pence/therm in early trade, while the day-ahead contract had not traded at the time of writing but was bid at 36.85 pence, 0.15 pence below Tuesday's settlement."A long system and higher forecasted UKCS (UK Continental Shelf) flows for today are the two bearish factors for the day-ahead contract," analysts at Thomson ...
Russian gasoline exports down 15.4pc in June vs May MOSCOW: Russian gasoline and fuel oil exports in June fell by 15.4 percent and 2.0 percent, respectively, on a daily basis from May, while gas oil exports were up by 6.1 percent, data from the Energy Ministry and Reuters showed. Russia's domestic supplies of gasoline and fuel oil increased by 6.3 percent and 6.4 percent, respectively, while local shipments of gas oil grew by 3.6 percent.According to the market sources, major refineries cut their gasoline ...

 





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