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Oil market edges upwards LONDON: World oil prices rose on Monday, extending last week's gains, but the persistent global supply glut will likely cap advances, analysts said.US benchmark West Texas Intermediate for delivery in May won 68 cents to $52.32 a barrel.Brent North Sea crude for May gained 79 cents to $58.66 around midday in London."There has been a continuation in the rise of oil prices from Friday's session, but the market has started this week cautiously due to the ongoing oversupply situation," said Michael McCarthy, chief market strategist with CMC Markets in Sydney.Both contracts closed last week up more than five percent thanks to a drop in the number of US oil rigs in operation, better economic data from Germany and easing expectations that Iranian oil would return to the market soon after a deal with Western powers over its nuclear programme.But Sanjeev Gupta, who heads the Asia-Pacific oil and gas practice at ...
Oil prices edge higher LONDON: Oil prices nudged higher on Friday, further recovering from a steep dive seen mid-week, although demand is set to remain shackled by a global supply glut, analysts said.US benchmark West Texas Intermediate for delivery in May edged up one cent to $50.80 a barrel.Brent North Sea crude for May gained 27 cents to $56.84 around midday in London.WTI and Brent sank 3.6 percent on Wednesday after the US Department of Energy said commercial inventories ...
Oil prices rebound from slump LONDON: Oil prices rebounded Thursday on bargain-hunting after a surge in US crude stockpiles and record output in Saudi Arabia sparked a sell-off in the previous session, analysts said.US benchmark West Texas Intermediate (WTI) for delivery in May advanced $1.33 from Wednesday's close to $51.75 a barrel.Brent North Sea crude for May rallied $1.66 to stand at $57.20 nearing midday in London.Shailaja Nair, of energy information provider Platts, said Thursday's price rebound was "due to ...
Total makes small gas find in Norwegian North Sea OSLO: French energy firm Total made a small gas and condensate discovery in the Norwegian sector of the North Sea, near the Skirne field, the Norwegian Petroleum Directorate said on Friday. Preliminary calculations put the discovery between 2.5 million and 9.4 million barrels of recoverable oil equivalents, the NPD added. Total owns 40 percent of the licence, while Centrica , Det norske and Faroe Petroleum each hold 20 percent.Copyright Reuters, 2015 ...
Oil drops towards $57 after largest US stock build since 2001 LONDON: Oil prices fell towards $57 a barrel on Wednesday after the largest weekly build in U.S. crude inventories since 2001 and as Saudi Arabia reported record output in March.The U.S. Energy Information Administration (EIA) reported that U.S. stocks of crude oil rose in the week to April 3 by 10.9 million barrels - the largest weekly build since March 2001 - to a record 482.39 million barrels.A Reuters poll of analysts had forecast a ...

 





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