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Oil falls back on profit-taking LONDON: Global oil prices fell on Friday, unwinding recent sharp gains that were fuelled by hopes that a global supply glut could end soon, dealers said.US benchmark West Texas Intermediate (WTI) for delivery in July dipped 36 cents to $60.36 a barrel.Brent North Sea crude for July reversed 45 cents to stand at $66.09 a barrel in London midday deals."Crude oil prices are retreating today, seemingly on profit-taking ahead of the long weekend," said analyst Fawad Razaqzada at trading site Forex.com."This follows sharp gains on Thursday and a smaller rally the day before which was inspired by news of a third drawdown in US oil inventories in as many weeks."The world oil market experienced topsy-turvy trade this week, as traders tracked supply concerns.Prices fell on Monday and Tuesday as the ongoing global supply glut and soft demand overshadowed the impact of geopolitical tensions in the crude-rich Middle East.They rebounded sharply ...
Oil prices gain on US stockpiles report LONDON: Global oil prices rose further on Thursday as falling US crude stockpiles and production boosted hopes of an easing in the global supply glut, analysts said.US benchmark West Texas Intermediate (WTI) for delivery in July rose $1.72 to $60.70 a barrel.Brent North Sea crude for July gained $1.59 to stand at $66.62 a barrel in late afternoon deals in London."Prices are continuing their recovery, receiving tailwind from the inventory data published by the US ...
Oil rises towards $66 on US inventory drop, Iraq LONDON: Oil rose towards $66 a barrel on Thursday, gaining for a second day, supported by expectations that a global supply glut is starting to ease and by fighting in Iraq.The U.S. government's supply report on Wednesday showed crude inventories declined for a third week. Stockpiles had been at record levels due to excess supply, raising concern that storage capacity was getting tight.Brent crude was up 80 cents at $65.83 as of 0937 GMT, after ...
Oil prices gain on US stockpiles report LONDON: Global oil prices rose further on Thursday as falling US crude stockpiles and production boosted hopes of an easing in the global supply glut, analysts said.US benchmark West Texas Intermediate (WTI) for delivery in July rose 56 cents to $59.54 a barrel.Brent North Sea crude for July gained 64 cents to stand at $65.67 a barrel in late morning deals in London."Prices are continuing their recovery, receiving tailwind from the inventory data published by ...
Oil prices rebound from steep dive LONDON: Oil prices rebounded Wednesday, recovering from recent steep losses in the previous session, in a muted response to news of falling US crude stockpiles.US benchmark West Texas Intermediate (WTI) for delivery in July rose 90 cents to $58.89 a barrel.Brent North Sea crude for July gained 95 cents to stand at $64.94 a barrel in London early afternoon deals."Crude oil showed an overall muted initial reaction to the (US) supply data," Forex.com analyst Fawad ...

 





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