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Oil slips before Fed decision, US energy report LONDON: Global oil prices weakened on Wednesday as dealers await the outcome of a Federal Reserve meeting and the release of a US supply report, analysts said.New York's West Texas Intermediate (WTI) for March delivery fell 72 cents to $45.51 a barrel.European benchmark Brent North Sea crude for March declined 26 cents to stand at $49.34 a barrel in midday London deals compared with Tuesday's close.Crude futures had rebounded Tuesday from six-year lows as the dollar weakened following disappointing US economic data.Later on Wednesday, the US Federal Reserve is expected to release a post-meeting statement after the first gathering this year of its policy-making Federal Open Market Committee.Singapore's United Overseas Bank (UOB) said investors would pore over the statement for clues to the central bank's thinking on the timing for an expected interest rate hike later this year, the first since 2006."We continue to expect the Fed rate normalisation to ...
Oil slips to $49 on firm dollar, US stock build LONDON: Oil slipped to $49 a barrel on Wednesday as the dollar strengthened, while an industry report showing a larger-than-expected rise in U.S. crude inventories also pressured prices.Crude futures settled up more than 2 percent on Tuesday, when the dollar index posted its biggest one-day fall since early October. A weak U.S. unit makes dollar-priced commodities cheaper for buyers holding other currencies.Brent crude has fallen almost 60 percent since June, but since hitting a near ...
Europe Distillates:Diesel eases, supplies seen ample LONDON: Diesel barge price differentials in northwest Europe fell slightly on Tuesday as demand in the region weakened while supplies were expected to remain ample.The prompt contango in diesel futures, when the prompt February contract trades above the March futures, has flipped in recent days, limiting demand for storage, traders said. But the diesel market remained in a deep contango of around $42 a tonne going into December 2015, meaning that storing product was still ...
North Sea Crude: Forties offered lower, traders see market falling further LONDON: North Sea Forties and Ekofisk cargoes were offered lower on Tuesday as sellers struggled to offload barrels and traders said prices would probably fall further given the lack of buying interest and ample supplies of competing crudes."Nothing seems to be changing the weak sentiment in the market at the moment," one trader said."People are calling the bottom but it could be the buying to store that is causing this bottom. If the storage runs ...
Med Crude: Urals strengthens in Med on lower Feb supplies LONDON: Russian Urals crude price differentials strengthened in the Mediterranean again on Tuesday as expectations of lower supplies next month saw traders raising bids, while Venezuela is seeking another Urals cargo. Litasco bid for an Aframax Urals cargo in the Mediterranean for a second day, raising its bid to dated Brent minus 65 cents in the Platts window from $1 below the benchmark in the previous session. Vitol, which bid unsuccessfully at minus 90 cents ...