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Oil slips towards $58 on ample supply, stock build LONDON: Brent crude oil fell towards $58 a barrel on Tuesday ahead of key industry data expected to show further builds in U.S. inventories due to heavy over-supply.A Reuters survey forecast figures from the American Petroleum Institute on Tuesday, and the U.S. Department of Energy's Energy Information Administration, due to be published on Wednesday, would show U.S. crude stocks increased by 4 million barrels to a record high last week.Brent futures for April were down 50 cents at $58.40 a barrel by 0910 GMT, while U.S. crude was down 50 cents at $48.95."The fundamental backdrop is still bearish," said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt, adding that there was a "huge over-supply in the market"."We expect another strong increase in U.S. crude inventories to be reported," he said.Huge increases in domestic oil production have left the U.S. oil market with a fuel glut, one exacerbated ...
Oil prices rebound LONDON: Oil prices rebounded slightly Tuesday after recent sharp losses caused by an oversupplied market.US benchmark West Texas Intermediate (WTI) for April delivery rose 39 cents to $49.84 a barrel.Brent North Sea crude for April climbed 59 cents to stand at $59.49 a barrel in London afternoon deals.WTI shed $1.36 in New York and Brent lost $1.32 on Monday, building on heavy losses last Friday, as US crude stockpiles linger at historic levels, contributing to ...
MOL swings to loss, even though downstream performs well BUDAPEST: Hungarian oil group MOL Plc swung to a quarterly loss on Tuesday, partly due to one-off costs and a steep fall in crude prices.It posted a net loss of 68.6 billion forints ($254.6 million) for the fourth quarter compared with a net profit of 5.2 billion forints in the same period of 2013 and a net profit of 28.5 billion forints in the third quarter of 2014.MOL operates refineries in Hungary, Slovakia and Croatia. ...
Norway gas flows fall on Oseberg, Heimdal outages OSLO: Norwegian gas output fell by 14.4 million cubic meters (mcm) on Tuesday due to separate outages at the Oseberg and Heimdal fields, gas system operator Gassco said in a market message.Output at Oseberg was down 8.2 mcm while output at Heimdal was down 6.2 mcm, Gassco said. Both outages are expected to last 4 to 12 hours, although the duration was uncertain, Gassco said.The outages come on top of a 4.5 mcm/day outage at ...
Oil prices extend slide on high supplies LONDON: Oil prices slid on Monday, extending last week's sharp decline as the dollar strengthens on eurozone strains, and as record supplies in the United States add further downward pressure.US benchmark West Texas Intermediate (WTI) for delivery in April shed $1.71 to $49.11 a barrel compared with Friday's close.Brent North Sea crude for April lost $1.24 to stand at $59 a barrel in late London deals.WTI slumped 4.66 percent and Brent tumbled 2.1 percent during ...