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Brent oil rises as euro zone morale boost offsets oversupply concern LONDON: Brent oil prices firmed on Wednesday as business morale in the euro zone's top two economies improved, offsetting concerns about oversupply that has filled fuel storage tanks around the world.Germany, Europe's largest economy, saw business morale rise for the fifth month in a row in March, hitting its highest since July 2014, Ifo's business climate index showed.Business morale also rose in France to its highest for nearly three years.Brent crude oil was up 18 cents at $55.29 a barrel by 1117 GMT. U.S. light crude oil was down 29 cents at $47.22 per barrel.U.S. crude oil inventories rose by 4.8 million barrels in the week to March 20, data from the American Petroleum Institute (API) showed on Tuesday, pushing total U.S. crude oil stockpiles to record highs above 450 million barrels.Chinese crude oil stocks are also at historic highs and the country's commercial and strategic storage is almost full, ...
Oil steadies above $55 as US Chinese stocks fill LONDON: Brent crude oil steadied above $55 a barrel on Wednesday, not far above the week's lows, as more evidence emerged of global oversupply that has filled fuel storage tanks around the world.U.S. crude oil inventories rose by 4.8 million barrels in the week to March 20, data from the American Petroleum Institute (API) showed on Tuesday, pushing total U.S. crude oil stockpiles to record highs above 450 million barrels.Chinese crude oil stocks are also ...
Oil below $56 as China slowdown offsets weak dollar LONDON: Brent crude oil held below $56 a barrel on Tuesday, as signs of slowing growth in China and Saudi Arabian oil production close to an all-time high overshadowed a weaker dollar.Brent futures for May delivery were trading down 16 cents at $55.76 by 1311 GMT, while U.S. crude rose 50 cents to $47.95 a barrel. Its discount to Brent narrowed to less than $8 a barrel for the first time in a week.The dollar ...
Oil prices fall after dollar bounces back LONDON: Oil prices fell Tuesday as the dollar rebounded against the euro and after disappointing manufacturing data out of top energy consumer China, traders said. US benchmark West Texas Intermediate for delivery in May dipped 10 cents to $47.35 a barrel.Brent North Sea crude for May dropped 54 cents to stand at $55.38 a barrel in late London deals.The dollar rebounded against the euro, making crude priced in the US unit more expensive for holders ...
Oil falls to $55 on China slowdown, dollar reversal LONDON: Brent crude oil fell towards $55 a barrel in choppy trading on Tuesday after the dollar firmed, adding pressure to a market grappling with signs of slowing Chinese growth and Saudi Arabian oil production close to an all-time high.The dollar reversed early losses to rise 0.25 percent against the euro, pressuring dollar-priced commodities that tend to move inversely to the U.S. currency.Brent futures for May delivery were down 49 cents at $55.43 by 1414 ...

 





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