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Oil rises towards $59, supported by US drilling slowdown LONDON: Brent rose towards $59 a barrel on Monday in a volatile market, continuing gains after a strong end to last week as financial traders increased bets on higher prices amid a slowdown in U.S. drilling.Front-month Brent crude futures were up 82 cents at $58.69 a barrel by 0934 GMT, having earlier touched $59.54. U.S. crude had risen 78 cents to $52.42 a barrel, after touching $53.10."We found a bit of a momentum this morning," said Ole Hansen, head of commodity strategy at Saxo Bank."The U.S. rig count once again focused people's minds on the imminent reduction of production. The market's choosing to not focus on the ample supply we have at the moment."Prices rose by more than a dollar between 0715 GMT and 0810 GMT on Monday, which was a result of traders covering short positions, said analysts."If the market rises a lot then a lot of short covers ...
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 ...
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 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 ...

 





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