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Oil slumps near $59 for first time since 2009 on oversupply LONDON: Oil fell to just above $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel in June on ample supply and slowing demand, and a switch in strategy by exporter group OPEC to defending market share rather than prices.A report showing Chinese industrial activity shrank for the first time in seven months in December added to concern about oil demand. China is the second-largest oil consumer after the United States.Brent crude fell as low as $59.02, its weakest level since May 2009, and as of 0914 GMT was down $1.81 at $59.25. U.S. crude was down $1.60 at $54.31 a barrel."The trend remains down," said Robin Bieber, technical analyst and director at London-based oil ...
Oil drops to near $59 for first time since 2009 LONDON: Oil fell to close to $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel in June on ample supply and slowing demand, and a switch in strategy by exporter group OPEC to defending market share rather than prices.A ...
Brent oil tumbles under $60 for first time since 2009 LONDON: The price of Brent oil slumped Tuesday to a fresh five-year low below $60 per barrel, as weak Chinese manufacturing data stoked global demand concerns, with sentiment also plagued by over-supply.In morning London deals, the price of Brent North Sea crude for delivery in January sank to $59.63, breaching the key level for the first time since mid-2009.Copyright AFP (Agence France-Presse), 2014 ...
UK gas prices firm on undersupplied gas system LONDON: Prompt natural gas prices in Britain firmed on Tuesday, supported by an undersupplied system, as reduced flows from the St. Fergus terminal in Scotland tightened supply.Prices for next-day delivery edged up 0.05 pence to 53.55 pence per therm at 1059 GMT.The gas system was 18 million cubic metres (mcm) undersupplied, with flows forecast at 280 mcm/day and demand at 298 mcm, according to National Grid data.An unplanned outage at Total's St. Fergus gas terminal ...
Total says outage at UK's St Fergus gas terminal to continue LONDON: An unplanned outage at Total's St. Fergus gas terminal in Scotland is expected to continue for a further 24 hours, the operator said in a market message. The outage, which cut production by an estimated 8 million cubic metres per day (mcm/d), began on Monday and was initially expected to last 24 hours. The terminal receives and processes gas from more than 20 fields in the North Sea. Copyright Reuters, 2014 ...