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Brent rises towards $80 as rhetoric heats up before OPEC meeting LONDON: Brent crude reversed early losses to rise back towards $80 a barrel on Tuesday, recovering from a four-year low hit last week as oil prices tried to find a floor ahead of next week's critical OPEC meeting. Speculation about OPEC's response to a 30 percent drop in global oil prices since late-June intensified after calls from Venezuela to increase cooperation within the cartel as well as with non-members, including top producer Russia. A special global meeting is being planned "very soon", Venezuelan President Nicolas Maduro said on Monday. The head of state-backed oil giant Rosneft will fly to Vienna on Nov. 25, just two days before OPEC members meet in the city. "We don't expect a sharp rebound in prices unless we get positive news about a production cut," said Ken Hasegawa, commodity sales manager of Newedge Japan. Brent was up 31 cents at $79.62 a barrel by 0923 ...
Ukraine may make prepayment for Russian gas before Dec 1 KIEV: Ukrainian Energy Minister Yuri Prodan said on Tuesday Ukraine may make a pre-payment to Russia for gas before Dec. 1, reiterating that the country expected to buy up to 1.5 billion cubic metres (bcm) of gas from Russia by the end of the year."Purchases will start once the cold sets in. It's possible we'll start (pre-payments) before Dec. 1 ... the situation is not yet critical," Prodan told journalists.Copyright Reuters, 2014 ...
Brent falls below $79 as Japan enters recession LONDON: Brent crude fell below $79 a barrel on Monday after Japan, the world's fourth-biggest crude importer, slipped into recession and as Saudi Arabia reiterated the oil price should be left to supply and demand.The market is waiting to see whether the Organization of the Petroleum Exporting Countries will cut production at its meeting at the end of November. The Atlantic Basin is still awash with unsold barrels partly due to the continued growth in ...
Ukraine gas reserves down 8.4pc since start of heating season KIEV: The volume of gas kept in Ukrainian underground gas storages has fallen by around 8.4 percent since Kiev started pumping gas on Oct. 20 for heating in colder weather, state-run gas transport monopoly Ukrtransgaz said on Monday.The company's spokesman said there were 15.35 billion cubic meters (bcm) of gas in storages as of Nov. 15 compared with 16.75 bcm as of Oct. 20.Ukraine, which covers half of its annual needs by importing Russian gas, ...
UK gas prices rise on undersupply, weather, possible sanctions LONDON: British wholesale natural gas prices rose on Monday morning due to undersupply in the UK gas system, forecasts of lower temperatures and the possibility of further European Union sanctions on Russia.Gas for day-ahead delivery was up 1.10 pence at 54.50 pence per therm, while within-day gas was up 0.95 pence per therm.The UK gas system was expected to be 12 million cubic metres (mcm) short of gas on Monday, with flows forecast at 244 ...