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Oil prices mixed in Asian trade SINGAPORE: Oil prices were mixed in Asia Friday, with analysts warning of further downward pressure owing to a global oversupply and a strong dollar.US benchmark West Texas Intermediate for April delivery eased 16 cents to $43.80 and Brent for May climbed 18 cents to $54.61 in afternoon trade."The price fluctuations seem flat at the moment as traders are still wary of the oversupply situation," Ric Spooner, market analyst with CMC Markets in Sydney, said by telephone.Spooner added that the supply glut shows no signs of diminishing after the Kuwaiti oil minister said on Thursday that members of the OPEC cartel have no choice but to maintain current production levels -- despite falling prices -- in order to preserve their market share."Within OPEC, we don't have any other choice than keeping the ceiling of production as it is because we don't want to lose our share in the market," Ali al-Omair ...
Med Crude-Urals differentials slip further amid flurry of offers MOSCOW: Russian Urals crude price differentials slipped in northwest Europe on Thursday to their lowest levels since last December, as sellers were showing three cross-month cargoes in a move to get rid of prompt barrels. Outside the window Eni was showing through Argus bulletin board and broker PVM one Urals cargo for loading in the Baltic on Mar. 28 - Apr. 4 down to dated Brent minus 2,47 a barrel, but failed to find a ...
West Africa Crude-Contango, Indian buying keeps diffs from falling LONDON: West African crude oil staved off downward pressure on differentials on Thursday as contango and buying in India helped to keep prices versus dated Brent steady. Strong demand for West African crude in India has helped to absorb cargoes, particularly from Nigeria, and boost premiums to dated Brent. India's IOC awarded another tender on Thursday for May delivery, including Nigeria's Bonny Light and Qua Iboe. "There is still some strong demand from India," one ...
North Sea Crude-Ample supply keeps differentials under pressure LONDON: North Sea Forties crude price differentials held at a steep discount to dated Brent on Thursday, pressured by ample supplies and weak refining demand in Europe.Unsold West African cargoes plus more plentiful supplies in the Mediterranean are increasing buyer choice and putting downward pressure on North Sea crude, say traders, adding to the impact of refinery maintenance limiting crude demand."Those barrels are there so buyers are relaxed, and when buyers are relaxed the sellers ...
Oil falls below $55 as Kuwait forces refocus on oversupply LONDON: Brent crude oil fell back below $55 a barrel on Thursday after Kuwait said OPEC had no choice but to keep production steady, refocusing the market on global oversupply as the dollar recovered from sharp losses in the previous session.Brent had rallied by more than $2 a barrel on Wednesday after the Federal Reserve indicated it would raise U.S. interest rates slower than previously thought, overshadowing data showing U.S. crude stocks at a record ...

 





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