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Oil rises to $59 as Saudis say demand growing LONDON: Brent crude oil rose to around $59 a barrel on Wednesday after data showed Chinese factories were producing more than expected and Saudi Arabia's oil minister said oil demand was growing. China's factory sector has expanded slightly this month, according to the flash HSBC/Markit Purchasing Managers' Index. The index reached a four-month high of 50.1 in February, just above the 50 level that separates growth in activity from contraction. A Reuters poll had forecast a reading of 49.5. China is the world's biggest energy consumer and second largest user of oil behind the United States, and even small changes in Chinese demand can move oil prices. The market also got a small lift from comment by Saudi oil minister Ali al-Naimi, who spoke to reporters in the port city of Jizan, southwest Saudi Arabia. "Markets are calm now demand is growing," said Naimi, who was behind a change in ...
Oil gains ground before US energy report LONDON: World oil prices rose Wednesday, but gains were limited before a key report expected to show further build-up in US crude inventories, dealers said.US benchmark West Texas Intermediate (WTI) for April delivery rose 10 cents to $49.38 a barrel.Brent North Sea crude for April climbed 25 cents to stand at $58.91 a barrel in London midday deals.Crude futures had also fallen on Tuesday as traders estimated a key report will show another increase in ...
Russia gas oil exports up 9.9pc in January on-month MOSCOW: Russian gas oil and fuel oil exports rose 9.9 percent and 1.5 percent, respectively, in January from the month before, while shipments of gasoline fell slightly by 0.2 percent, Energy Ministry data and Reuters calculations showed.Russian domestic supplies of gasoline and gas oil were down in January by 2.4 percent and 19.7 percent respectively, while local supplies of fuel oil fell 8.2 percent due to low demand.Kirishi refinery in northwest Russia, owned by Surgutneftegaz, ...
Norway's consumer confidence fall to six-year low in Q1 OSLO: Norwegian consumer confidence fell to its lowest level since the spring of 2009 in the first quarter as weak oil prices eroded household confidence in the economy, a survey by financial lobby group Finance Norway (FNO) showed on Wednesday.The seasonally adjusted confidence index dropped to 7.4 points in the first quarter from a revised 13.6 in the fourth quarter, the FNO said in a statement. The fourth quarter reading was originally reported at 15.4 ...
Russia's refinery runs in January down 1.8pc on month MOSCOW: Russian oil refinery runs in January fell by 1.8 percent month-on-month or 104,583 barrels per day (bpd), data from the Energy Ministry and Reuters calculations showed.Refineries processed 5.757 million barrels of crude oil per day in January versus 5.862 million in December.In January, a significant part of Russian refineries decreased their capacity by 5-6 percent pressuring by falling crude oil prices and lower refinery margin.Bad weather in the Black Sea ports in January put ...