Europe
Wednesday, 01 May 2013 17:07
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LONDON: Oil dropped below $101 a barrel on Wednesday, extending its biggest monthly drop in 11 months in April, as fresh concerns over economic growth in China weakened the demand outlook.Brent crude futures lost $1.60 cents to $100.77 a barrel by 1050 GMT. The benchmark had fallen more than 7 percent in April, hurt by indicators suggesting the global economy remains in a fragile state."The fall is a reaction to recent days' gains. We had a bit of a rebound but that is running out of steam with the Chinese data," according to Simon Wardell, analyst at Global Insight. Traders expected the contract to hold around $100 a barrel in the coming days.US oil was down $1.20 at $92.26 a barrel, falling below its 50-day moving average, a key technical indicator watched by traders.Growth in China's manufacturing sector unexpectedly slowed in April as new export orders fell, raising fresh doubts ...
LONDON: Brent oil held near $104 per barrel on Tuesday, as worries about demand outlook were offset by expectations the US Federal Reserve and European Central Bank may do more to stimulate the global economy.Brent rose 3 cents to $103.84 a barrel by 1120 GMT, after earlier touching a low of $103.41. US crude was 17 cents lower at $94.33 a barrel, on track to end the month down nearly 3 percent.Oil has fallen 5.7 ...
LONDON: British prompt gas prices rose on Monday morning as lower pipeline supplies from Norway left the system undersupplied, meaning more liquefied natural gas (LNG) will be used to balance the system, traders said.Gas prices for within-day delivery were trading at 65.65 pence a therm at 1100 BST (1000 GMT) on Monday, up 0.35 pence from the close on Friday, and hit an intraday high of 66.10 as traders responded to an 11 mcm fall ...
LONDON: British energy giant BP said Tuesday that net profits almost tripled in the first quarter of 2013, boosted by the sale of its stake in Russian joint venture TNK-BP, despite falling oil and gas output.Earnings after taxation surged to $16.86 billion (12.87 billion euros) in the three months to the end of March, compared with $5.77 billion in the same period of 2012, BP said in a results statement."These strong first-quarter results demonstrate the ...
OSLO: Norway's Statoil has restarted production at its Snoehvit liquefied natural gas (LNG) plant, the nothernmost LNG plant in the world, after more than two months of shutdown following a gas leak, a senior company executive said."Production resumed yesterday (Sunday)," Oeivind Nilsen, production vice-president for Hammerfest LNG, wrote in an email.Snoehvit is not expected to shut down this year, Nilsen previously told Reuters. Copyright Reuters, 2013 ...
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