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Oil prices firm before weekly US inventories LONDON: World oil prices firmed on Wednesday as traders eyed recent upbeat Chinese data before the latest weekly update on commercial crude inventories in top consuming nation the United States.However, oversupply and lingering concerns about demand in key markets are capping gains and keeping prices close to multi-year lows.Brent North Sea crude for December won 62 cents to stand at $86.84 a barrel in late morning London deals.US benchmark West Texas Intermediate for December delivery advanced 20 cents to $82.68 a barrel compared with Tuesday's close.The oil market had fallen heavily last week, striking multi-year low points on demand fears in the face of mounting global economic doubts.However, crude futures have since recovered somewhat, aided by stronger-than-expected Chinese economic growth and oil demand data.Added to the picture, crude demand is expected to increase during the upcoming northern hemisphere winter months, when heating fuel usage hits a peak."The strong selling pressure ...
Oil prices rise on Chinese data LONDON: Oil prices rose on Tuesday as caution returned after a weak rally spurred by upbeat industrial production data from China, the world's top energy consuming nation, analysts said.US benchmark West Texas Intermediate for November delivery advanced 21 cents to $82.92 a barrel compared with Monday's close.Brent North Sea crude for December won 38 cents to stand at $85.78 a barrel in London midday deals.Daniel Ang, investment analyst with Phillip Futures in Singapore, said investors ...
Oil prices hold near $86 on China oil demand rise LONDON: Brent crude oil held near $86 a barrel on Tuesday on news of robust Chinese oil demand, although gains were capped by oversupply and concerns over the health of the rest of the global economy.Implied oil demand in the world's largest energy consumer jumped 6.2 percent in September from August to 10.3 million barrels per day, the highest since February.China's factory output also beat expectations, rising 8 percent in September from a year earlier ...
UK gas prices rise as colder weather lifts demand LONDON: British wholesale natural gas and power prices rose on Tuesday morning as growing demand met low supplies, leaving the system short.Gas prices for delivery within the day were trading at 49.85 pence per therm at 0920 GMT, up 4.5 pence since their last close, and prices for Wednesday delivery were up 1.85 pence to 51 pence a therm.The price rises were down to an undersupplied system. Britain's gas demand was expected to be 202.7 ...
Statoil's oil find in North Sea bigger than expected OSLO: An oil find by Statoil in the Norwegian sector of the North Sea is much bigger than earlier thought and the find could be tied into the Grane field, the firm said in a statement on Tuesday. The discovery, first proven in 1992, contains between 30 and 80 million barrels of recoverable oil, well above previous estimates for about 6 million barrels, the Norwegian Petroleum Directorate added. The find is 7 kilometres north of ...

 





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