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Oil market advances on US demand hopes LONDON: Global oil prices rebounded on Thursday as a bullish US stockpiles report raised hopes of resurgent demand in the world's top crude consumer, analysts said.Brent North Sea for delivery in September rose 37 cents to $107.54 a barrel in London early afternoon deals.New York's benchmark West Texas Intermediate for August gained 91 cents to $102.11 per barrel from Wednesday's closing level.WTI surged $1.25 in New York on Wednesday after the US Energy Information Administration (EIA) said reserves fell 7.5 million barrels in the week to July 11. The drop outstripped analysts' expectations of a 2.6 million barrel decline. "The strong, better-than-expected US stockpiles data is giving significant help to oil prices at the moment," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP. The EIA's inventory report also showed a rise in refinery utilisation in the United States, indicating plants are using more crude to increase gasoline ...
UK gas winter prices continue to bounce back from record lows LONDON: British natural gas prices for delivery next winter continued to rebound from recent record lows on Thursday morning as analysts pointed to an increase in demand at the end of the year.British gas for winter 2014 traded at 57.90 pence per therm at 0840 GMT, up 1.18 pence on Wednesday's settlement.The contract is now up almost 6 percent since hitting a record low of 54.70 pence per therm on July 11."The winter (contract) was ...
Oil rises on delayed Libyan port restarts, improved China growth LONDON: US September crude prices gained a dollar to over $100.50 a barrel on Wednesday as data from China showed its economy grew faster than expected and a Libyan official said two main eastern oil ports would unlikely export before August.China's improving outlook and the delayed Libyan port restart ended oil's longest losing streak since 2010 which had pulled Brent down more than 8 percent since mid-June.U.S. September crude gained a dollar to a high ...
Oil market enjoys China-inspired gains LONDON: Global oil prices rebounded on Wednesday as traders seized on news of stronger-than-expected economic growth in top energy consumer China.Brent North Sea for delivery in August rose 33 cents to $106.35 a barrel in London early afternoon deals.New York's benchmark West Texas Intermediate for August gained 75 cents to $100.71 per barrel from Tuesday's closing level."Robust Chinese economic data offered some support to the oil market ... today, increasing hopes about a rebound of ...
UK gas spot prices dip on oversupply LONDON: Spot wholesale natural gas prices in Britain dipped for a second day on Wednesday as an oversupplied system and the prospect of more gas arriving via sea weighed on the market.Day-ahead NBP gas was down 0.5 percent at 36.50 pence/therm by 0833 GMT, approaching the four-year low of 34.40 pence hit last Friday."Most of the drivers for today are either sideways bearish or sideways bullish," said analysts at Thomson Reuters Point Carbon.On the bearish ...

 





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