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Brent crude oil rebounds off 14-month low towards $102 LONDON: Brent crude oil edged higher towards $102 a barrel on Wednesday, after slumping to a 14-month low in the previous session, as growing output from Iraq and Libya despite violence in those countries has kept the market well supplied.The international oil benchmark has fallen more than 12 percent since hitting a year-high of $115.71 in June. The surge of radical Islamist militants in Iraq that first rattled oil markets has yet to significantly cut supplies from the country, which is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC).Lukoil, Russia's second-biggest oil producer, said on Tuesday it had shipped its first 1 million barrels of oil production from the giant West West Qurna-2 oilfield in Iraq, despite the violence. Brent crude for delivery in October was up 37 cents at $101.93 a barrel by 0822 GMT. The contract fell to $101.07 on Tuesday, its lowest since ...
Oil prices rebound as traders snap up bargain crude LONDON: World oil prices rebounded on Tuesday on bargain-hunting, one day after tumbling on easing concerns about conflicts in Ukraine and Iraq, analysts saidNew York's benchmark West Texas Intermediate (WTI) for delivery in September rose 30 cents to $96.71 a barrel. London's Brent North Sea crude for October delivery gained 17 cents to stand at $101.77 in afternoon deals.Brent, which is the key European futures contract, had plunged on Monday by $1.93 to settle at ...
Brent remains close to 14-month lows on weak demand LONDON: Brent crude oil prices on Tuesday were close to 14-month lows reached the previous day as weak demand and improving supplies weighed on the market, although global political risk still provided some support.Brent shed nearly $2 on Monday as investor worries over conflict in Iraq eased and as higher Libyan oil output added to already ample supplies.Brent crude oil prices for delivery in October were up 11 cents at $101.71 a barrel by 0940 ...
UK gas prices edge upwards on lower Norway flows LONDON: Natural gas prices in Britain rose slightly on Tuesday morning as colder weather and a drop in flows via the Langeled pipeline from Norway added to market tightness.Prices for within-day delivery were trading at 43 pence per therm at 0823 GMT, up 0.25 pence since their last settlement. Prices for delivery on Wednesday were up 0.1 pence at 42.9 pence.The market was seen 12.5 million cubic metres (mcm) undersupplied, with supply flows forecast at ...
Britain's gas trading crown at risk as euro boosts Dutch appeal LONDON: Britain's dominance in European natural gas trading is under threat from a Dutch trading hub where volumes are soaring, buoyed in part by Europe's utility companies who prefer to hedge their deals in euros.Britain has been the region's leading gas trading hub since North Sea oil and gas discoveries in the 1970s made it Europe's main producer. This position was cemented when it liberalised its energy markets in the 1990s, meaning much of its ...


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