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Oil prices rebound after fresh lows LONDON: Oil prices bounced back Friday after diving to fresh lows caused by expectations that OPEC is unlikely to cut production levels to counter a global supply glut.Despite the pullback, crude futures are expected to keep sliding well into 2015, held down by weak demand and increased shale production, the International Energy Agency (IEA) said.Brent North Sea crude struck $76.76 a barrel -- the lowest level since September 2010. The contract for delivery in January later recovered to $78.33 in London midday deals, a gain of 84 cents compared with Thursday's close.US benchmark West Texas Intermediate (WTI) for December delivery also hit a four-year low at $73.25 a barrel before rebounding to $74.37, up 16 cents compared with Thursday's close.Global prices have collapsed by about one third since June and were weighed down further on Thursday after the United States said it had produced 9.063 million barrels of oil last ...
Oil edges up from 4-year low to $78, IEA warns on 2015 LONDON: Oil edged up from an early four-year low below $77 a barrel on Friday, when it had been pressured by excess supply and scepticism that OPEC would cut output at a meeting in two weeks. The International Energy Agency, which usually refrains from predicting oil prices, said in its monthly report that prices could fall further in 2015 and pressure was building on OPEC to cut supply."It is increasingly clear that we have begun ...
Brent crude hits new four-year low LONDON: Brent oil slumped Thursday to a new four-year low on expectations that OPEC will unlikely to cut production levels to counter the global supply glut, traders said.At about 0820 GMT, London's Brent crude for delivery in December dived to $79.55 per barrel, hitting a low point last witnessed in late September 2010.The contract later stood at $79.88 per barrel, down 50 cents from the closing level on Wednesday, when it had first tumbled below ...
Russia's Gazprom says risks to gas transit via Ukraine 'critical' MOSCOW: Risks to the transit of Russian gas to Europe via Ukraine have reached a "critical" level, Russia's top natural gas producer Gazprom said on Friday in its third-quarter financial results under Russian Accounting Standards. Russia caters for a third of the European Union's gas needs, while half of Russian gas exports to Europe flow via Ukraine. Copyright Reuters, 2014 ...
Brent oil hits four-year low below $80, awaits OPEC LONDON: Brent crude oil fell to a four-year low below $80 a barrel on Thursday after Chinese data showed a further slowdown in activity in the world's biggest energy consumer and Saudi Arabia remained silent about a possible cut in production.China's economy lost momentum in October, with factory growth dipping and investment growth hitting a near 13-year low, reinforcing expectations of a slower increase in fuel demand from the major emerging nations.Developing economies have been ...