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Oil drops under $93 to new 27-month low as supply glut grows LONDON: Oil prices hit their lowest level since June 2012 on Thursday, dropping below $93 a barrel, as official oil price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data.Oil declined together with European stocks ahead of a European Central Bank meeting on Thursday, as investors are waiting to see if Bank chief Mario Draghi's asset purchase plan can inject confidence into the euro zone economy.Sharp cuts in official selling prices from state producer Saudi Aramco to Asian customers on Wednesday came as the clearest sign yet that the world's largest exporter is trying to compete for crude market share, amplified supply concerns."This is a structural change in the oil market, with Saudi Arabia explicitly stating that they are willing to compete on price," said Bjarne Schieldrop, chief commodities analyst at SEB in Oslo."I think Brent will fall below $88 before we see ...
Oil edges up from more than 2-year low, glut caps gains LONDON: Oil edged up from a more than two-year low to near $95 a barrel on Wednesday as a slightly better-than-expected Chinese factory survey countered worries of an economic slowdown in the world's No. 2 oil consumer and ample supplies.Growth in China's manufacturing sector held up in September but remained subdued. The Purchasing Managers' Index (PMI) came in at 51.1, just ahead of forecasts for a 51.0 reading and offering some relief to investors worried ...
Oil slips below $97, hit by dollar strength LONDON: Brent oil slipped below $97 a barrel on Tuesday, hit by dollar strength and ample supply, and was heading for its deepest quarterly drop in more than two years.The dollar surged to a four-year high against a basket of currencies and a two-year high against the euro, making oil more expensive for holders of other currencies.Brent for November delivery was down 33 cents at $96.87 per barrel by 1403 GMT. It has lost nearly ...
Oil rises from more than 2-year low, glut caps gains LONDON: Oil rose from a more than two-year low to over $95 a barrel on Wednesday as a slightly better-than-expected Chinese factory survey countered worries of an economic slowdown in the world's No. 2 oil consumer and ample supplies.Growth in China's manufacturing sector held up in September but remained subdued. The Purchasing Managers' Index (PMI) came in at 51.1, just ahead of forecasts for a 51.0 reading and offering some relief to investors worried about ...
Oil prices turn higher LONDON: Global oil prices gained ground Tuesday on expectations of upbeat economic data from the United States, the world's biggest economy and largest consumer of crude.Brent North Sea crude for delivery in November rose 32 cents to stand at $97.51 a barrel in early afternoon deals in London.US benchmark West Texas Intermediate for November added 19 cents to $94.76 a barrel."Market participants will be keeping an eye on the release of the Chicago PMI (manufacturing) ...

 





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