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Oil slips towards $108, heading for 3rd weekly loss LONDON: Oil headed for its third straight weekly loss on Friday as worries about supply losses in the Middle East and North Africa eased, pushing North Sea Brent crude down towards $108 a barrel. Oil has weakened over the last month but the market remains nervous about further supply shocks.The International Energy Agency (IEA) said on Friday that oil output remained at risk in several key producing regions. "Supply risks in the Middle East and North Africa, not least in Iraq and Libya, remain extraordinarily high," the IEA said in its monthly Oil Market Report. "Oil prices remain historically high and there is no sign of a turning of the tide just yet." "Whether in crude or product markets, there is little room for complacency," it added. Brent was down 40 cents at $108.27 a barrel by 0850 GMT on Friday, while US crude fell 30 cents to $102.63. Brent ...
Oil slips to 2-month low below $108 on slack US demand LONDON: Oil fell to a two-month low under $108 a barrel on Thursday, extending its longest losing streak in four years, pressured by weak gasoline demand in the United States and the prospect of rising supply from Libya.Data showed an increase in U.S. gasoline inventories last week, indicating demand was not as strong as expected during the peak summer driving season.Brent crude fell 31 cents to $107.97 a barrel by 0837 GMT, down for a ...
Oil at 1-month low below $109 as Libya supply returns LONDON: Brent crude oil traded at a one-month low under $109 a barrel on Wednesday after a Libyan oilfield restarted and supply worries faded, prompting traders to reduce long positions.Libya has restarted the 340,000-barrel-per-day (bpd) El Sharara oilfield after protesters ended a four-month strike. This could double Libya's current crude output.The government has also taken back control of the Ras Lanuf and Es Sider oil ports, ending an almost year-long occupation that reduced Libya's output ...
UK gas prices for immediate delivery edge up on short system LONDON: British wholesale natural gas prices for immediate delivery edged up on Wednesday as the system was slightly undersupplied but contracts for delivery the next day were down on the back of a more balanced outlook.Prices for delivery within the day were trading at 36.20 pence per therm at 0830 GMT on Wednesday, up 0.27 pence since their last settlement, while prices for delivery on Thursday were down 0.3 pence to 36 pence a therm."The ...
Oil prices falter as market looks to Libyan supply resumption LONDON: Oil prices extended their losing run on Tuesday as dealers awaited the resumption of Libyan crude exports and amid receding worries about fighting in major producer Iraq, analysts said.Brent North Sea for delivery in August dropped 74 cents to stand at $109.50 a barrel in London afternoon trade.US benchmark West Texas Intermediate for August fell 15 cents to $103.38 a barrel compared with Monday's close."The imminent return of Libyan supply to the market is ...


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