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Brent crude nears 4-month low as China factories contract, dollar firms LONDON: Oil prices hovered near four-month lows on Friday after data showed a contraction in China's factory sector and the dollar rose against a basket of currencies. Activity in China's manufacturing sector shrank at the fastest pace in 15 months in July, according to a preliminary private purchasing managers' survey. "Concerns around the demand environment were heightened further today by the PMI (Purchasing Managers' Index) read out of China," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. Brent crude was down 15 cents at $55.11 a barrel by 1112 GMT, having hit an intraday low of $54.80, its lowest since early April. Brent has lost nearly 13 percent in July, its largest one-month fall since a near 19 percent loss in January, although downside has been less severe this week.Prices traded in the tightest weekly range in 11 months, as strong seasonal demand, particularly for gasoline in ...
Oil prices steady; WTI stuck below $50 LONDON: Oil prices were narrowly mixed Thursday, with New York prices stuck below $50 after a rise in US crude stockpiles added to concerns over a supply glut, analysts said.Brent North Sea crude for delivery in September fell 13 cents to stand at $56 a barrel in London midday deals.US benchmark West Texas Intermediate (WTI) for September was up nine cents at $49.28 a barrel -- after closing Wednesday below $50 for the first time ...
New York oil ducks under $50 LONDON: World oil prices slipped Tuesday with US crude ducking under $50 as demand took a hit from the looming return of Iranian supplies and the strong US currency, analysts said.Expectations of more Iranian crude flooding the oversupplied global market within months after a landmark nuclear deal continue to drag the oil market lower.Brent North Sea crude for September delivery nudged four cents lower to stand at $56.62 a barrel nearing midday in London.US benchmark ...
Oil prices rebound slightly after ducking under $50 LONDON: World oil prices ducked briefly under $50 per barrel on Tuesday, before staging a modest rebound on the eve of the latest snapshot of US crude inventories.US benchmark West Texas Intermediate for delivery in August sank in early morning deals to a 3.5-month low of $49.77, hit by dollar strength and expectations of more Iranian crude in an oversupplied global market.However, the WTI contract then rebounded to stand at $50.43, up 28 cents from ...
Oil drops on concerns of glut in refined products LONDON: Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity.Crude prices have fallen for three weeks in a row on expectations of increased oil sales from Iran following a deal to ease sanctions against the OPEC producer.Brent crude for September was down 35 cents at $56.75 a barrel by 1100 GMT. The benchmark fell nearly 3 percent last week ...

 





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