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Oil hits new low below $91 on weak demand forecasts LONDON: Brent crude oil dipped below $91 a barrel on Wednesday to its lowest since June 2012 as lower economic growth forecasts raised new concerns about global oil demand at a time of abundant supply. The International Monetary Fund on Tuesday cut its global economic growth forecasts for the third time this year, warning of weaker growth in core euro zone countries, Japan and major emerging markets, such as Brazil. Global stock markets fell heavily on the news with the US Dow Jones index down 1.6 percent. The US Energy Information Administration cut its global demand forecast for 2014 by 1.24 million barrels on Tuesday, and trimmed its Brent crude price forecast for 2015. "This is a continuation of the downward trend with yet more signs of weaker demand," said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt.Brent crude for November was down 95 cents at $91.16 ...
Prices dip on balanced system and rising temperatures LONDON: Wholesale natural gas prices in Britain dipped slightly on Wednesday morning in a balanced system with rising temperatures expected to reduce demand. Gas prices for delivery on Thursday were trading at 47.7 pence per therm at 0705 GMT, down 0.1 pence since the previous close. The slight fall was a result of a balanced system and full storage sites as well as forecasts for warmer weather on Thursday. National Grid data show that Britain's ...
Oil prices slide to new lows LONDON: Oil prices slumped to fresh lows on Thursday, pressured by a global supply glut and the strengthening dollar, analysts said. Brent crude dropped to $91.55 a barrel -- the lowest point since June 28, 2012.New York prices retreated to $88.18 -- touching a level last seen on April 23, 2013.Brent crude for delivery in November later recovered to $92.17, which was however still down 2.0 percent, or by $1.99, compared with Wednesday's close.US benchmark ...
Brent slips towards $93 as oversupply, dollar weigh LONDON: Brent crude oil futures slipped on Friday towards $93 a barrel, extending a three-day slide that has pushed prices to their lowest since 2012, as abundant supplies and a strong dollar continued to weigh on the market. Brent for November delivery was down 35 cents at $93.07 a barrel by 1033 GMT. On Thursday Brent touched $91.55 a barrel, its lowest since June 2012. US November crude slipped 8 cents to $90.93 a barrel. ...
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 ...

 





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