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Oil prices retreat after early gains LONDON: Oil prices fell on Monday as high production levels offset worries about the risk of Middle East supply disruptions, according to traders.US benchmark West Texas Intermediate for delivery in June fell 10 cents to $59.59 a barrel after gaining earlier in the day as tensions in Yemen and Iraq raised concerns about a supply disruption in the crude-rich Middle East.Brent North Sea crude for July delivery dropped 53 cents to stand at $66.28 a barrel in late London deals. Jasper Lawler, analyst at traders CMC Markets UK, said high US and OPEC production was weighing on prices."OPEC shows no sign of letting up in its own fight for market share," he said on Monday.Oil supplies from leading OPEC producers Saudi Arabia, Kuwait and the United Arab Emirates are already near their highest levels in three decades, the International Energy Agency (IEA) said last week. Crude futures have fought back ...
Oil slips as ample supply outlook offsets Mideast turmoil LONDON: Brent crude oil prices declined on Monday after Goldman Sachs slashed its forecasts on a persistently high supply outlook, offsetting fears over deepening violence in the Middle East.A major advance by Islamic State militants in Iraq and renewed air strikes by a Saudi-led coalition against Houthi militia in Yemen heightened concerns that turmoil could impact Middle East oil production.Analysts nevertheless said oil markets remained oversupplied, and that the glut could worsen if U.S. production ...
Oil holds as Mideast turmoil offsets ample supply outlook LONDON: Oil prices firmed on Monday after a major advance by Islamic State militants in Iraq.Islamic State overran the western city of Ramadi in the biggest defeat for the Baghdad government since last summer.Front-month Brent futures were up 7 cents at $66.88 a barrel by 1050 GMT after earlier climbing earlier to $67.88 a barrel. U.S. crude rose 42 cents to $60.11 a barrel."The fact that Islamic State can still carry out major operations even ...
Oil prices higher on Middle East unrest LONDON: Oil prices rose on Monday as fresh tensions in Yemen and Iraq raised concerns about a supply disruption in the crude-rich Middle East, analysts said.US benchmark West Texas Intermediate for delivery in June gained 53 cents to $60.22 a barrel compared with Friday's close.Brent North Sea crude for July climbed 20 cents to stand at $67.01 in London midday deals. Saudi Arabia-led coalition air strikes resumed against rebel positions in Yemen's south after a ...
Oil falls below $66 as global glut builds LONDON: Brent crude oil fell below $66 a barrel on Friday after reports that a growing supply glut was boosting inventories worldwide. Oil futures have rallied strongly since January after collapsing last year but analysts say the rebound may have overshot and could be about to correct. Although the US oil market is becoming more balanced, production elsewhere is still running well ahead of consumption. "A mood change is in the air," Eugen Weinberg, global ...

 





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