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Oil dips on strong dollar, supply fears LONDON: World oil prices fell further Monday on a stronger dollar and concerns that a supply glut will worsen following a landmark deal which will allow Iran to increase its crude exports.Brent North Sea crude for September delivery dropped 48 cents to $56.62 a barrel nearing midday London trade.US benchmark West Texas Intermediate for delivery in August shed 17 cents to $50.72 a barrel compared with Friday's close.In foreign exchange deals, the dollar hit its lowest level since late May against the euro, as investors focused on the timing of a US interest rate increase.The dollar had soared last week after US Federal Reserve chief Janet Yellen reaffirmed expectations of an interest rate hike by year-end.A strong US currency makes dollar-priced oil more expensive, denting demand and leading to lower prices.Lingering concerns about a return of Iranian oil to the international market kept up the pressure on prices.Last week, WTI ...
Oil steadies as Saudi crude exports fall LONDON: Oil prices steadied on Monday after data showing a sharp drop in Saudi Arabia's crude oil exports balanced signs of rising refined products stocks. Brent crude for September was 5 cents up at $57.15 a barrel by 0825 GMT. The benchmark fell nearly 3 percent last week and is down more than 10 percent so far this month.US crude futures for August, also known as West Texas Intermediate (WTI), were up 5 cents at ...
Oil prices rise as stock draw balances supply LONDON: Oil prices rose on Thursday after data showed U.S. crude inventories dropped and refinery demand was robust despite ample supply in the global oil market.U.S. crude inventories fell by 4.3 million barrels last week, according to the Energy Information Administration (EIA), as refineries boosted throughput to a record level.The data suggested demand in the United States, the world's biggest oil consumer, was holding up well and still absorbing fuel at a time of ample ...
Oil prices rebound LONDON: Oil prices rebounded Thursday after a sharp decline the day before as traders tried to get a handle on the full implications of Iran's landmark nuclear accord.US benchmark West Texas Intermediate for delivery in August rose 34 cents to $51.75 a barrel compared with Wednesday's close.Brent North Sea crude for August delivery advanced 78 cents to $57.83 a barrel. Both contracts had slid more than $1.50 on Wednesday.Daniel Ang, an investment analyst with Phillip ...
Oil falls on prospect of higher Iranian exports LONDON: Oil prices fell on Wednesday as investors digested the likely impact of increasing Iranian fuel exports at a time of heavy oversupply.A milestone nuclear deal reached on Tuesday between six world powers and Iran will mean sanctions that have limited sales of Iranian oil for several years are likely to be lifted in early 2016.An official at the National Iranian Oil Company said on Wednesday that Iran's oil production could increase by 500,000-600,000 barrels ...

 





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