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Oil prices creep higher before key US jobs data LONDON: World oil prices nudged higher on Friday as dealers awaited key jobs data in the United States and digested OPEC's demand forecast downgrade.Brent North Sea crude for delivery in December rose 17 cents to $83.03 a barrel around midday in London.US benchmark West Texas Intermediate for December advanced 29 cents to $78.20 a barrel compared with Thursday's closing level."Today, all eyes are on the US employment data which will set the tone for (the) trading session," said senior analyst Myrto Sokou at the Sucden brokerage in London."We could expect thin trading volumes ahead of the US economic releases as investors would like to remain cautious, waiting for an insight of the US employment data."At 1330 GMT, investors will digest US jobs data for October, with the market expecting upbeat news on the world's biggest economy and number one oil consuming nation.Official data showed Thursday that initial US jobless claims ...
Statoil drills another dry well in Norwegian Arctic OSLO: Norwegian oil and gas firm Statoil drilled a dry well in the Norwegian Arctic, the Norwegian Petroleum Directorate said on Friday, capping a disappointing campaign in the area which has mostly yielded dry wells. Statoil holds 35 percent of the licence, 210 kilometres northeast of Hammerfest, while Spike Exploration has 30 percent, Explora Petroleum 20 percent and GDF Suez 15 percent. Copyright Reuters, 2014 ...
Oil prices dip LONDON: Oil prices eased Thursday in choppy deals as investors digested upbeat US inventories figures ahead of European interest rate decisions and fresh economic data.Brent North Sea crude for delivery in December handed back 18 cents to $82.77 a barrel nearing midday in London.US benchmark West Texas Intermediate for December dipped 21 cents to $78.47 a barrel compared with Wednesday's closing level.New York crude had rebounded sharply Wednesday after the US Energy Information Administration (EIA) ...
Oil drops below $83 as dollar hits four-year high LONDON: Brent crude oil fell below $83 a barrel on Friday after the dollar hit a four-year high and supplies of high quality, light crude continued to overwhelm demand in many markets. The dollar reached its highest level since June 2010 against a basket of major currencies on Friday. A stronger dollar raises costs for holders of other currencies and tends to dampen demand for dollar-denominated commodities such as oil. Brent was down 30 cents ...
Brent falls below $83 on oversupply LONDON: Brent crude oil fell below $83 a barrel on Thursday, as apparent momentum towards a deal between Iran and world powers over its nuclear programme, and a U.S. inventory build, added to concerns of oversupply.U.S. Secretary of State John Kerry said on Wednesday that a deal between Iran and the P5+1 group of countries would be harder to achieve after a Nov. 24 deadline, suggesting a degree of urgency ahead of planned talks in ...