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Med Crude: Urals swaps point lower, CPC bid higher LONDON: Russia's Urals crude held firm in light physical trade on Thursday but swaps continued to point to a weakening of differentials in February, with a larger loading programme for that month applying pressure, especially in the Baltic. No deals were done in the Platts price assessment window, leaving differentials around -$1.65 a barrel versus dated Brent in the Baltic for spot cargoes and -$1.30 in the Mediterranean. Swaps in the Baltic for February are around -$2.05, only slightly firmer than Wednesday, while they strengthened by about 15 cents in the Mediterranean to around -$1.45 for the balance of the month, though still below spot values. For a list of primary allocations of seaborne cargoes in February click Differentials have taken some support from stronger refining margins, with the average refiner cracking Urals in the Mediterranean standing to make around $7.10 a barrel, according to Reuters models, well above the ...
Oil drops below $49 after ECB announces bond buying LONDON: Brent crude oil fell below $49 a barrel on Thursday after the European Central Bank said it would start buying government bonds, a move which could push the dollar to new highs and put downward pressure on commodities.Exceeding market expectations, ECB President Mario Draghi said the bank would buy 60 billion euros ($69 billion) of government bonds a month until the end of September 2016 to support the flagging euro zone economy.Brent crude futures ...
Oil prices slip ahead of ECB bond buying decision LONDON: Brent crude oil dipped towards $48 a barrel on Thursday ahead of an expected decision by the European Central Bank (ECB) to start buying bonds, a move which could push the dollar to new highs and put downward pressure on commodities.The ECB's Executive Board has proposed a programme that would allow it to buy 50 billion euros ($58 billion) of bonds a month starting in March, a euro zone source said. The expected stimulus ...
Oil prices rise before ECB meeting, US supply report LONDON: Oil prices rose Thursday as dealers awaited a much-anticipated European Central Bank (ECB) policy meeting and the release of the latest US supply report, analysts said. US benchmark West Texas Intermediate for delivery in March climbed eight cents to $47.86 a barrel.Brent North Sea crude for March won 37 cents to $49.40 a barrel. Expectations are high that the Thursday meeting of the ECB will see it unveil a programme of asset-purchasing, or quantitative ...
Oil prices above $49 ahead of ECB bond buying move LONDON: Brent crude oil crept above $49 a barrel on Thursday ahead of an expected decision by the European Central Bank (ECB) to start buying bonds, a move which could push the dollar to new highs and put downward pressure on commodities.The ECB's Executive Board has proposed a programme that would allow it to buy 50 billion euros ($58 billion) of bonds a month starting in March, a euro zone source said. The expected stimulus ...