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Oil prices slide in poor start to week LONDON: World oil prices fell sharply on Monday, handing back pre-weekend gains on easing supply worries in both Ukraine and Iraq, dealers said. US benchmark West Texas Intermediate (WTI) for delivery in September dropped $1.01 to $96.34 a barrel. Brent North Sea crude for October sank $1.25 to $102.28.The oil market had surged late on Friday after Kiev said that Ukrainian forces had destroyed part of a Russian military convoy that entered its territory."It became apparent on Friday just how nervously the market reacts to geopolitical risks: reports of the alleged destruction of an armed Russian convoy by Ukrainian troops on Ukrainian territory pushed Brent up by one US dollar," said Commerzbank analyst Carsten Fritsch."Over the weekend, the reports turned out to be false, and Brent has shed most of these gains at the start of the week, now trading at well below $103 a barrel again."News of the shelling ...
Rosneft begins oil prospecting off Norway despite sanctions MOSCOW: Russian state oil giant Rosneft, despite tightening Western sanctions, said Monday it had started exploring for oil in a joint project with Norway's Statoil.The two companies "started exploration operations at the Pingvin License PL713 prospect in the Norwegian section of the Barents Sea," Rosneft said in a statement.The test well will descend 422 metres (1,385 feet) through the Arctic waters and then bore through the soil to a total depth of 1,516 metres in ...
Oil below $103 on easing geopolitical risks, ample supply LONDON: Oil fell more than $1 a barrel to trade below $103 on Monday as investor concerns over conflict in Ukraine and Iraq eased, and as higher Libyan oil output added to already ample supplies.Crude jumped on Friday after the government in Kiev said its artillery had partially destroyed a Russian armoured column. While fighting between Ukrainian forces and pro-Moscow separatists continues, fears of a further escalation proved unfounded."It became apparent on Friday just how ...
UK gas prices fall as North Sea supply returns, Langeled flows up LONDON: Natural gas prices in Britain fell on Monday morning as piped Norwegian supply helped offset the shutdown of Emden EMS and returning output after British North Sea maintenance eased supply concerns.Prices for within-day delivery were trading at 42.80 pence per therm at 0926 GMT, down 2.2 pence since their last settlement. Prices for delivery on Tuesday were down 0.7 pence at 43.25 pence.The market was broadly balanced with supply flows forecast at 149.4 million ...
Rosneft, Statoil start exploration for oil and gas in Norway MOSCOW: Russia's Rosneft and Norway's Statoil have embarked on joint exploration for oil and gas on the Norwegian continental shelf in the Barents Sea, Rosneft said on Monday.The companies expect to analyse the drilling results up until the end of this year.A subsidiary of sanctions-hit Rosneft was granted the award of a 20 percent participating interest in the four fields within the Norwegian continental shelf in the Barents Sea during a licensing round last year.Copyright ...


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