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US crude oil rises on expiry, EIA stock draw LONDON: US crude oil rose by more than $1 a barrel ahead of the September contract's expiry on Wednesday and as crude stocks in the United States posted a sharp fall, while Brent bounced off a 14-month low to reach $102.The U.S. Energy Information Administration said U.S. crude stocks fell by 4.5 million barrels last week, a much larger fall than anticipated, though stocks in the U.S. crude oil delivery hub of Cushing, Oklahoma, rose by 1.76 million barrels.Gasoline stocks rose 585,000 barrels against expectations for a drop while distillate stocks fell 960,000 barrels, slightly more than forecast.U.S. crude oil, also known as West Texas Intermediate or WTI, has been pressured by growing supplies of light-sweet oil from the North American shale boom, hitting a 7-month low of $94.26 on Tuesday.But WTI for September delivery spiked on Wednesday, jumping by more than $1 a barrel as traders bought back short ...
UK gas prices drop on supply increases LONDON: Natural gas prices in Britain dropped on Wednesday as fresh LNG supply loomed and imports from the Netherlands were higher than expected, traders said.Day-ahead prices fell 2.6 percent to 41.50 pence/therm, while the front-month and winter 2014 contracts lost 2.2 percent and 1.5 percent respectively."BBL flows are nominated at 5 mcm (million cubic metres) but have been very active this morning, delivering around 16 mcm/day," analysts at Thomson Reuters Point Carbon wrote, referring to ...
Oil prices rebound as traders snap up bargain crude LONDON: World oil prices rebounded on Tuesday on bargain-hunting, one day after tumbling on easing concerns about conflicts in Ukraine and Iraq, analysts saidNew York's benchmark West Texas Intermediate (WTI) for delivery in September rose 30 cents to $96.71 a barrel. London's Brent North Sea crude for October delivery gained 17 cents to stand at $101.77 in afternoon deals.Brent, which is the key European futures contract, had plunged on Monday by $1.93 to settle at ...
Brent crude oil rebounds off 14-month low towards $102 LONDON: Brent crude oil edged higher towards $102 a barrel on Wednesday, after slumping to a 14-month low in the previous session, as growing output from Iraq and Libya despite violence in those countries has kept the market well supplied.The international oil benchmark has fallen more than 12 percent since hitting a year-high of $115.71 in June. The surge of radical Islamist militants in Iraq that first rattled oil markets has yet to significantly cut ...
UK gas prices edge upwards on lower Norway flows LONDON: Natural gas prices in Britain rose slightly on Tuesday morning as colder weather and a drop in flows via the Langeled pipeline from Norway added to market tightness.Prices for within-day delivery were trading at 43 pence per therm at 0823 GMT, up 0.25 pence since their last settlement. Prices for delivery on Wednesday were up 0.1 pence at 42.9 pence.The market was seen 12.5 million cubic metres (mcm) undersupplied, with supply flows forecast at ...


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