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Britain's gas trading crown at risk as euro boosts Dutch appeal LONDON: Britain's dominance in European natural gas trading is under threat from a Dutch trading hub where volumes are soaring, buoyed in part by Europe's utility companies who prefer to hedge their deals in euros.Britain has been the region's leading gas trading hub since North Sea oil and gas discoveries in the 1970s made it Europe's main producer. This position was cemented when it liberalised its energy markets in the 1990s, meaning much of its gas was sold and exported in pounds.However, gas trading now faces similar challenges to the ones Britain faces in finance: London is at odds with the European Union over banking and financial markets regulation and some foreign banks are concerned about the UK leaving the union.While the City of London looks to retain its role as Europe's leading banking hub, Britain's role in the region's utility sector is small. Traders have started to look beyond ...
Oil slumps to 14-month low in poor start to week LONDON: Oil prices dived to a 14-month low on Monday, spurred by worries over soft global crude demand, abundant supplies and easing concerns about conflicts in Ukraine and Iraq, dealers said.Brent North Sea crude for October sank as low as $101.16 per barrel, reaching a level last seen on June 26, 2013. It later stood at $101.23, down $2.30 from Friday's closing level.Also on Monday, US benchmark West Texas Intermediate (WTI) for delivery in September ...
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 ...
Oil sinks to lowest since June 2013 as supply risks ease LONDON: Oil fell below $102 a barrel to its lowest in over a year 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 ...
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 ...


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