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Brent crude hits new four-year low LONDON: Brent oil slumped Thursday to a new four-year low on expectations that OPEC will unlikely to cut production levels to counter the global supply glut, traders said.At about 0820 GMT, London's Brent crude for delivery in December dived to $79.55 per barrel, hitting a low point last witnessed in late September 2010.The contract later stood at $79.88 per barrel, down 50 cents from the closing level on Wednesday, when it had first tumbled below the psychological $80 barrier."Brent crude (is) hitting a new four-year low on continued concerns that OPEC will fail to address a rising supply glut," Saxo Bank analyst Ole Hansen told AFP.US benchmark West Texas Intermediate for December delivery meanwhile lost 45 cents to $76.73 a barrel. The Brent price was also affected by technical reasons as speculative traders sold off ahead of Thursday's expiry of the December contract.Dealers remain pessimistic over the possibility of the ...
Brent oil hits four-year low below $80, awaits OPEC LONDON: Brent crude oil fell to a four-year low below $80 a barrel on Thursday after Chinese data showed a further slowdown in activity in the world's biggest energy consumer and Saudi Arabia remained silent about a possible cut in production.China's economy lost momentum in October, with factory growth dipping and investment growth hitting a near 13-year low, reinforcing expectations of a slower increase in fuel demand from the major emerging nations.Developing economies have been ...
Oil below $80 hits rouble, naira; politics weighs on Ukraine LONDON: A renewed downward lurch in oil prices put emerging market commodity currencies under more pressure on Thursday, with Russia's rouble facing additional headwinds from a flare-up in tensions with Ukraine.As Brent crude dropped through $80 and Ukraine deployed troops amid fears of a new separatist offensive in the country's east, the rouble sank more than 1.5 percent against the dollar."There is a risk of oil prices dropping further and the geopolitical risk is making ...
UK gas prices ease as supply surpasses demand in mild weather LONDON: Wholesale natural gas prices in Britain fell on Thursday as gas flows were more than enough to meet demand with temperatures remaining above seasonal trends.UK gas for delivery on Friday was 0.45 pence lower at 54.25 pence per therm at 0944 GMT, while gas for immediate delivery was 1.25 pence lower at 53.25 pence per therm.Flows were expected to be around 226 million cubic metres (mcm) on Thursday, and demand was around 217 mcm, ...
Oil falls to four-year low below $80, awaits OPEC LONDON: Brent crude oil fell to a four-year low below $80 a barrel on Thursday after Chinese data showed a further slowdown in activity in the world's biggest energy consumer and Saudi Arabia remained silent about a possible cut in production.China's economy lost momentum in October, with factory growth dipping and investment growth hitting a near 13-year low, reinforcing expectations of a slower increase in fuel demand from emerging nations.Developing economies had been a major ...