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Oil prices drop before US data LONDON: Oil prices slid on Wednesday, but avoided new lows, as dealers awaited US stockpiles data for an indication of demand in the world's biggest consumer of crude. US benchmark West Texas Intermediate for delivery in January shed $1.06 to $62.76 a barrel.Brent North Sea crude for January lost 80 cents to stand at $66.04 in London midday deals compared with Tuesday's close. Both contracts fell to five-year low points on Tuesday before rebounding late in the day."With the global supply glut, the main concern at the moment is the level of production in the US," Daniel Ang, an analyst at broker Phillip Futures told AFP. "The US stockpiles report will be in focus to see if there is any change in production growth," he said.Analysts surveyed by The Wall Street Journal said they expected US crude oil inventories to have fallen by 2.7 million barrels in the week to ...
UK GAS-Day-ahead prices nudge higher on looming supply cut LONDON: Day-ahead natural gas prices in Britain rose on Wednesday, with scheduled maintenance on the Norwegian Continental Shelf (NCS) likely to reduce gas supplies from Norway on Thursday.Prices for delivery on Thursday rose 0.7 pence to 55.5 pence per therm at 0930 GMT"There is scheduled field maintenance tomorrow on an NCS field, with a volume impact of 16 million cubic metres a day (mmcm/d). This is likely to impact Norwegian deliveries to the UK market," ...
OPEC cuts 2015 demand forecast for its oil as shale boom persists LONDON: Global demand for oil from OPEC next year will be less than expected because of weaker growth in consumption and the U.S. shale boom, the group said on Wednesday, pointing to an increasing supply surplus in 2015.In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the group's oil will drop to 28.92 million barrels per day (bpd) in 2015, down 280,000 bpd from its previous expectation.The report follows ...
Oil falls below $66 on ample supply, rising stocks LONDON: Brent crude oil slipped below $66 a barrel on Wednesday, just above a five-year low, on mounting signs of oversupply and lacklustre demand as global economic growth falters.The price of the North Sea oil benchmark has fallen more than 40 percent since June as new supplies of high-quality crude from North America have fed a glut of fuel in many parts of the world.Data from the American Petroleum Institute (API) on Tuesday showed U.S. ...
Brent crude oil hits 5-year low near $65 in volatile trade LONDON: Brent crude oil fell to a 5-year low near $65 a barrel in volatile trade on Tuesday, sliding for a sixth consecutive session on signs of a growing supply glut.Prices briefly reversed losses to trade higher ahead of the U.S. open, with some investors betting the 40 percent-plus price slide since June was overdone.But as U.S. equity markets opened lower oil prices quickly came off again, with traders refocusing on how fast-growing U.S. shale ...