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Oil under pressure as IMF cuts global growth forecast LONDON: Oil diverged Tuesday, remaining under pressure as the International Monetary Fund slashed its world economic growth forecast and stoked demand fears.In London deals, Brent North Sea crude for delivery in March added two cents to $48.86 a barrel. US benchmark West Texas Intermediate for February dipped $1.28 to trade at $47.85 per barrel."Crude oil prices remain under heavy pressure with WTI front month futures retreating ... following news that the IMF cut its global growth forecast by most in three years," said Sucden analyst Myrto Sokou."Brent front month futures fluctuated ... amid concerns regarding a further slowdown of global oil demand."The International Monetary Fund on Tuesday sharply cut its 2015-2016 world growth forecast of only six months ago.It said poorer prospects in China, Russia, the euro area and Japan would hold world growth to just 3.5 percent this year and 3.7 percent in 2016.That was 0.3 percentage points lower ...
UK gas prompt prices dip as supplies exceed rising demand LONDON: Prompt natural gas prices in Britain eased on Tuesday, as strong imports and high withdrawals saw supply exceed demand, even with a cold snap causing a surge in fuel needs for heating.National Grid data showed the system was around 14 million cubic metres (mcm) oversupplied, with supply flows at around 380 mcm and demand forecast at around 366 mcm.This was up from seasonal demand norms of around 297 mcm.Gas prices for within-day delivery were ...
Oil starts week in negative territory LONDON: World oil prices fell Monday, dented by high global crude inventories, in subdued deals amid a public holiday in the United States, dealers said.In early afternoon London deals, Brent North Sea crude for delivery in March fell 48 cents to trade at $49.69 per barrel. US benchmark West Texas Intermediate for February shed 52 cents to $48.17 a barrel.Trading was expected to remain quiet amid the Martin Luther King Jr holiday in the United ...
Oil below $49 after IMF cuts growth forecast LONDON: Brent crude oil prices steadied below $49 a barrel on Tuesday after the International Monetary Fund cut its forecast for global economic growth in 2015 implying lower demand for fuel.Global growth is projected at 3.5 percent for 2015 and 3.7 percent for 2016, the IMF said in its latest World Economic Outlook report, reducing its forecast by 0.3 percentage points for both years."New factors supporting growth - lower oil prices, but also depreciation of ...
Det norske starts up Boeyla oil field in North Sea OSLO: Norwegian energy firm Det norske has started up its Boeyla oil field in the North Sea, expecting to recover 23 million barrels of oil equivalents after a 5 billion crown ($660 million) investment, it said on Monday.The field, produced through subsea equipment and tied to the Alvheim floating production, storage and offloading unit, will produce over 20,000 barrels of oil equivalents at its peak, the firm said.Det norske operates Boeyla and holds 65 percent ...