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Brent oil rises over $108 on promising US data, supply concerns LONDON: Brent crude oil rose above $108 a barrel on Friday, heading for the first weekly gain in five, on promising US data and concern that possible Western sanctions on Russia's energy sector could disrupt global supplies. The US economy grew slightly faster than estimated in the fourth quarter and new claims for jobless aid fell to a near four-month low last week, suggesting a brighter outlook for demand in the world's biggest oil consumer. Brent was up 51 cents at $108.34 a barrel by 1433 GMT. US crude was also 51 cents higher at $101.79, after settling up $1.02 in the previous session. The US benchmark was aided by a continued drawdown in oil stocks at Cushing, Oklahoma, the pricing point for the US benchmark. "We are seeing a firmer overall global demand outlook, which will likely support oil markets," said Michael McCarthy, chief strategist at CMC Markets in ...
Eni sells 7pc in Galp Energia for 702.4mn euros MILAN: Italian energy group Eni said on Friday it had sold a 7 percent stake in Galp Energia for 702.4 million euros ($965 million) via an accelerated bookbuilding offered to institutional investors. The offering was priced at 12.10 euros per share, the company said in a statement.After the transaction, Eni will hold around 9 percent of Galp, it said.Eni Chief Executive Paolo Scaroni has said on several occasions the company does not want to remain ...
Statoil finds oil column on far edge of Sverdrup field in N. Sea OSLO: Norway's Statoil has encountered a 4.5-metre oil column at the Geitungen prospect at the edge of its giant Johan Sverdrup field in the North Sea and will drill a sidetrack well, Det norske, a partner in the find said on Thursday. Statoil has been exploring in the area, hoping to find additional reserves for Sverdrup, which could contain as much as 2.9 billion barrels of oil equivalent. Statoil operates the licence and holds 40 ...
Brent rises over $108 on promising US data, supply concerns LONDON: Brent rose above $108 a barrel on Friday, heading for the first weekly rise in five, on promising US data and concern that possible Western sanctions on Russia's energy sector could disrupt global supplies. The US economy grew slightly faster than estimated in the fourth quarter and new claims for jobless aid fell to a near four-month low last week, suggesting a brighter outlook for demand in the world's biggest oil consumer.Brent crude was ...
Oil prices mixed after US data LONDON: Oil prices diverged on Wednesday following another large rise in US crude inventories that offset supply disruptions in Libya and Nigeria.New York's main contract, West Texas Intermediate for delivery in May rose 71 cents to $99.90 a barrel.Brent crude for May fell 23 cents to stand at $106.76 a barrel in late London deals."Prices are finding support on the one hand from the interruptions and risks to production. On top of the continued decline ...

 





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