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Brent oil hits 17-month low near $98 on strong supply growth LONDON: Oil dropped to a 17-month low close to $98 a barrel on Wednesday as rising supplies and weak demand helped extend losses into a fifth session, while OPEC lowered the projected demand for its crude and U.S. product stocks jumped.International benchmark Brent crude has fallen by 15 percent since hitting a year high above $115 a barrel in June, with fast-rising U.S. output and the return of exports from Libya creating a market that looks increasingly over-supplied.While the U.S. Energy Information Administration (EIA) reported a near 1 million barrel drop in U.S. crude stocks last week it was a slightly smaller fall than the market expected with refiners upping production before the start of post-summer maintenance. Price declines increased after the report.Inventories at Cushing, Oklahoma, the closely-watched delivery point of the U.S crude oil contract, rose by 77,000 barrels while gasoline and distillate stocks - which include diesel and ...
UK gas prices drop on low demand, cheaper oil LONDON: British wholesale gas prices fell on Wednesday as weak demand left the system slightly oversupplied and cheaper oil weighed on the market, although high gas exports to continental Europe provided some support.Gas for delivery in October traded at 49.05 pence per therm at 0735 GMT, down 0.5 pence on its last settlement, and prices for delivery over the winter 2014/2015 season were down 0.30 pence to 59.10 pence per therm.Gas prices for delivery on ...
Statoil start production at Fram H North and Svalin C OSLO: Norwegian oil and gas firm Statoil has started up production at its Fram H North and Svalin C facilities in the North Sea, it said on Wednesday. Preliminary estimates show that Fram H-North contains about 10 million barrels of recoverable oil equivalents while Svalin C has just over 30 million barrels of oil equivalents. Fram H-North is located in the Troll area and Svalin C is located in the Grane area. Both are part ...
Brent hits 16-month low below $99 on strong US supply growth LONDON: Brent crude dropped to a fresh 16-month low below $99 a barrel on Wednesday with rising supplies and weak demand helping extend losses into a fifth session. Brent has fallen by more than 14 percent since hitting a year high above $115 a barrel in June, with fast-rising US output and the return of exports from Libya creating a market that looks increasingly over supplied. While a larger-than-expected drop in weekly US crude stocks ...
Oil prices drop into red LONDON: Oil prices in London fell on Tuesday, one day after hitting a intra-day 16-month low on the back of ample supplies, dealers said.Brent North Sea crude for October slid 50 cents to $99.70 per barrel in late afternoon deals.The contract had plunged on Monday under the psychological barrier of $100 to strike an intra-day low of $99.36 -- a level last seen on May 1, 2013.US benchmark West Texas Intermediate (WTI) for October delivery ...

 





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