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Oil prices fall back after jolt from Gulf tanker incident LONDON: Oil slipped back below $67 a barrel on Thursday as a market torn between a U.S. stock draw and an overall glut of crude in the Atlantic Basin struggled for direction.Prices were briefly supported by news that Iran's Revolutionary Guard fired warning shorts over a cargo ship in international waters in the Gulf.Trade was in a narrow range as players tried to square bullish factors including the U.S. stocks data, spot demand for crude in Asia and Middle East unrest with basic supply fundamentals."The market is really in a pause," said Harry Tchillgurian. "The longer the price stays up, the more you invite supply to come back to the market."June Brent crude was trading 10 cents lower at $66.71 a barrel as of 1434 GMT, after trading as high as $67.29. U.S. crude for June delivery, at $60.06, was 44 cents lower, after hitting $60.84.Most market talk focused on ...
Oil extends gains after US fuel stocks drop LONDON: Brent crude oil rose above $67 a barrel towards five-month highs on Wednesday after US crude stockpiles fell for a second straight week, suggesting the world's biggest oil market is rebalancing. US crude oil stocks fell by 2.2 million barrels to 484.84 million barrels last week, the Energy Information Administration (EIA) said. Stocks at the key delivery hub of Cushing, Oklahoma fell by 990,000 barrels to 60.68 million barrels. "The report is clear cut ...
Oil prices shoot higher LONDON: Global oil prices rebounded sharply Tuesday on the falling greenback, which makes dollar-priced crude cheaper for buyers using stronger currencies.US benchmark West Texas Intermediate (WTI) for June delivery jumped $1.72 to $60.97 per barrel.Brent North Sea crude for June rallied $2.02 to stand at $66.93 in London late afternoon trade."Crude oil prices rebounded strongly... supported by a softer US dollar, while investors remained cautious ahead of the release of the weekly oil inventories reports," ...
Oil prices rise LONDON: Oil prices extended gains Wednesday on a weaker dollar and expectations that US crude inventories have further declined, easing concerns about a global supply glut.US benchmark West Texas Intermediate (WTI) for delivery in June added 53 cents to $61.28 a barrel.Brent North Sea crude for June rose 36 cents to stand at $67.22 a barrel around midday in London. Prices had surged on Tuesday owing to a weaker dollar that makes commodities such as ...
Oil rises towards $66 as weaker dollar offsets oversupply concern LONDON: Brent crude futures rose towards $66 a barrel on Tuesday as a weaker dollar and the Yemen conflict helped lift prices. Record high oil output from Saudi Arabia in April failed to dent the move, although Goldman Sachs warned of further oil price declines. June Brent crude was up $1.08 at $65.96 a barrel by 1230 GMT.June West Texas Intermediate (WTI) rose 82 cents to $60.07 a barrel. The dollar was down 0.6 percent ...

 





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