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Oil prices drop as oversupply fears outweigh Yemen LONDON: Oil sank Monday as an oversupplied market offset concerns over unrest in the crude-rich Middle East, where Saudi-led warplanes have struck rebel targets in Yemen. Brent North Sea crude for delivery in May slid $1.04 to $55.39 a barrel in London afternoon deals.US benchmark West Texas Intermediate (WTI) for May shed $1.10 to $47.77 a barrel."Crude oil prices remain under pressure," said Myrto Sokou, senior energy analyst at the Sucden Financial brokerage in London."The ongoing tensions in the Middle East have failed to provide signs of support in the oil market as bearish crude oil fundamentals continue to weigh heavily on market sentiment."Oil has collapsed by as much as 60 percent in value since June on the back of a burgeoning supply glut.Jets bombed Yemen's main international airport and a renegade troop base in the capital Sanaa Sunday. The raids came just hours after United Nations workers were evacuated ...
Oil prices drop on possible Iran deal, dollar LONDON: Oil prices fell on Monday as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear programme that could bring an end to sanctions and allow an increase in Iranian oil exports.The two sides have until the end of Tuesday to come up with an agreement at talks in Lausanne, Switzerland.Officials close to the talks have said progress has been made and many investors believe a deal is in the ...
North Sea Crude-Forties trades higher, traders eye May programmes LONDON: North Sea Forties crude price differentials firmed a little on Friday but remained in negative territory as loading programmes for May began to emerge, with a good deal of April barrels still unsold.Oseberg will load six cargoes in May, unchanged from April, although daily loadings are slightly lower at 116,000 barrels per day, as May is a longer month.Traders said some Norwegian programmes seemed to be emerging a little earlier than expected because of ...
UK gas prices decline due to increased supply LONDON: Prompt natural gas prices in Britain were mostly lower on Monday morning as increased flows from domestic production and from Norway resulted in oversupply.Gas prices for immediate delivery were down by 0.75 pence to 47.40 pence per therm at 0735 GMT.National Grid data showed the system was expected to be around 8 million cubic metres (mcm) oversupplied, with supply flows at around 256 mcm per day and demand forecast at around 248 mcm.Flows from ...
Oil drops after Yemen-inspired gains LONDON: Oil prices fell Friday after spiking the previous day as Saudi Arabian jets struck rebel targets in Yemen, sparking supply fears in the crude-rich Middle East.Brent North Sea crude for delivery in May sank 63 cents to $58.56 a barrel in London midday deals.US benchmark West Texas Intermediate (WTI) for May slid 81 cents to $50.62 a barrel."Oil prices ... are shedding some of the strong gains they had achieved over the two previous ...

 





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