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Oil slips towards $102 on ample supply LONDON: Brent crude oil fell towards $102 a barrel on Thursday, depressed by ample supply and lacklustre demand as global economic growth remains tepid. Oil supply is expected to exceed demand this year, analysts forecast, and crude oil benchmarks on both sides of the Atlantic Basin are on track to post a second monthly decline. "It looks like there is crude everywhere," said Tony Nunan, a risk manager at Mitsubishi Corp. "There's just too much supply and we've had terrible demand." ABN AMRO Bank senior energy economist Hans van Cleef agreed, saying oil for delivery in the near term was "down as a result of weak demand and oversupply": "The market should price in lower oil prices in the near term," van Cleef said. October Brent crude was down 25 cents at $102.47 a barrel by 0800 GMT. Last week, the contract hit a 14-month intraday low of $101.07 and ...
Preparations for Rosneft's privatisation under way MOSCOW: Russia's Economy Minister said on Tuesday that preparations to sell a part of the state's stake in Rosneft, the world's top oil producer by output, are under way and it could be sold in two tranches, RIA Novosti news agency reported. The Russian government has said it plans to sell 19.5 percent of Rosneft. Russia set out privatisation plans covering a number of companies in 2010, aiming to boost state coffers and improve corporate ...
Brent rises near $103, EIA shows fall in US oil stocks LONDON: Brent crude oil rose towards $103 a barrel on Wednesday, recovering from a 14-month low hit last week as traders monitored maintenance work in the North Sea and as U.S. crude oil inventories fell.Oil benchmarks on both sides of the Atlantic have fallen by more than 10 percent since mid-June and remain on track to post a second monthly fall against a backdrop of lower imports by the United States and slowing growth in ...
Iraq's southern oil exports fall by 140,000 bpd so far in August LONDON: Iraq's oil exports from its southern terminals so far in August have fallen by about 140,000 barrels per day, according to loading data and industry sources, dropping further from a record high reached in May.Exports from Iraq's southern terminals have averaged 2.3 million barrels per day (bpd), according to shipping data for the first 26 days of August tracked by Reuters. Two industry sources who also monitor the exports had similar estimates.An advance by ...
UK gas prices down on slight oversupply, Ukraine-Russia talks LONDON: British wholesale natural gas prices fell on Wednesday morning in response to slight oversupply and after negotiations between Ukrainian and Russian leaders led to the promise of work on a ceasefire plan in Ukraine and talks on gas supplies.Gas prices for next-day delivery were down 2.9 percent to 41.85 pence per therm at 0831 GMT, compared to the previous settlement, while gas for immediate delivery was down 4.1 percent at 41.90 pence per therm.Britain's ...


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