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Oil market climbs on new hopes of OPEC output trim LONDON: Global oil prices rallied Friday on fresh hopes that the OPEC cartel will overcome internal resistance to trim output, while upbeat US economic data also provided support, analysts said.Nearing midday, Brent North Sea crude for delivery in January jumped $1.27 to $80.60 a barrel.US benchmark West Texas Intermediate for January advanced 93 cents to $76.78 per barrel."Brent ... rose to $80 a barrel on Friday on speculation that OPEC could agree to output cuts at its meeting next week, with strong US economic data also bolstering oil prices," said ETX Capital analyst David Papier.Prices recovered slightly after three days of losses owing to "changing expectations" on the outcome of an OPEC production meeting on November 27, added analysts at Singapore's United Overseas Bank (UOB)."Investors are now speculating that OPEC will be able to agree to a small cut or a stronger commitment to rein in excess oil production and ...
Oil steadies above $78 as market awaits OPEC LONDON: Brent crude oil steadied above $78 a barrel on Thursday as reports that oil producers would agree to cut output next week offset weak economic data from China and Europe.Ministers from the Organization of the Petroleum Exporting Countries will meet in Vienna on Nov. 27 to decide how to respond to a collapse in oil prices that have fallen more than 30 percent in five months.The chances of an OPEC agreement to cut production ...
UK gas prompt gas prices rise on lower Norwegian supplies LONDON: Prompt natural gas prices in Britain rose on Thursday morning as lower supplies from Norway led to an undersupplied system.Prices for within-day delivery were trading at 56.20 pence per therm at 0940 GMT, up 1.15 pence from their last settlement. Prices for delivery on Friday were up 0.90 pence at 56.00 pence per therm.With supply flows at about 229.7 million cubic metres per day (mcm/d) and demand expected to be about 254.9 mcm, the ...
Oil market drops as OPEC seen holding output ceiling LONDON: Global oil prices fell Thursday as traders deemed that the OPEC cartel was unlikely to trim output at its key production meeting next week.Nearing midday, Brent North Sea crude for delivery in January dipped 40 cents to $77.70 a barrel.US benchmark West Texas Intermediate for December slid 25 cents to $74.33 per barrel. "The Brent price fell ... below the $78 per barrel mark because any major cut in OPEC production is regarded as ...
Oil slips below $78 a barrel hit by Europe, China data LONDON: Brent crude oil fell below $78 a barrel on Thursday, as the demand outlook was hit by weak economic data in China and Europe, outweighing support from possible cuts in oil output at an OPEC meeting next week."We've had disappointing data from China and Europe, and U.S. crude inventories are high, so there's plenty of supply, but tepid demand," said Michael Hewson, chief market analyst at CMC Markets.Brent crude futures fell 42 cents to ...