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Oil rises towards $66 on US inventory drop, Iraq LONDON: Oil rose towards $66 a barrel on Thursday, gaining for a second day, supported by expectations that a global supply glut is starting to ease and by fighting in Iraq.The U.S. government's supply report on Wednesday showed crude inventories declined for a third week. Stockpiles had been at record levels due to excess supply, raising concern that storage capacity was getting tight.Brent crude was up 80 cents at $65.83 as of 0937 GMT, after earlier falling as low as $64.83. U.S. crude was up 69 cents at $59.67."Brent is getting a bit of impetus from the threat Islamic State is posing in Iraq," said Christopher Bellew, senior broker at Jefferies Bache. "I can see prices moving up further from here on geopolitics towards $70."In Iraq, the city of Ramadi fell to Islamic State on Sunday in the most significant setback for Iraqi security forces in nearly a year. On ...
Oil prices rebound from steep dive LONDON: Oil prices rebounded Wednesday, recovering from recent steep losses in the previous session, in a muted response to news of falling US crude stockpiles.US benchmark West Texas Intermediate (WTI) for delivery in July rose 90 cents to $58.89 a barrel.Brent North Sea crude for July gained 95 cents to stand at $64.94 a barrel in London early afternoon deals."Crude oil showed an overall muted initial reaction to the (US) supply data," Forex.com analyst Fawad ...
Oil prices rise on US stock draw, strong Japan data LONDON: Crude oil prices bounced back on Wednesday from steep falls in the previous session as industry data showed that U.S. crude stocks fell more than expected last week.Brent futures rose 85 cents to $64.87 a barrel by 1037 GMT, after touching $65.02 earlier in the session. U.S. crude prices rose 58 cents to $58.57 a barrel, easing back from an intraday high $58.90.On Tuesday oil fell over 3 percent on a dollar rally and ...
Oil prices rise as US crude stocks fall LONDON: Crude oil prices bounced back on Wednesday from steep falls in the previous session as government data showed that U.S. crude stocks fell last week for the third straight week.U.S. crude inventories fell by 2.67 million barrels to 482.17 million barrels last week, the Energy Information Administration said on Wednesday. Industry group, the American Petroleum Institute (API), had forecast on Tuesday a fall of 5.2 million barrels.Stocks in the key delivery point of Cushing, ...
Turkmenistan eyes $3bn investment in its Caspian oil, gas in 2015 TURKMENBASHI: Turkmenistan, which owns the world's fourth-largest natural gas reserves, expects foreign companies to invest more than $3 billion in projects on its part of the Caspian Sea shelf this year, a Turkmen government official said on Wednesday.This figure compares to more than $2.5 billion invested in the Turkmen sector of the sea in 2014, Suleymanmurad Guladov, deputy head of the State Agency for Management and Use of Hydrocarbon Resourses, told an international gas congress.Copyright ...

 





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