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Oil falls below $108 on excess supply, weak demand LONDON: Brent crude oil slipped below $108 a barrel on Monday as weak demand in Europe and Asia and ample supply in the Atlantic basin outweighed political tensions in Ukraine and the Middle East.North Sea and West African physical crude markets are over supplied, traders and brokers say, with sellers discounting heavily in an effort to attract buyers such as oil refiners.September Brent was down 66 cents at $107.73 a barrel by 0840 GMT. Earlier in the session, it fell to a low of $107.79. The contract gained 1 percent last week.U.S. crude futures for September dropped 68 cents to $101.41 a barrel, after ending last week 1 percent lower.North Sea crude oil cargoes for immediate lifting are trading at deep discounts, more than $1.50 per barrel below the front futures month.Michael Wittner, an oil analyst at French bank Societe Generale, said oversupply in the West African crude market was ...
UK gas prices fall on reduced exports and robust LNG supply LONDON: Wholesale natural gas prices in Britain fell on Monday morning due to oversupply in the market as exports to the continent were reduced and liquefied natural gas (LNG) supply was expected to increase.Gas prices for delivery on Tuesday declined to 38.75 pence ($0.66) per therm at 0834 GMT, 1.65 pence lower than the previous close, while gas for immediate delivery was down 2.55 pence at 38.35 pence per therm.Prices for the winter 2014-2015 season ...
Oil slips below $107 as ample supply outweighs risk premium LONDON: Oil fell below $107 a barrel on Friday as plentiful supply outweighed concerns over conflicts in the Middle East and Ukraine. Brent crude for September delivery traded 18 cents lower at $106.89 a barrel by 1400 GMT. The contract had closed 96 cents lower on Thursday. "There is ample prompt supply of crude oil, but the geopolitics in Ukraine, Gaza, Iraq and Libya is providing support," said Olivier Jakob, an analyst at Petromatrix in ...
Hungary says gas flows from Ukraine normal on Monday BUDAPEST: Russian natural gas flows to Hungary via Ukraine were running normally on Monday morning, Hungarian pipeline operator FGSZ Zrt said.Russia cut off gas to Ukraine on June 16 in a dispute over unpaid bills but continues to supply gas that Ukraine sends on to Russia's clients in Europe.Copyright Reuters, 2014 ...
Oil flat around $107 as ample supply offsets risk premium LONDON: Oil held steady around $107 a barrel on Friday, as plentiful supply countered any premium to prices caused by concern over conflicts in the Middle East and Ukraine. Brent crude for September delivery traded 14 cents higher at $107.21 a barrel by 1020 GMT. The contract had closed 96 cents lower on Thursday.US crude for September delivery was up 10 cents at $102.17 a barrel, after settling $1.05 lower.The continuing conflicts, however, did little ...


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