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Oil moves above $60 as US crude stockpiles fall LONDON: Brent crude oil moved above $60 a barrel on Wednesday as US data showed falling crude inventories, stemming deep losses brought on by a supply glut and signals from OPEC producers and Russia that they will not cut production.U.S. Energy Information Administration data showing U.S. crude inventories falling by 847,000 barrels helped curtail losses, despite expectations of a 2.4-million-barrel draw. Analysts said the boost would not last long."The decline in overall crude oil inventories was smallish," said John Kilduff, partner at Again Capital LLC in New York. But analysts said any draw helped support the market after Tuesday data from the American Petroleum Institute showed a big build in U.S. crude inventories.Front-month Brent gained 34 cents to $60.20 a barrel by 1543 GMT. The January Brent contract, which expired in the prior session, hit a low of $58.50 on Tuesday, its weakest since May 2009.U.S. crude traded 20 cents ...
Oil below $60 as OPEC, Russia keep pumping LONDON: Brent crude oil traded below $60 a barrel on Wednesday, near 5-1/2 year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.Core Gulf OPEC members have said they are prepared to wait as long as a year for the market to stabilise, undercutting hopes they will step it to stem crude price losses.Oil prices have almost halved over the last six ...
Oil holds below $60 as OPEC, Russia keep pumping LONDON: Brent crude held below $60 a barrel on Wednesday, near 5-1/2-year lows, as major oil producers signalled that they would maintain output despite a supply glut and faltering demand in Russia and Europe.Core Gulf OPEC members have said they are prepared to wait as long as a year for the market to stabilise, undercutting hopes they will step in to stem crude price losses.Oil prices have almost halved over the last six months as ...
UK gas prompt prices ease as warm weather dents demand LONDON: Prompt natural gas edged lower in Britain on Wednesday morning as warm weather forecasts led to reduced demand for gas for heating and from power generators.Prices for within-day delivery were trading at 53.75 pence per therm at 1013 GMT, down 0.10 pence since their last settlement.With supply flows at about 258.9 million cubic metres (mcm) per day on Wednesday and demand expected to be about 251.8 mcm, the system was 7.1 mcm oversupplied, National ...
Oil drops below $59 for first time since 2009 LONDON: Oil fell below $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.International benchmark Brent crude has almost halved since reaching a 2014 high of $115 a barrel in June. Ample supply, slowing demand and a switch in strategy by exporter group OPEC to defending market share rather than prices have all hit crude ...