Europe
Tuesday, 14 May 2013 17:27
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LONDON: Crude prices fell on Tuesday after the International Energy Agency declared that booming oil output in North America, driven by the shale energy revolution, has created a global "supply shock" that is reshaping the industry.In London early afternoon deals, Brent North Sea crude for delivery in June sank 56 cents to $102.26 a barrel.New York's main contract, West Texas Intermediate (WTI) or light sweet crude for June, shed 43 cents to $94.74 a barrel."North America has set off a supply shock that is sending ripples throughout the world," said IEA Executive Director Maria van der Hoeven while presenting the agency's five-year outlook for the oil market.The IEA added: "A mature economy which some 150 years ago had been the cradle of the oil industry, but had since faced what seemed like an irreversible production decline, (has) all of a sudden found itself at the centre of a new oil ...
LONDON: Crude prices fell below $103 a barrel on Monday weighed down by a drop to an eight-month low in oil demand in China, the world's second-largest consumer.An unexpected rise in US retail sales in April which pointed to underlying strength in the economy failed to change the market direction.China's refinery crude throughput fell 3 percent in April from March, its lowest daily rate since last September, as refineries entered maintenance season. Implied oil demand ...
LONDON: Speculators raised their net long positions in Brent crude oil futures and options in the week to May 7, but also increased their net short positions in gasoil, data from the IntercontinentalExchange (ICE) showed on Monday.Money managers raised their net long positions in Brent by 15,294 contracts to 124,035. At the same time they increased their net short position in ICE gasoil futures and options by 2,798 contracts to 9,933.Copyright Reuters, 2013 ...
LONDON: Crude prices slipped below $103 a barrel on Monday weighed by a stronger dollar and a drop to an eight-month low in oil demand in the world's second-largest consumer China.China's refinery crude throughput fell 3 percent in April from March, its lowest daily rate since last September, as refineries entered maintenance season. Implied oil demand in the country was up 3.2 percent in April from a year earlier to about 9.6 million barrels per ...
LONDON: Global oil prices recoiled on Friday on profit-taking and as the dollar surged to a four-year high point against the yen, dealers said.Markets are awaiting the US federal budget figures for April, a speech from Federal Reserve chief Ben Bernanke, and a two-day Group of Seven finance meeting in Britain.Brent North Sea crude for delivery in June sank $1.42 cents to $103.05 per barrel in London afternoon deals.New York's main contract, West Texas Intermediate ...
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