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Brent firm above $107; strong dollar offsets global tensions LONDON: Brent crude steadied above $107 a barrel on Wednesday as a stronger dollar and weak demand offset threats to supplies from oil-producing regions.The European Union threatened Russia with harsher sanctions on Tuesday after the downing of the Malaysian airliner in Ukraine, straining the EU's relationship with the world's second-largest oil exporter."When the U.S. and the EU impose more sanctions on Russia, that will impact the mid-term production profile of the Russian oil industry," said Andy Sommer, senior oil analyst at Axpo Trading in Dietikon, Switzerland.Brent crude for September delivery was up 7 cents to $107.40 a barrel by 0938 GMT, after slipping 35 cents in the previous session. U.S. crude for September delivery was 20 cents lower at $102.19 a barrel.U.S. crude's discount to Brent was $5.21, close to a three-month low as traders waited for U.S. government oil stock data on Wednesday.The euro slipped to an 8-month low ...
Russian gasoline exports down 15.4pc in June vs May MOSCOW: Russian gasoline and fuel oil exports in June fell by 15.4 percent and 2.0 percent, respectively, on a daily basis from May, while gas oil exports were up by 6.1 percent, data from the Energy Ministry and Reuters showed. Russia's domestic supplies of gasoline and fuel oil increased by 6.3 percent and 6.4 percent, respectively, while local shipments of gas oil grew by 3.6 percent.According to the market sources, major refineries cut their gasoline ...
UK gas prices decline as reduced demand leads to over supply LONDON: Wholesale natural gas prices in Britain fell on Tuesday as weak demand for gas due to warm weather led to oversupply.Gas prices for day-ahead delivery were trading at 37.15 pence per therm at 0832 GMT, down 0.20 pence from Monday's close.Prices for within-day delivery were 0.75 pence lower at 37.10 pence per therm.Demand for gas was forecast to be at 165 million cubic metres on Tuesday, 14 mcm below seasonal normal demand. Flows were ...
Oil prices rise on geopolitical tensions LONDON: Oil prices rose on Tuesday on geopolitical tensions fuelled by a warning of tougher sanctions against Russia and fierce fighting in Gaza, traders said.Brent North Sea crude for delivery in September climbed 64 cents to stand at $108.32 a barrel in London midday deals.US benchmark West Texas Intermediate (WTI) for August increased 34 cents to $104.93 a barrel compared with Monday's closing value."The crises in Ukraine and the Gaza Strip, coupled with the risk ...
Oil steadies around $108; focus on Ukraine, US stockpiles LONDON: Brent crude steadied around $108 a barrel on Tuesday, supported by expectations of large draws in U.S. oil stockpiles and escalating geopolitical tension over Ukraine causing European foreign ministers to consider further sanctions on Russia.European foreign ministers meet in Brussels on Tuesday and Britain, Germany and France may be prepared to increase sanctions against Russia, the world's top crude producer."The talks about potential new sanctions against Russia can add risk premium to the oil ...


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