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Oil rallies but still near 6-1/2-year lows LONDON: Oil bounced back from heavy losses on Tuesday but global oversupply and worries over the severity of the economic slowdown in China, the world's top commodity consumer, kept prices near 6-1/2-year lows. European share markets recovered on Tuesday but Chinese stock markets closed down more than 7 percent, with panic selling intensifying after the Shanghai Composite Index crashed through key support at 3,000 points. China cut interest rates on Tuesday in its latest move to stimulate growth, but oil prices barely moved in response. US crude, also known at West Texas Intermediate or WTI, was up $1.15 at $39.39 a barrel by 1100 GMT, while Brent was up $1.30 at $43.99. "In the past few days, we have seen a lot of the effects of the equity markets," Petromatrix oil analyst Olivier Jakob said. "Crude is very oversold," he added. Oil prices dropped to their lowest since early 2009 ...
Brent crude oil speculators turn more bullish LONDON: Money managers and hedge funds have increased their bets on rising crude oil prices, figures from InterContinental Exchange (ICE) show, in a sign that some speculators think the oil market may be about to recover after many months of falls. ICE data on Monday showed large speculators raised their net long holdings of Brent crude futures and options in the week to Aug. 18 after four weeks of net sales. Money managers raised their ...
Oil market ducks close to $40 LONDON: Oil prices fell close to $40 per barrel on Thursday, striking a new 6.5-year low on supply glut woes, before turning mixed.US benchmark West Texas Intermediate for September delivery struck $40.21 per barrel, the lowest level since March 2009. It later rebounded slightly to trade at $41.04, up 24 cents from Wednesday's close.Brent North Sea crude for October delivery meanwhile hit $46.31 a barrel, a point last seen in mid-January and not far off ...
Oil market slumps under $39 on China, oversupply LONDON: World oil prices sank to 6.5-year lows on Monday, with New York crude sliding under $39 on fears over Chinese energy demand and global oversupply.US benchmark West Texas Intermediate (WTI) for October delivery tumbled to $38.69, striking a level last seen in February 2009.Brent North Sea crude for October dived in morning London deals to $43.28, last seen in mid-March of the same year."For the first time since March 2009, Brent costs less than ...
Oil slips closer to six-year low on Japan data, oversupply LONDON: Oil prices fell towards six-year lows on Monday on data showing the economy of Japan, the world's third-biggest oil consumer, contracted in the second quarter.The global oversupply picture was exacerbated by another weekly jump in U.S. oil rig additions on Friday, hinting at growing production, and news that Oman produced a record-breaking 1 million barrels per day in July.U.S. crude, or West Texas Intermediate (WTI), for September was trading 45 cents lower at $42.05 ...

 





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