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Oil plunges below $105 on oversupply, weak demand NEW YORK: Brent crude oil fell more than $1 to hit a two-week low on Friday, slipping below $105 a barrel in its third straight day of losses as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine.Analysts say they expect global oil production to exceed demand this year, and a supply glut has already built up in the West African and European markets. Worries over geopolitical risks to oil supply have eased despite escalating violence in parts of the Middle East and North Africa. US RBOB gasoline prices led the complex lower, falling by 1.7 percent during the session. US gasoline stocks have climbed by more than 4.5 million barrels over four consecutive weeks of builds. "Since June 23, the market's been going down," said Andy Lebow, vice president at Jefferies Bache in New York."This looks like ...


South Africa's petrol price to stay flat in August JOHANNESBURG: The retail price of petrol in South Africa will remain unchanged at 14.33 rand ($1.34) a litre from next Wednesday, while wholesale diesel will dip by 0.4 percent, the Department of Energy said on Friday. Copyright Reuters, 2014

Oil slips towards $105 on oversupply, weak demand LONDON: Brent crude oil fell to a two-week low on Friday, slipping towards $105 a barrel as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine. Analysts say they expect global oil production to exceed demand this year and a supply glut has already built up in the West African and European markets. Worries over geopolitical risks to oil supply have eased despite ...

Oil prices fall further in Asia SINGAPORE: Oil prices fell further in Asia Friday following a sell-off on Wall Street and concerns about unplanned refinery shutdowns in the US midwest, analysts said.US benchmark West Texas (WTI) Intermediate for September delivery eased 19 cents to $97.98 while Brent crude for September was down 13 cents to $105.89 in mid-morning trade. WTI fell $2.10 in New York trade and Brent declined 49 cents in London on Thursday."Oil prices are under pressure at the ...

Oil prices extend losses LONDON: Oil prices fell further on Thursday as concerns eased that fresh Western sanctions on Russia over Ukraine would have an immediate impact on global crude supplies, analysts said. US benchmark West Texas Intermediate (WTI) for September delivery slipped 70 cents to $99.57 a barrel.Brent crude for September was down 15 cents at $106.36 in London midday trading. WTI had fallen 70 cents in New York trade and Brent lost $1.21 in London on Wednesday ...

UK gas prices for Friday edge up ahead of Troll maintenance LONDON: Prompt prices for wholesale natural gas in Britain firmed on Thursday morning ahead of large-scale North Sea maintenance that is due to start on August 1 and reduce available supplies.Gas prices for delivery on Friday traded at 39.30 pence per therm at 0820 GMT on Thursday, up 0.3 pence since their last close."The dominant driver for day-ahead prices is the start of maintenance at Norway's Troll field tomorrow, which we expect to result in ...

Oil slips to $106 on increased supply, low demand LONDON: Brent crude oil slipped to around $106 a barrel on Thursday as higher OPEC output and disappointing demand in the United States outweighed tensions in the Middle East, Africa and Ukraine.OPEC pumped more oil in July than in June despite concerns that unrest in Africa and the Middle East could hurt production, a Reuters survey showed.Gasoline stockpiles rose in the United States even though it is the peak driving season, raising concern over the ...


 



 
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Annual2012/13
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