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Oil edges lower on supply glut and strong dollar NEW YORK: Oil traded lower on Thursday, pressured by ample supply and concern over a weakening of demand growth in major consumer nations, as well as by a rise in the U.S. dollar.The decline in the global benchmark Brent price was limited by a drop in Libya's output and talk of OPEC production cuts. Brent hit a 26-month low on Monday after data showing a slowdown in China's factory output raised demand concerns.Meanwhile, the U.S. dollar hit its highest in more than four years against a basket of currencies on concern that the U.S. Federal Reserve would increase borrowing costs at a faster than expected pace once it starts raising interest rates.A stronger dollar makes dollar-priced commodities such as oil more expensive for buyers using other currencies and tends to weigh on oil prices."I think currencies are the focus," said Richard Ilczyszyn, chief market strategist and founder of LLC ...

Oil prices dip on US crude data, OPEC speculation NEW YORK: Oil prices dipped Wednesday following mixed US crude-inventory data and reports suggesting an OPEC production cut is unlikely when the organization meets in November. US benchmark West Texas Intermediate for October delivery shed 46 cents to close at $94.42 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for November delivery slipped eight cents to $98.97 a barrel in London.US crude inventories unexpectedly increased by 3.7 million barrels for the week ...
PDVSA says ends 'major' maintenance on Puerto La Cruz refinery CARACAS: Venezuelan state oil company PDVSA said on Wednesday it completed a "major" 42-day maintenance on a distillation unit at its Puerto La Cruz oil refinery.Puerto La Cruz is a 187,000 barrel-per-day refinery located on the Caribbean coast. The unit in question processed 70,000 barrels per day, PDVSA added in a statement on its web site.Copyright Reuters, 2014 ...
Oil up on OPEC production cut talk, Libya paring output NEW YORK: Brent and US crude futures rose more than a dollar on Tuesday on the prospect of a possible OPEC production cut and on news that Libya curbed output after rockets hit an area near a refinery.Oil prices received more lift when Russia said deploying troops in Crimea, which Russia annexed from Ukraine in March, was a top priority with NATO holding military exercises in the Ukraine near its border with Poland.Oil prices pushed ...
Brent little changed after dipping to 26-month low NEW YORK: Brent crude oil futures ended little changed on Monday after weak Chinese economic data sent prices to a 26-month low earlier in the day, while US crude rose after bouncing off a technical support level near a 16-month low reached last week.Oil prices dropped early on data showing China's factory output grew in August at the weakest pace in nearly six years, while growth in other key sectors also cooled, raising fears the ...
Oil prices fall on concerns about oversupply NEW YORK: Oil prices dropped on Friday, resuming a downward tilt due to concerns about a mismatch between lofty petroleum supplies and tepid demand growth. US benchmark West Texas Intermediate for October delivery fell 56 cents to $92.67 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for October delivery shed 97 cents to $97.11 a barrel in London, its lowest closing price since June 2012.Friday's drop resumed a trend in September towards ...
Exxon says Beaumont refinery gasoline unit remains shut HOUSTON: Exxon Mobil Corp said on Friday that the 120,000 barrel per day (bpd) gasoline-producing fluidic catalytic cracking unit remains shut at its 344,600 bpd Beaumont, Texas refinery.The FCCU was shut in late July due to boiler malfunction and failed in an Aug. 13 restart attempt when a leak was found in piping, sources told Reuters. "We continue to work toward restoring normal operations," Exxon spokesman Todd Spitler said in a statement on Friday. "We ...


Index Closing Chg%
Arrow DJIA 17,156.85 0.15
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Arrow Nikkei 15,888.67 0.14
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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
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WeeklySeptember 15, 2014
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