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Oil prices slide on lofty supplies NEW YORK: Oil prices fell on Monday, extending last week's slide as US crude supplies linger at historic levels.The US benchmark West Texas Intermediate for April delivery shed $1.36 to $49.45 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for April delivery fell $1.32 to $58.90 a barrel in London trade."The supply dynamic is just too great," said John Kilduff, founding partner at hedge fund Again Capital.A note from Commerzbank rued that Friday's weekly US oil rig count fell only 37, the smallest decline in seven weeks. "Evidently, the strong recovery in oil prices since the end of January has slowed the scaling back of drilling activity," Commerzbank said.The rig count came on the heels of a US Department of Energy report that showed US oil stocks at their highest level at this time of year fon record. US oil prices have dropped more than 50 percent ...

Oil falls 2pc on glut worries; heating oil up on tight supply NEW YORK: Crude oil futures fell more than 2 percent on Monday as investors worried about oversupply and a strong dollar, but heating oil futures jumped 5 percent due to operational problems at major U.S. refineries.Crude was down for almost the whole trading session, rising briefly after the Financial Times quoted Nigerian Oil Minister Diezani Alison-Madueke as saying the country might call for an OPEC extraordinary meeting in the next six weeks or so if ...
Oil down on high supply worry, but quick ‘buying on dips’ NEW YORK: Oil prices were down on Monday on worries of oversupply and a strong dollar, but bets the market had hit bottom after a seven-month selloff limited the downside, traders said.The weekly decline in the number of U.S. rigs drilling for oil slowed last week as crude prices rebounded from January lows, raising worries about oil inventories that were already at record highs.The largest U.S. refinery strike in 35 years, involving workers at 12 ...
Oil down on high supply, heating oil spikes again NEW YORK: Crude oil futures were lower on Monday as investors worried about oversupply and a strong dollar, but heating oil jumped about 6 percent for a second straight day due operational problems at major U.S. refineries.Crude fell as the weekly decline in U.S. rigs drilling for oil slowed last week, raising worries that inventories, already at record highs, could swell further.The largest U.S. refinery strike in 35 years has also pressured crude prices.Heating oil ...
US refinery strike widens to include nation's largest refinery HOUSTON: The US refinery strike widened as workers at the nation's largest refinery walked off their jobs at 12 AM CST (0600 GMT) on Saturday, according to the United Steelworkers union (USW).Shortly after talks between union and oil company representatives ended on Friday night, the union notified Motiva Enterprises of a strike by its members at the company's 600,250 barrel per day (bpd) refinery in Port Arthur, Texas.The USW also gave notices on Friday of ...
Oil prices fall in New York NEW YORK: New York oil prices fell in late trade Friday, with the WTI contract breaking away from a stable trade in London to fall near the $50 dollar line.West Texas Intermediate for March delivery settled at the official close at $50.32 a barrel, down 82 cents from Thursday, as the contract expired. WTI then continued to fall further in late trade, dropping below $50.In London, Brent crude for April delivery was flat at $60.22 ...
Blast-hit Exxon refinery recently cited for violations NEW YORK: The Exxon Mobil Corp refinery in Torrance, California, that was hit by an explosion this week was cited in November for eight serious violations following state inspections last year, according to documents released on Thursday.The blast and blaze that ripped through a gasoline processing unit at the refinery near Los Angeles on Wednesday injured four workers slightly. It prompted schools in the area to keep students and staff indoors as a precaution.On Nov. ...


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ICT 2014

Foreign Debt $61.805bn
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WeeklyFebruary 26, 2015
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