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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 lower prices that was interrupted by a rally Thursday."The US is essentially drowning itself with oil and the demand is not solid enough," said Oliver Sloup, director of managed futures at iiTrader.Tim Evans, energy analyst at Citi Futures, said the drop in Brent reflects "ongoing worries that global demand growth has slowed." Leading energy forecasters including the International Energy Agency this week trimmed their oil demand forecasts due to weak economic conditions in China and ...

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 ...
Brent oil extends slump to 2-year low; US crude bounces NEW YORK: Benchmark Brent crude dropped to a two-year low on Thursday, falling for a sixth straight session as increasing supply and signs of weakening demand countered worries that conflicts in the Middle East could curb output.Oil prices fell in tandem early in the day, but U.S. futures broke higher during morning trade in New York after triggering technical support levels. Its sharp rebound from a 16-month low lowered Brent's premium over U.S. crude to ...
Oil prices fall on OPEC forecast, US supplies NEW YORK: World oil prices dropped Wednesday after OPEC trimmed its oil demand growth forecast and a US supply report showed surprisingly high inventories.US benchmark West Texas Intermediate for October delivery declined $1.08 to $91.67 a barrel on the New York Mercantile Exchange, its lowest closing price since January.European benchmark Brent oil for October delivery fell $1.12 to $98.04 a barrel on the Intercontinental Exchange in London. The Organization for Petroleum Exporting Countries (OPEC) revised ...
Pony Express oil pipeline service delayed to Nov. 1: Tallgrass NEW YORK: The Pony Express pipeline carrying 230,000 barrels per day of crude oil from Wyoming to Oklahoma is likely to begin service for existing customers in early November, a month later than expected, operator Tallgrass Energy Partners LP said in a notice to shippers.The notice issued late on Tuesday did not say why the commencement date for so-called committed shippers had slipped, but earlier this week market sources said the line might have experienced ...
Colombia August oil output down 3.2pc BOGOTA: Colombia's crude oil production averaged 999,000 barrels per day in August, 3.2 percent lower than in the same month of 2013, but up 3.2 percent compared with July, the Energy Ministry said on Wednesday.Though output was affected by rebel attacks on pipelines and several system failures, the armed forces are implementing a new plan to curb bombings, the statement said. The August figure takes average daily output this year to 983,000 bpd.That is still ...
Brent crude price slides further NEW YORK: Oil prices in London continued their steady slide Tuesday amid a flush market and little upside to the current demand picture.But US prices were stable, allowing a further narrowing of the price gap between the two global benchmarks.London's main contract, Brent North Sea crude for October delivery, lost $1.04 to end at $99.16 a barrel, its lowest since April 2013.In New York, West Texas Intermediate (WTI) for October edged up nine cents to ...


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WeeklyOctober 27, 2014
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