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Oil prices rise on US inventories, Iraq turmoil NEW YORK: Oil prices finished somewhat higher Wednesday following an unexpectedly large decline in US crude supplies and worsening turmoil in Iraq. US benchmark West Texas Intermediate for July delivery edged higher by five cents to $104.40 a barrel on the New York Mercantile Exchange.In London, European benchmark Brent oil for July delivery advanced 43 cents to $109.95 a barrel on the Intercontinental Exchange.The gains followed a weekly oil-inventory report by the US Department of Energy which showed crude stocks fell 2.6 million barrels, more than the 1.7 million forecast by analysts surveyed by Dow Jones Newswire.The report also showed a 200,000 barrel decline at a widely watched US oil-trading hub in Cushing, Oklahoma.Analysts kept watch on oil producer Iraq, where militants that had claimed the city of Mosul Monday seized the city of Tikrit Tuesday in a lightning jihadist offensive that swept closer to Baghdad.The assault by the Islamic ...

Brent crude up $110 on supply disruption fears NEW YORK: Brent oil futures climbed toward $110 a barrel on Wednesday as violence in Iraq prompted worries about the supply outlook, while US crude struggled to make gains near key levels of resistance.Militants from an al Qaeda splinter group who seized Iraq's second-biggest city, Mosul, earlier this week have advanced into the oil refinery town of Baiji, raising concerns about oil supply interruptions should other regions in the country fall.US crude gained slight support ...
Venezuela says consensus to keep OPEC oil output target VIENNA: OPEC oil ministers have a "consensus" to keep their output ceiling unchanged, Venezuelan Energy Minister Rafael Ramirez said on Wednesday ahead of the cartel's production meeting."There is consensus to maintain (the) production" ceiling at 30 million barrels per day, Ramirez told reporters ahead of the cartel's output gathering."The prices are good, the market is stable," Ramirez said.OPEC Secretary-General Abdullah El-Badri added: "I think there will be another rollover. We will discuss it at the ...
US oil production, 2015 forecast reaches new records NEW YORK: Total US crude oil production in May reached the highest levels in 26 years, hitting an average of 8.4 million barrels per day (bpd), the U.S. Energy Information Administration said on Tuesday.The organization also said its 2015 forecast of 9.27 million bpd represents the highest annual average level of oil production since 1972, according to EIA's monthly short term energy outlook.Copyright Reuters, 2014 ...
Brent oil falls below $110 on profit-taking NEW YORK: Brent crude oil pared gains and fell below $110 a barrel on Tuesday, shrugging off some positive signals as traders took profits following strong gains on Monday.Brent futures closed at $109.99 on Monday, the highest close in nearly two weeks, due in part to positive economic data from China and the United States, the world's two largest energy consumers.But momentum stalled on Tuesday as Brent balked above the key $110 mark, traders said."This ...
Brent crude oil rises above $110 on global growth prospects NEW YORK: Brent crude rose on Monday, gaining over $1 to surpass $110 a barrel for the first time in June, while US crude rose by nearly $2, as strong Chinese and US data pointed to healthy economic growth and higher demand for oil from the world's top two consumers. China's exports beat forecasts in May on firmer global demand, rising 7 percent from a year earlier and quickening from April's increase of 0.9 percent. ...
Oil rallies after encouraging US, China, Japan data NEW YORK: Oil prices rallied sharply Monday, with the US benchmark hitting a three-month high, after positive Chinese, Japanese and US economic data raised expectations for more energy demand.West Texas Intermediate for July delivery leaped $1.75 to close at $104.41 a barrel, the highest close for the benchmark US futures contract since March 3.The European benchmark, Brent North Sea crude for delivery in July, settled at $109.99 a barrel, a gain of $1.38 from Friday's ...


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