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Oil prices jump more than 10pc on strong US data NEW YORK: World oil prices surged more than 10 percent Thursday after strong US economic growth data lifted confidence about the world's biggest economy and petroleum user.US benchmark West Texas Intermediate (WTI) for delivery in October jumped $3.96 to $42.56 a barrel.European benchmark Brent oil for October delivery gained $4.42 at $47.56 a barrel in London.Both WTI and Brent closed up 10.3 percent from Wednesday's settlements.US prices had been at or near six-and-a-half year lows all week, with WTI closing below $40 on Monday for the first time since 2009 and staying there through Wednesday.The rally came after the Commerce Department reported the US economy expanded at an annual rate of 3.7 percent in the second quarter, much above the initial appraisal of a 2.3 percent gain.The more robust April-June growth mainly reflected higher investment, state and local government spending, and consumer spending than was reported in the initial estimate.The ...

Oil dips after mixed US petroleum supply report NEW YORK: Oil prices dipped Wednesday after US petroleum data showed lower crude-oil inventories but barely any decline in production despite sinking prices.US benchmark West Texas Intermediate for October delivery shed 71 cents at $38.60 a barrel on the New York Mercantile Exchange.European benchmark Brent oil for October delivery lost seven cents at $43.14 a barrel in London.Crude supplies in the United States fell by 5.5 million barrels for the week ending August 21, according ...
Oil picks up after rout, but US crude still below $40 NEW YORK: Oil prices recovered some lost ground Tuesday after a sharp fall sparked by worries about China's faltering economy, the world's largest energy consumer.US benchmark West Texas Intermediate (WTI) for October delivery rose $1.07 to $39.31 a barrel on the New York Mercantile Exchange, after finishing below $40 Monday for the first time in six years.In London, Brent North Sea crude for October, the international benchmark, finished at $43.21 a barrel, up a modest ...
Oil sinks as China fears roil markets NEW YORK: Crude oil prices sank Monday after a plunge in Chinese equities raised fresh fears about China's faltering economy, the largest consumer of energy, and its impact on the global economy.The Shanghai stock market's 8.5 percent dive Monday, its steepest in eight years, roiled markets worldwide, hammering stocks, the dollar and commodities.Oil prices struck new six-year lows in the sell-off as concerns mounted about demand in China, the world's second-largest economy and consumer of ...
US September crude ends higher at expiry, Brent slumps NEW YORK: Expiring front-month US crude prices settled higher on Thursday in volatile trading after slumping to a fresh 6-1/2-year low as a supply glut and concerns about China's economy pressured Brent crude.A weaker dollar and the formation of the first hurricane of the 2015 Atlantic season were supportive to crude, even with Hurricane Danny still far from affecting any land or oil infrastructure.U.S. futures retested support near $40 a barrel early in the session, ...
US oil may fall to $39.30 SINGAPORE: US oil may test a support at $40.15 per barrel, a break below which will cause a loss to the next support at $39.30.These supports are identified respectively as the 538.2 percent and 561.8 percent Fibonacci projection levels of a downtrend from the June 30 high of $59.69. Wave pattern shows that oil is riding on an extended wave 5, the bottom of which is somewhat difficult to be predicated.Resistance is at $41.01, the ...
Oil prices higher ahead of US inventory data NEW YORK: Oil prices rose modestly Tuesday as traders looked ahead to weekly US commercial inventory data that could shed insights into demand in the world's largest consumer of crude oil.US benchmark West Texas Intermediate for September delivery closed at $42.62 a barrel on the New York Mercantile Exchange, up 75 cents from Monday's settlement.Brent North Sea crude for October, the international benchmark, spent most of the day in the red but managed to eke ...


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