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Oil prices slip amid Ukraine, Gaza tensions NEW YORK: Oil prices slipped on Friday, one day after a Malaysia Airlines passenger plane was shot down in battle-torn eastern Ukraine and Israel began a ground assault in Gaza.New York's benchmark West Texas Intermediate (WTI) for August closed at $103.13 a barrel, down six cents from Thursday's closing level.In London, Brent North Sea for delivery in September fell 65 cents to settle at $107.24 a barrel.Despite WTI's price dip, the key futures contract has gained about 3.0 percent since Monday, rebounding after three straight weeks of declines, and looks set to rise in the coming weeks given the precarious geopolitical situation, said Tim Evans of Citi Futures.The United States has said evidence suggests that pro-Moscow separatists downed the Malaysia Airlines plane with a surface-to-air missile, killing all 298 people on board with the possible technical assistance of Russians."If Russia turns out to have played any part in yesterday's shooting ...

Rosneft CEO Sechin says US sanctions on company are illegal BRASILIA: Rosneft Oil Co Chief Executive Officer Igor Sechin said on Wednesday that US sanctions on the Russian state-controlled energy company are illegal because it has no role in the crisis in Ukraine. Sechin said the sanctions will damage the interests of shareholders of US companies and banks working with Rosneft, though they would have no impact on joint projects that Rosneft currently has with Exxon Mobil Corp in Russia.Due to what it views as ...
US oil prices rise following bullish inventory report NEW YORK: Oil prices shot back above $100 a barrel in New York after a US petroleum inventory report showed a big drop in crude stocks and higher refinery activity levels.US benchmark West Texas Intermediate for August delivery gained $1.25 to close at $101.20 a barrel on the New York Mercantile Exchange. WTI Tuesday had closed below $100 for the first time in two months.European benchmark Brent oil for delivery in August fell 17 cents ...
US oil below $100 for first time in two months NEW YORK: Global oil prices dropped on Tuesday, with the US futures contract sinking below $100 for the first time since May on receding worries about Iraq supply disruptions.US benchmark West Texas Intermediate for August fell 95 cents to close at $99.96 a barrel on the New York Stock Exchange. WTI had not finished below the century mark since May 9.Brent North Sea for delivery in August sank 96 cents from Monday, settling at $106.02 ...
North Dakota flaring rules may curb oil output NEW YORK: New limits on flaring natural gas in North Dakota may producers to curtail as much as 50,000 barrels per day of oil production beginning in October,the state’s Department of Mineral Resources said on Monday. Producers are unlikely to meet the Oct 1 deadline to reduce flaring without additional well site technology or production curtailment, department head Lynn Helms said on a monthly call.As a result, they may have to cut 40,000 to 50,000 ...
Oil prices tick higher NEW YORK: Global oil prices rose on Monday as turmoil in Libya clouded expectations of a return of the country's crude supplies to the market.US benchmark West Texas Intermediate for August finished the session at $100.91 a barrel, a slight gain of eight cents from Friday's close.Brent North Sea for delivery in August rose 32 cents to settle at $106.98 a barrel in London trade.Commerzbank analysts, in a research note, highlighted renewed protests in Libya ...
Oil prices plunge as Libyan supplies ramp up NEW YORK: Global oil prices dived on Friday on the prospect of Libyan oil production ramping up after rebels lifted blockades on shipping terminals.US benchmark West Texas Intermediate for August plunged $2.10 to close at $100.83 a barrel, its lowest level since May 12.Brent North Sea for delivery in August slid $2.01 to finish at $106.66 a barrel in London trade. It was the European benchmark futures contract's lowest close since April 7."The petroleum markets ...


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