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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 a barrel in London trade, its lowest level since April 7."Easing fears of an Iraqi supply disruption and tepid fuel demand levels continue to erase the geo-political risk premium (Iraq and the Ukraine) that boosted both markets to nine-month highs late last month," Eugene McGillian at Tradition Energy said in a research note.Iraq's sharply divided parliament elected a speaker Tuesday in a step forward in the delayed government formation process, as a renewed bid to ...

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 ...
Oil prices continue slide NEW YORK: Global oil prices continued their slide from late-June peaks on Wednesday despite a sharper-than-expected drop in US crude inventories.Some analysts credited a low read on inflation in China pointing to slow economic growth for the fall.US benchmark West Texas Intermediate for August lost ground for the ninth straight session, shedding $1.11 to $102.29 a barrel compared with Tuesday's close.Brent North Sea for delivery in August fell 66 cents to close at $108.28 a ...
Oil prices extend losses as supply worries ease NEW YORK: Oil prices extended their losing streak Tuesday as concerns eased about supply disruptions from the Middle East, with Libya exports set to resume and Iraq unrest not yet affecting exports.US benchmark West Texas Intermediate for August fell 13 cents to $103.40 a barrel on the New York Mercantile Exchange, its eighth straight day of decline.Brent North Sea for delivery in August lost $1.30 to close at $108.94 a barrel in London trade."The Brent ...
Oil prices dip as Middle East supply worries ebb NEW YORK: World oil prices on Monday fell as traders eyed the imminent resumption of Libyan crude exports and as Iraqi output remained unaffected by ongoing fighting in the country.US benchmark West Texas Intermediate for August delivery fell 53 cents to $103.53 a barrel on the New York Mercantile Exchange, the seventh straight decline, pushing the commodity to the lowest closing price since June 6.European benchmark Brent oil for delivery in August shed 40 cents ...

 



 
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