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Last update: Sun, 31 Jul 2016 06am

Europe

Markets - Energy - Europe

Oil descends to three-month lows on glut woes LONDON: World oil prices descended this week to their lowest levels for more than three months, rocked by renewed worries about a global supply glut and increased production.The market extended its losses on Friday to a seventh straight day, as traders' screens were awash with red. In morning deals in London, Europe's main contract Brent North Sea crude slid to $41.83 -- the lowest level since April 18.US benchmark West Texas Intermediate (WTI) struck $40.57 a barrel -- which was a trough last reached on April 20. "Oil prices have continued their recent declines this week, sinking to the lowest level in three-months as the fundamental landscape for crude has become a little less supportive," said analyst David Cheetham at London broker XTB.The commodity has slipped nearly 20 percent since its 2016 peak above $50 in early June as the crucial US holiday driving season comes to an end and ...

Markets - Energy - Europe

Russia's Rosneft, Venezuela's PDVSA step up cooperation MOSCOW: Russia's largest oil producer Rosneft and Venezuela's state oil company PDVSA have signed deals, including on offshore gas development and oil products trading, Rosneft said on Friday.Rosneft has been active in Venezuela, which is seen as Moscow's political ally. It is working on five upstream projects jointly with PDVSA.Analysts have worried that Rosneft's large-scale projects, including heavy oil development in Venezuela, will challenge Rosneft's finances.The company said on Friday its head Igor Sechin, a ...

Markets - Energy - Europe

North Sea Crude-Forties weakens, Sept programmes start appearing LONDON: Forties crude differentials fell on Thursday, pressured by lower offers amid ample supplies and a lack of demand. There are substantial volumes of Forties in floating storage off the UK coast, and these barrels are pressuring differentials. Total again offered Forties for sale from the VLCC Orthis, anchored off the British coast, without selling. There are at least three other VLCCs full of Forties - Sara, Gener8 Ulysses and Maran Thetis - anchored off ...

Markets - Energy - Europe

Oil industry suppliers see light at the end of the tunnel OSLO/MILAN: European suppliers to the oil industry, hit by their customers' spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had to slash jobs, costs and investments to cope with the fallout from a 60 percent drop in the oil price since 2014. The tide ...

Markets - Energy - Europe

Med Crude-Urals bid up in NWE on margins and north-south arbitrage MOSCOW: Urals crude differentials in northwest Europe rose on Thursday, supported by active buying interest from Shell, attractive margins and open north-south arbitrage for the grade, traders said. In the Platts window, Shell was bidding for 100,000 tonnes of Urals for loading from Primorsk or Ust-Luga on Aug. 14-18 at dated Brent minus $1.92 a barrel, up 28 cents a barrel from its bid on Wednesday, but no seller emerged. In the Mediterranean Litasco was ...

Markets - Energy - Europe

Oil pause after five-day slump LONDON: Oil prices held steady Thursday after slumping to three-month lows as a surprise jump in US crude stocks stoked global supply glut jitters.US energy department data showed Wednesday that inventories were 13.4 percent higher on-year, while gasoline stocks were up 11.8 percent, indicating demand remains weak as the peak holiday driving season comes to a close. The news had sent Brent tumbling three percent and West Texas Intermediate more than two percent down to ...

Markets - Energy - Europe

Oil steadies just above 3-month lows on oversupply LONDON: Oil prices steadied just above three-month lows on Thursday as producers continued to pump more than needed, filling inventories, and economic growth prospects darkened.Brent crude oil was unchanged at $43.47 a barrel by 1215 GMT, after touching $42.88, its lowest since April 20. U.S. light crude was up 20 cents at $42.12.U.S. government data on Wednesday showed a surprise rise in crude and gasoline inventories. The build added to an already huge global refined ...