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Oil slips below $107 as ample supply outweighs risk premium LONDON: Oil fell below $107 a barrel on Friday as plentiful supply outweighed concerns over conflicts in the Middle East and Ukraine. Brent crude for September delivery traded 18 cents lower at $106.89 a barrel by 1400 GMT. The contract had closed 96 cents lower on Thursday. "There is ample prompt supply of crude oil, but the geopolitics in Ukraine, Gaza, Iraq and Libya is providing support," said Olivier Jakob, an analyst at Petromatrix in Zug, Switzerland.He added that poor refining margins in Europe pointed to slack demand in the region. US crude for September delivery underperformed, falling 87 cents to $101.14 a barrel, after settling $1.05 lower. Traders said that higher-than-expected gasoline stocks at the US oil hub in Cushing, Oklahoma had led to lower refinery margins and an expectation that currently robust demand from US plants would dry up. German business sentiment fell for a third consecutive month ...

Oil flat around $107 as ample supply offsets risk premium LONDON: Oil held steady around $107 a barrel on Friday, as plentiful supply countered any premium to prices caused by concern over conflicts in the Middle East and Ukraine. Brent crude for September delivery traded 14 cents higher at $107.21 a barrel by 1020 GMT. The contract had closed 96 cents lower on Thursday.US crude for September delivery was up 10 cents at $102.17 a barrel, after settling $1.05 lower.The continuing conflicts, however, did little ...
Statoil disappoints in Q2 as production falls OSLO: Norwegian oil giant Statoil stood by its production target for 2014 on Friday despite a second-quarter drop in output which weighed on its results.Adjusted earnings, an indicator followed closely in financial markets, were down by 15 percent to 32.3 billion kroner (3.87 billion euros, $5.20 billion) compared to 38 billion kroner a year earlier. The results were affected by divestments, seasonal effects and lower gas prices, said Statoil, which is 67-percent owned by the ...
Rosneft working to limit effects of sanctions, profits jump MOSCOU: Russia's state-held oil giant Rosneft said on Friday it was working on a plans to reduce the effects of Western sanctions over Ukraine, and announced a five-fold jump in second-quarter earnings."Together with our partners -- the world's leading oil companies -- we are working on a plan to minimise the consequences of including Rosneft on the sanction lists," Rosneft chief executive Igor Sechin said in the company's earning statement.Rosneft was hit by US sanctions ...
Oil prices slip awaiting Russia sanctions LONDON: Oil prices turned lower on Thursday as the market took their leads from geopolitical tensions affecting key crude producing regions Russia and the Middle East.Brent North Sea crude for delivery in September dropped 25 cents to stand at $107.78 in London midday deals.US benchmark West Texas Intermediate for September fell 32 cents to $102.80 a barrel."The market should continue to monitor geopolitical headlines," said Andrey Kryuchenkov, analyst at financial group VTB Capital."We do not ...
UK gas prices edge up on possible new EU sanctions against Russia LONDON: Wholesale natural gas prices in Britain rose on Thursday as the threat of economic sanctions on Russia offset ample supply.Gas prices for delivery the next day were trading at 37.60 pence per therm at 0855 GMT, up 0.35 pence since their last close, while prices for delivery within the day were up 0.05 pence to 37.25 pence a therm."There's a fear that five months up the line, or even before, flows from Russia to ...
Brent oil dips below $108, market well-supplied LONDON: Brent crude dipped below $108 a barrel on Thursday as unseasonably weak demand from European refiners and plentiful supplies offset strong Chinese factory data.Brent for September delivery was down 31 cents at $107.72 a barrel by 0909 GMT, after closing 70 cents higher on Wednesday. U.S. crude was down 33 cents at $102.79 a barrel, after gaining 73 cents in the previous session."Oil is moving in a small range. It opened relatively high and ...


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