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Oil slips towards $105 on oversupply, weak demand LONDON: Brent crude oil fell to a two-week low on Friday, slipping towards $105 a barrel as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine. Analysts say they expect global oil production to exceed demand this year and a supply glut has already built up in the West African and European markets. Worries over geopolitical risks to oil supply have eased despite escalating violence in parts of the Middle East and North Africa. "Additional oil from Libya, the fact that initial fears of supply interruptions have faded, a stronger dollar and concerns about stalling oil demand especially from China have been the bear factors at work eroding prices," said David Hufton, managing director of brokerage PVM Oil Associates. Oil prices remained steady as US job growth slowed more than expected in July. Non-farm payrolls increased 209,000 last ...

Oil prices extend losses LONDON: Oil prices fell further on Thursday as concerns eased that fresh Western sanctions on Russia over Ukraine would have an immediate impact on global crude supplies, analysts said. US benchmark West Texas Intermediate (WTI) for September delivery slipped 70 cents to $99.57 a barrel.Brent crude for September was down 15 cents at $106.36 in London midday trading. WTI had fallen 70 cents in New York trade and Brent lost $1.21 in London on Wednesday ...
UK gas prices for Friday edge up ahead of Troll maintenance LONDON: Prompt prices for wholesale natural gas in Britain firmed on Thursday morning ahead of large-scale North Sea maintenance that is due to start on August 1 and reduce available supplies.Gas prices for delivery on Friday traded at 39.30 pence per therm at 0820 GMT on Thursday, up 0.3 pence since their last close."The dominant driver for day-ahead prices is the start of maintenance at Norway's Troll field tomorrow, which we expect to result in ...
Oil slips to $106 on increased supply, low demand LONDON: Brent crude oil slipped to around $106 a barrel on Thursday as higher OPEC output and disappointing demand in the United States outweighed tensions in the Middle East, Africa and Ukraine.OPEC pumped more oil in July than in June despite concerns that unrest in Africa and the Middle East could hurt production, a Reuters survey showed.Gasoline stockpiles rose in the United States even though it is the peak driving season, raising concern over the ...
Oil slide despite geopolitical jitters LONDON: World oil prices sank on Monday as traders appeared to shrug off geopolitical worries over key crude producing regions, dealers said.Brent North Sea crude for delivery in September dropped 94 cents to stand at $107.45 per barrel nearing midday in London.US benchmark West Texas Intermediate for September fell 61 cents to $101.48 a barrel."The oil market still appears unaffected by the numerous sources of geopolitical crisis," said Commerzbank analysts in a note to clients."The ...
Oil falls below $108 on excess supply, weak demand LONDON: Brent crude oil slipped below $108 a barrel on Monday as weak demand in Europe and Asia and ample supply in the Atlantic basin outweighed political tensions in Ukraine and the Middle East.North Sea and West African physical crude markets are over supplied, traders and brokers say, with sellers discounting heavily in an effort to attract buyers such as oil refiners.September Brent was down 66 cents at $107.73 a barrel by 0840 GMT. Earlier ...
UK gas prices fall on reduced exports and robust LNG supply LONDON: Wholesale natural gas prices in Britain fell on Monday morning due to oversupply in the market as exports to the continent were reduced and liquefied natural gas (LNG) supply was expected to increase.Gas prices for delivery on Tuesday declined to 38.75 pence ($0.66) per therm at 0834 GMT, 1.65 pence lower than the previous close, while gas for immediate delivery was down 2.55 pence at 38.35 pence per therm.Prices for the winter 2014-2015 season ...


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