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Oil slips towards $102, ample supply weighs LONDON: Oil slipped towards $102 a barrel on Monday, giving up an earlier gain, as ample supply and weak demand countered support from geopolitical tensions in Ukraine and Libya.Libyan exports have risen and Iraq's exports have continued flowing despite fighting in both countries. Ample supply and weak demand have created an oversupply in the Atlantic Basin market, according to Morgan Stanley.Brent crude slipped 18 cents to $102.11 a barrel by 1353 GMT. It hit a 14-month low of $101.07 on Aug. 19. U.S. crude was down 47 cents at $93.18 a barrel."We expect Brent to trade in a slightly lower range for much of the third quarter, barring any geopolitical escalation," analysts at Morgan Stanley, led by Adam Longson, said in a note.Underlining the extent of the recent selling pressure, exchange data on Monday showed hedge funds and other big speculators, in the week to Aug. 19, cut their bets ...

Oil edges further above $102, supply risks support LONDON: Oil edged further above $102 a barrel on Monday with support from geopolitical tensions in Ukraine and Libya, although ample supply limited the rebound from last week's 14-month low. Libyan exports have risen in the past few weeks, although a continued recovery looks uncertain given fighting, analysts say. Fire destroyed the terminal at Tripoli's main airport on Sunday. Brent crude rose 14 cents to $102.43 a barrel by 0917 GMT. It reached a 14-month ...
Oil prices fall LONDON: Oil prices fell on Friday amid downbeat Chinese manufacturing data and the low likelihood of supply disruptions in conflict-hit Iraq, Ukraine and Libya, analysts said.US benchmark West Texas Intermediate for October delivery slid 41 cents to $93.55 a barrel.Brent North Sea crude for October dropped 27 cents to stand at $102.36 a barrel in London deals. Trading is "likely weighed by weaker-than-expected Chinese manufacturing data", Fat Prophets resources analyst David Lennox told AFP.The HSBC ...
Russia's Rosneft to buy into Norway oil driller despite sanctions MOSCOW/OSLO: Russia's top crude oil producer Rosneft will sell drilling rigs to Norway's North Atlantic Drilling Ltd (NADL) in return for shares in the firm, going ahead with an earlier agreed deal despite sanctions over Ukraine. Rosneft and its head Igor Sechin, a long-standing ally of Russian President Vladimir Putin, have been sanctioned by the West over Moscow's role in the Ukraine crisis, limiting the firm's access to international financial markets. Earlier this month, Norway ...
Brent weakens below $103 on rising supply, strong dollar LONDON: Brent crude oil futures drifted lower on Friday, further below $103 a barrel, as a strong dollar and plentiful supplies continued to pressure prices. October Brent crude was down 13 cents to $102.50 a barrel by 1122 GMT. US crude was down 26 cents at $93.70 a barrel. Traders and analysts said the market appeared to be pausing after hefty sell offs which have driven Brent to its lowest level since June 2013. "We've ...
Oil prices slide on easing supply strains LONDON: World oil prices dropped on Thursday on fading fears that conflicts in crude producers Libya and Iraq would result in a major supply disruption, analysts said. Brent North Sea crude for delivery in October shed 84 cents to stand at $101.44 a barrel in London afternoon deals.US benchmark West Texas Intermediate for October dropped 64 cents to $92.81 a barrel compared with Wednesday's close."Supply fears stemming from conflicts in both Iraq and Ukraine have ...
Oil slips below $102, near 14-month low, on ample supply LONDON: Brent crude oil slipped below $102 a barrel on Thursday, near a 14-month low, on evidence of plentiful fuel supplies and Chinese economic data pointing to slowing demand.The world's top two crude oil benchmarks have fallen by more than $10 a barrel since June on a build-up of supply in the Atlantic basin and diminishing worries over the risk that conflicts in the Middle East would hit oil production.Global economic growth also appears to ...


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Foreign Debt $61.805bn
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WeeklyAugust 28, 2014
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