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Oil rises, but oversupply hobbles gains LONDON: Global oil prices rebounded Wednesday but buying sentiment remains sluggish owing to supply glut woes and a strong dollar.At about 1245 GMT, US benchmark West Texas Intermediate for delivery in December was up 62 cents at $41.29 per barrel. Brent North Sea crude for January delivery rose 67 cents to stand at $44.24 a barrel.Traders are waiting for the release later in the day of a US Department of Energy report on commercial stockpiles in the world's top oil consumer which is expected to show an increase and further confirm the oversupply.Another key focus is the release later Wednesday of minutes from last month's Federal Reserve policy meeting, with dealers looking for hints on whether it will raise interest rates at its gathering next month.Speculation has mounted in recent weeks that the central bank will pull the trigger following a string of positive US economic figures.A hike would likely ...

Angola's provisional Jan crude exports at a four-year low LONDON: Angola's crude oil exports are expected to fall to 1.46 million barrels per day (bpd) in January, the lowest in more than four years, according to provisional loading programmes released on Wednesday.The total, down nearly 20 percent from the 1.8 million bpd schedule for December, is the lowest export plan since June 2011, according to Reuters data.Traders said final exports were likely to rise, with Angolan state oil company Sonangol expected to add at ...
Norway gas exports in 2016 seen on a par with record 2015: Gassco CEO STAVANGER: Norway, the second-largest gas exporter to the European Union after Russia, will export about the same level of gas next year as the record level it is expected to reach this year, the chief executive of gas infrastructure operator Gassco told Reuters."For the current year, 2015, we will probably set a new export record," Frode Leversund said in an interview. "When it comes to next year ... we can expect volumes of roughly the ...
Falling US inventories boost oil, glut keeps lid on gains LONDON: Oil rose on Wednesday on reports of falling stockpiles and rising refinery activity in the United States, but analysts said a global supply glut would keep prices under pressure.Brent crude futures were up 65 cents at $44.22 per barrel by 0904 GMT after settling 99 cents lower the day before. U.S. crude futures were up almost half a dollar at $41.13 a barrel.The American Petroleum Institute (API), an industry group, said on Tuesday that ...
Angola crude exports to fall to 1.46 million bpd in January LONDON: Angola's crude oil exports are expected to fall to 1.46 million barrels per day (bpd) in January from 1.8 million bpd in December, according to provisional loading programmes.The 47 cargoes to be exported mark a steep decline from the 58 originally planned for December. There are no cargoes of Plutonio scheduled to load versus four in December although traders said they expected updates to the loading schedule.The cargoes enter a market that is increasingly ...
Oil prices buckle under renewed concern about oversupply LONDON: Oil prices fell on Tuesday, erasing gains linked to security fears after the Paris attacks, as investor focused again on the global oversupply in crude and petroleum products that is showing no signs of abating. Analysts said that despite the deadly Paris attacks and French retaliation against Islamic State (IS) in Syria, prices would remain low for the rest of the year and into 2016 as oil markets stay oversupplied. Production in 2015 will ...
Norway's Statoil says to pull out of Alaska OSLO: Norwegian oil major Statoil said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive. "Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities," Statoil exploration chief Tim Dodson said in a statement. The firm will exit 16 Statoil-operated leases, and ...


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