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Oil steadies around $105 but surplus still weighs LONDON: Brent crude oil steadied around $105 a barrel on Monday as worries about global oversupply outweighed concerns over escalating violence in North Africa and the Middle East.A supply glut in West African and Atlantic markets dragged Brent down 3.3 percent last week, despite tensions in Iraq, Libya and Ukraine that could disrupt oil production in future.Brent crude was unchanged at $104.84 a barrel by 1028 GMT, after falling $1.18 on Friday to $104.84 a barrel, its lowest settlement since April 2.U.S. crude edged up 15 cents to $98.03 after ending last week at its lowest settlement since Feb. 6. The U.S. contract futures fell more than 4 percent last week in its biggest weekly decline since January.Prompt Brent has now been at a discount to later barrels in a formation called a contango for it's longest period since 2011, indicating a very well-supplied market."Physical markets may be just starting ...

British government to amend subsidy rules to exclude old coal plants LONDON: The British government will amend the rules of its proposed energy capacity market to exclude long-term subsidies for ageing coal plants, it said on Monday, relenting to pressure from environmental campaign groups."We will amend the capacity market rules to clarify without any doubt that only genuine new projects can access the 15-year maximum term. We will be consulting on this shortly," a spokeswoman for the Department of Energy and Climate Change (DECC) said.Britain is ...
Georgian port of Batumi's oil loadings down 19pc this year TBILISI: Crude oil and refined product shipments from Georgia's Black Sea port of Batumi are down 19.3 percent in the first seven months of the year from a year ago a senior official at the terminal said on Monday.Bad weather in Kazakhstan, where the oil is produced, and lower than expected output from the Kashagan oilfield at the beginning of the year contributed to the decline, said the official, who declined to be identified.The Batumi ...
Russian daily oil production down in July MOSCOW: Russian oil output stood at 10.39 million barrels per day (bpd) in July, down from 10.55 million bpd in June, Energy Ministry data showed on Saturday.In tonnes, oil output reached 43.948 million versus 43.161 million in June.Gas production was at 42.68 billion cubic metres (bcm) last month, or 1.38 bcm a day, versus 46.44 bcm in June.State-controlled gas producer Gazprom produced 26.72 bcm, or 862 mcm per day, in July.Copyright Reuters, 2014 ...
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 ...
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 ...


Index Closing Chg%
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Foreign Debt $61.805bn
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WeeklyAugust 15, 2014
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