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Oil market slides on profit taking, Iraq LONDON: World oil prices sank further on Tuesday on profit taking and a lack of developments on the Iraq crisis, analysts said.In late afternoon London deals, Brent crude for delivery in August dived to $112.08 per barrel its lowest level since June 9. It later stood at $112.15, down $1.15 from Monday's closing level.Elsewhere on Friday, US benchmark West Texas Intermediate for August fell 26 cents to $105.11 a barrel."The market continues to suffer from extended profit taking and little new developments on the geopolitical front, while global supplies and OPEC's spare production capacity (are) under no immediate threat for now," said VTB Capital analyst Andrey Kryuchenkov.Traders were however keeping a close watch on the security situation in major crude producer Iraq.Islamist militants who have overrun swathes of territory in Iraq's north on Sunday declared a caliphate -- or Islamic state -- in the regions under their control, as fighting ...

Oil market mixed on China, Iraq developments LONDON: World oil prices diverged on Tuesday, as traders tracked Chinese manufacturing data and violence in Iraq.US benchmark West Texas Intermediate for August rose 41 cents to $105.78 a barrel.Brent crude for delivery in August sank 95 cents to $112.35 in late morning London deals.Chinese manufacturing activity expanded at its fastest pace this year in June, an official survey showed Tuesday, in a sign that Beijing's attempts to tackle slowing growth in the world's number ...
Oil holds above $112 as China data boosts demand LONDON: Brent oil held above $112 per barrel on Tuesday as investors took heart from upbeat manufacturing data in China while ongoing tensions in Iraq and Ukraine underpinned supply concerns.China's factory growth rose to a six-month high, adding to signs the economy of the world's second-biggest oil consumer is regaining strength.Oil markets have for weeks been rattled by supply concerns due to the Ukraine crisis and as a takeover of large areas of Iraq by ...
Bulgaria hikes electricity prices, cuts natural gas SOFIA: Bulgaria raised electricity prices by an average of 2 percent on Tuesday aiming to keep politically sensitive costs at bay despite huge deficits in the Balkan country's energy sector.The move, announced by the country's energy regulator late on Monday, comes less than a week after it said that state power provider NEK had accumulated debts of 2.9 billion levs ($2.03 billion).In May, the regulator urged NEK to renegotiate agreements under which it is obliged ...
Dutch NGO says mines sponsored Colombian paramilitaries THE HAGUE: A Dutch non-governmental group on Monday accused two coal mining companies in Colombia's restive northeast of having sponsored paramilitary groups to protect their business interests."Between 1996 and 2006 paramilitaries murdered 3,100 people and displaced 55,000 farmers from their land," PAX for Peace said in a report, released in the Netherlands.PAX, a Christian-based NGO situated in the central city of Utrecht accused US-based coal company Drummond and Colombia-based Prodeco a subsidiary of global mining ...
Statoil delays its decision on Barents Sea oil field OSLO: Norwegian oil company Statoil said on Monday it would postpone to 2015 its decision on whether to operate a large field in the Barents Sea after disappointing explorations.The project, named Johan Castberg, is an example of Statoil's ambitions to expand its activities to the Arctic as the North Sea production is bound to decline.The field is located 240 kilometres (150 miles) north of the Norwegian coast and it is estimated to have between 400 ...
Oil slips below $113 as Iraq supply concern eases LONDON: Brent crude oil dropped below $113 a barrel on Monday as fears of a disruption to oil output from Iraq receded after government forces launched a pushback against a Sunni militant insurgency.Supply worries pushed the North Sea oil benchmark to a nine-month high above $115 two weeks ago and the contract is still up more than 3 percent this month, its strongest monthly showing since August.But heavy fighting across large parts of Iraq has ...


Index Closing Chg%
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