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Europe

Markets - Energy - Europe

Oil edges up, but oversupply, strong dollar keep pressure on LONDON: Oil gained slightly on Thursday, but held close to an 11-year low, pressured by a relentless build in oversupply, and as the dollar strengthened after the U.S. Federal Reserve raised interest rates for the first time in nearly a decade.Brent crude for February delivery, the front-month contract from Thursday, rose 20 cents to $37.59 a barrel by 1143 GMT. The global benchmark lost 3.3 percent in the previous session.A dip below $36.20 will be the lowest since July 2004. Analysts said such a move in the run up to year-end would be likely."The price action is likely to remain violent, but the odds are on lower numbers," said PVM Oil Associates technical analyst Robin Bieber. "Stick with the trend. It is not advised to be long."Government data showed a surprise build in U.S. inventories on Wednesday, adding to a global glut that has contributed to a near 17 percent ...

Markets - Energy - Europe

Russia's Novatek says China's Silk Road Fund provided 700mn euros to Yamal LNG BEIJING: China's Silk Road Fund has provided 700 million euros ($761 million) to Yamal LNG, Leonid Mikhelson, the head of Russia's Novatek, said on Thursday.Novatek controls Yamal LNG, which is due to start producing liquefied natural gas in 2017.The $27 billion project has been struggling to raise funds due to international sanctions against Russia over Ukrainian crisis.Copyright Reuters, 2015 ...

Markets - Energy - Europe

Oil slump resumes on US supply build, expected Fed rate hike LONDON: Oil fell on Wednesday on fresh evidence of growing global oversupply, and as investors awaited the outcome of a U.S. Federal Reserve meeting at which interest rates are likely to be raised, boosting the dollar and pressuring commodities.Brent was down $1.14 at $37.31 a barrel at 1543 GMT. On Tuesday, the contract closed up 53 cents in its first gain in eight days.Analysts are watching for any test of Brent's December 2008 low of ...

Markets - Energy - Europe

OPEC producers bearish on oil in 2016 as oversupply persists DUBAI/LONDON: OPEC producers see little chance of significantly higher oil prices in 2016 as extra Iranian production could add to surplus supplies and the prospect of voluntary output restraint remains remote.OPEC delegates, including those from Gulf OPEC members, say higher oil prices are not around the corner yet, despite further growth in global demand and as a rise in non-OPEC supply is tempered by prices that have more than halved in 18 months.Some see a ...

Markets - Energy - Europe

Oil falls on US supply build, expected Fed rate hike LONDON: Oil fell on Wednesday on fresh evidence of growing global oversupply and as investors awaited the outcome of a U.S. Federal Reserve meeting where interest rates are likely to be raised, boosting the dollar and pressuring commodities.Brent was down 85 cents at $37.60 as of 1229 GMT. On Tuesday the contract closed up 53 cents at $38.45 a barrel in its first gain in eight days.Analysts are watching for any test of Brent's December ...

Markets - Energy - Europe

Oil prices gain further LONDON: Oil prices recovered further on Tuesday ahead of an expected and long-awaited hike in the main US interest rate.Prices had already begun rebounding late in New York on Monday from levels below $35.With global oversupply still dictating price trends, US benchmark West Texas Intermediate for delivery in January was up 79 cents at $37.10 a barrel in Tuesday trading.At around 1700 GMT, Brent crude for January stood at $38.58, up 66 cents compared with ...

Markets - Energy - Europe

Enel to sell Slovakia's top power company to Czechs PRAGUE: Italian energy giant Enel plans to sell its 66-percent stake in Slovakia's top power company Slovenske elektrarne (SE) to Prague-based energy group EPH, following a deal confirmed by company officials Tuesday."I can confirm we have reached agreement with Enel on all important business and legal aspects," EPH spokesman Daniel Castvaj told AFP."The final deal... will hopefully be signed within two weeks," he added.Czech media have put the value of the deal at 1.3 billion ...