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Oil touches four-year low below $83 as economic worries mount LONDON: Oil fell to a four-year low under $83 a barrel on Thursday, as growing concerns over the global economy and abundant oil supply stretched a four-month rout.U.S. crude inventories rose 8.9 million barrels to 370.57 million barrels, Energy Information Administration data showed on Thursday, far higher than analysts' expectations for a build of 2.8 million barrels.Brent crude for November delivery dropped to $82.60 a barrel in early trading, the lowest since November 2010, and was down 30 cents at $83.48 a barrel by 1510 GMT.U.S. crude was down 80 cents at $80.98 a barrel, after falling below $80 for the first time since June 2012 to a low of $79.78."The market still seems very bearish," said Eugen Weinberg, analyst at Commerbank in Frankfurt. "And despite us seeing a floor around $80, even this floor might come into danger if we don't have any signal from OPEC any time soon."Global ...

UK gas prices for Friday fall on warmer weekend weather outlook LONDON: British natural gas and power prices largely fell on Thursday as rising temperatures reduced demand and the weak oil market weighed on contracts, although a tight system during the morning did push up prices for delivery within the day.Britain's gas demand was expected to be 212 million cubic metres (mcm) on Thursday, around 5 percent above the seasonal norm, according to National Grid. With flows seen only at 194.4 mcm, the system would be ...
Oil bounces from 4-year low to $85 as dollar falls LONDON: Brent crude bounced off a four-year low on Wednesday to above $85 a barrel, a level that was still down 25 percent since June, as a drop in the value of the dollar attracted some cautious buying in the oil market.On Tuesday, the Brent benchmark lost almost $4, its biggest daily fall in more than three years, after the West's energy watchdog slashed its forecasts for world oil demand.Brent for November delivery was up ...
Oil prices reach new depths on oversupply LONDON: Oil prices reached new multi-year low points on Wednesday owing to a supply glut and weak global demand, analysts said.Brent struck $83.37 a barrel -- the lowest level for nearly four years -- and the WTI contract dropped to $80.37, a point last seen more than two years ago.In later deals, Brent North Sea crude for delivery in November stood at $84.06 a barrel, down 98 cents compared with Tuesday's close.US benchmark West Texas ...
Oil falls to $84, near 4-year low, on oversupply LONDON: Brent crude fell to a fresh 47-month low on Wednesday before recovering to just above $84 a barrel as faltering global growth curbed demand for fuel at a time of heavy oversupply.Oil saw its biggest daily fall in more than three years on Tuesday after the West's energy watchdog slashed its forecasts for world oil demand for this year and 2015.Core members of the Organization of the Petroleum Exporting Countries appear to be focused ...
OPEC unlikely to hold emergency meeting on oil drop-sources LONDON: OPEC is unlikely to call an emergency meeting as proposed by Venezuela, two OPEC sources said on Tuesday, a sign the exporter group is in no rush to discuss a collective response to the sharp drop in oil prices.Venezuela last week became the first member of the Organization of the Petroleum Exporting Countries to call for an emergency meeting to arrest the slide in oil prices, which have slid to below $88 a barrel, ...
Oil falls to post-2010 low after IEA cuts demand forecasts LONDON: Brent crude fell to a fresh low below $88 a barrel on Tuesday, trading at the weakest level since 2010 after the West's energy watchdog cut its estimates for oil demand this year and next.The global oil benchmark has dropped almost 25 percent from its 2014 high in June as supplies have risen and global demand has slowed, creating a glut in many markets.The International Energy Agency said on Tuesday world oil demand growth ...


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Foreign Debt $61.805bn
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WeeklyOctober 20, 2014
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