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Oil prices drift lower in muted trade

By AFP LONDON: World oil prices sank on Monday, continuing the previous week’s downtrend, as traders digested the latest batch of data on the Chinese economy. New York’s main contract, West Texas Intermediate crude for delivery in May, dropped 58 cents to $102.44 a barrel. Brent North Sea crude for May shed 95 cents at …

DNE

IEA sees no disruptions in oil markets

By Nidhi Verma / Reuters NEW DELHI: The International Energy Agency (IEA) said on Friday it did not believe there would be any disruptions to global oil supply as Saudi Arabia and other Gulf producers will bring more oil to the market. Brent crude prices have risen 15 percent since the beginning of the year to …

DNE

Oil shut-ins, slow supply growth support price: IEA

By Jessica Donati and Zaida Espana / Reuters LONDON: Incremental oil supply from non-OPEC countries that is running short of expectations and a high level of supply outages are supporting oil prices despite slack global fuel demand growth, the International Energy Agency (IEA) said on Wednesday. Oil supply from non-OPEC will rise only 300,000 barrels a …

DNE

Oil slips under $125 on growth concerns

By Christopher Johnson / Reuters LONDON: Oil prices fell on Monday, snapping four days of gains as worries over supplies from the Middle East eased and investors focused on the health of the global economy and fuel demand. Tension between Iran and the West over Tehran’s nuclear program has raised fears this year of a disruption …

DNE

OPEC pumps record volumes despite demand worry

By Zaida Espana and Dmitry Zhdannikov / Reuters LONDON: Europe’s debt crisis and an oil price rally are the biggest threats to global oil demand this year, OPEC said on Friday, adding it was still pumping above its target despite a slide in Iranian production. The Organization of the Petroleum Exporting Countries (OPEC) retained its …

DNE

Oil falls to $123, supply fears easing

By Drazen Jorgic / Reuters LONDON: Oil eased towards $123 a barrel on Tuesday, as higher flows from Iraq and Saudi Arabia offset concern that sanctions on Iran would disrupt supply and push up oil prices. At the same time, question marks over demand for oil were raised after politicians in China and the euro zone …

DNE

Fall in oil, ECB cash hopes support euro, European shares

By Richard Hubbard / Reuters LONDON: A fall in oil prices and the European Central Bank’s looming cash boost for banks lifted the euro and shares on Wednesday, although some investors worried that the benefits of a second injection of cheap money may be short-lived. Brent crude oil futures slipped to around $123 a barrel from …

DNE

G20 alert to economic threat from rising oil prices

By Michael O’Boyle and Glenn Somerville / Reuters MEXICO CITY: The world’s leading economies said on Sunday they were “alert to the risks of higher oil prices” and discussed at length the impact that sanctions on Iran will have on crude supplies and global growth. Finance ministers and central bankers from the Group of 20 said in …

DNE

IMF sounds warning for global economy on rising oil

By Reuters MEXICO CITY: The International Monetary Fund flagged higher oil prices as a rising threat to the global economy on Friday, urging policymakers to keep a close eye on western tensions with Iran, which is facing punitive measures against its crude supplies. Looming US sanctions on Iran’s oil buyers, as well as an impending …

DNE

Oil up on weak dollar after Fed vow, data caps gains

LONDON: Oil prices rose on Thursday on the back of a weaker dollar after the US Federal Reserve said it would keep interest rates low for longer than planned, although an increase in US weekly jobless claims capped gains. Markets cheered the Fed’s rate outlook and European shares, base metals, gold and the euro all …

DNE

Oil up near $111 after EU Iran embargo

LONDON: Oil prices rose to near $111 on Monday after EU foreign ministers agreed to ban imports of Iranian oil from the start of July, eliciting further threats from Iran to close the key shipping channel the Strait of Hormuz. Brent crude oil futures were up $1.11 at $110.97 a barrel by 1248 GMT. US …

DNE

OPEC sees downside risk to oil demand from euro crisis

LONDON: A worsening of the euro zone debt crisis would further reduce the region’s oil demand and could impact consumption in emerging economies that are driving the increase in global fuel use, OPEC said on Monday. In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) trimmed its forecasts for world oil demand …

DNE

Oil hovers below $103 as EU mulls Iran oil ban

Oil prices hovered below $103 a barrel Thursday as the European Union mulled a ban on oil purchases from Iran and a report showed mixed signs about US crude demand. By early afternoon in Europe, benchmark crude for February delivery was down 45 cents to $102.77 a barrel in electronic trading on the New York …

DNE

Oil falls below $107, US stocks and Iran in focus

LONDON: Oil dropped below $107 a barrel on Thursday as a stronger dollar and a rise in US jobless claims countered Iranian threats to shut a vital oil trade route. The euro fell to its lowest since September 2010 versus the dollar on Thursday as yields at an auction of Italian debt remained at levels …

DNE

Oil rallies, boosted by weaker dollar

LONDON: Brent crude oil futures rallied to over $109 on Friday, helped by a weaker U.S. dollar and after posting steep losses in the previous session, but analysts and traders said the risk remained to the downside given the economic weakness in Europe. Brent crude was up $1.52 at $109.74 a barrel by 1242 GMT …

DNE

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