U.S. Crude Below $50 On Inventory Build
U.S. crude oil stocks hit record high 528.4 mln bbls; oil prices recover some ground after huge sell-off. Oil prices fell more than 2 percent on Thursday, extending the biggest falls this year as record U.S. crude inventories kept sentiment weak, pointing to a global glut despite supply cuts.
Oil Rises Ahead of U.S. Data, Asia Weighs
Worries over Asian growth weigh on demand outlook. Oil prices rose on Thursday ahead of weekly U.S. stocks data, despite fresh signs of an economic slowdown in China and Japan. Crude prices have fallen more than 3 percent this week on persistent worries over global demand and a supply glut.
Oil Up on OPEC Price Optimism
Weaker dollar, OPEC demand outlook support. Oil futures rose towards $48 a barrel on Monday as OPEC said it expected global demand to remain strong next year, while weak Chinese trade data and concerns over rising supplies weighed. A weaker dollar further supported oil…
Oil Trades Near Three-month Low
Iraqi grades selling as low as $30 a barrel; EIA data shows 8th consecutive week of U.S. stock build. Brent crude oil futures traded near three-month lows on Friday as the pressure of a persistent supply glut quashed any optimism about a price recovery. An early rally in Brent crude proved difficult to sustain…
Oil Prices Regain Ground, but Glut Looms
Brent, WTI on track for strongest March rally in years; OPEC's March production up despite freeze proposal. Oil futures rebounded from early losses on Thursday but the recovery was muted as the market's focus switched back to signs of growing oil stocks. Brent crude had gained ground by midday…
Brent Crude Defies Glut with Big Monthly Gain
Weakening dollar, falling U.S. output lift market. Brent crude was heading for its biggest monthly rise in seven years on Friday, touching fresh 2016 highs as a weak dollar and falling U.S. production tempered concerns about a lingering excess of physical oil.
Brent Oil Set for Biggest Monthly Gain
Brent crude was heading for its biggest monthly rise in seven years on Friday, touching 2016 highs as a weak dollar and falling U.S. production tempered concerns about an excess of physical oil. A looming rise in Middle East output capped gains, but investor…
Oil Bounces Back From Two-month Lows on Weaker Dollar
Crude futures on Tuesday bounced back from two-month lows, helped by a weaker dollar, but an oil inventory glut and a drop in bullish bets by investors weighed on prices. Brent crude was up $1.29 at $47.54 per barrel at 1218 GMT. U.S. West Texas Intermediate crude was up $1.10 at $45.86 a barrel.
Oil Falls on Persistent Glut Fears, China Data Supports
Crude futures dipped towards $47 a barrel on Friday on concerns that a persistent global glut of crude oil and refined products will impede any price recovery. Losses were capped by slightly better-than-expected Chinese economic data reflecting government efforts…
Oil Ebbs as Supply Undermines Futures Push
Analysts warn of financial/physical oil price. Brent crude futures fell on Friday after briefly nearing their 2016 high, as financial market confidence in the rally came up against a physical excess of crude. Brent traded at $52.11 at 1000 GMT, 40 cents down…
Oil Prices Volatile as OPEC Contemplates Cuts
Saudis say oil markets may re-balance even without cut. Most analysts still expect some form of cut this week. Oil prices gained more than one percent on Monday in volatile trading after falling as much as 2 percent, recouping the losses as the market reacted…
Ineos to Add Talent to Support North Sea Expansion
North Sea oil and gas would supply INEOS plants in Europe; advertised positions include CEO, geologist, engineer. Swiss-based petrochemical and refining company Ineos is looking to expand into North Sea oil and gas production by hiring a number of senior and mid-level staff, its website showed on Monday.
EnQuest PLC Notifies Shares Transaction
EnQuest PLC were informed on 19 August 2014, by Capita Asset Services, that 22,069 shares previously granted to Faysal Hamza (a PDMR of the Company) on 18 August 2011 under the EnQuest PLC Restricted Share Plan, vested on 18 August 2014. The 22,069 shares have been retained by Faysal Hamza.
Shares Rise, Euro Slumps as ECB Hints at Fresh Stimulus
Stocks in major markets gained on Friday, with the benchmark U.S. index poised for its best week in a year, while the euro lost ground against the dollar as Europe's central bank said it was ready to act quickly to boost inflation. U.S. crude dipped to its…
Oil Prices Slip as Inventories Outweigh OPEC Cuts
Crude supplies remain plentiful in major regions; demand growth falters in China, India. Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices.
Oil Prices Slip as High Stocks Overshadow OPEC Cuts
Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude futures were trading at $55.42 per barrel at 1448 GMT, 23 cents below their last close. U.S.
Former BP Boss Browne is DEA Chairman
FRANKFURT, March 3 (Reuters) - DEA, the oil and gas company that German utility RWE sold to Russian billionaire Mikhail Fridman, has appointed former BP boss John Browne as its new supervisory board chairman. Fridman's investment vehicle LetterOne bought the…
UK blocks Russian Oligarchs' Deal to buy North Sea fields
The British government blocked on Saturday a deal by Russian billionaires, Mikhail Fridman and German Khan, to buy 12 oil and gas fields in the North Sea as part of their acquisition of Germany's oil firm DEA from RWE , citing possible sanctions against Russia.
Militia Clashes Spread Towards Zawiya Oil Port
Clashes in Libya spread from Tripoli to the western town of Zawiya near Tunisia's border, where a large oil port is located, killing four people over the last two days, local town council officials said on Thursday. Foreign governments have mostly closed their…
Bangladesh Plans to More Than Triple Oil Refining Capaci
Eastern Refinery Ltd (ERL), which supplies around 40 percent of Bangladesh's fuel needs, said it plans to more than triple its oil-processing capacity with a 3.5 million tonne-a-year unit to help meet rising domestic demand. The new unit at Patenga refinery in Chittagong will cost $1.7 billion…