Brent crude settled down on Tuesday after hitting a four-year low, while WTI crude ended up, despite expectations that U.S. oil stockpiles increased in the previous week. Brent declined by 67 cents, or 0.8 percent, to close at $81.67 a barrel, after slipping earlier to $80.46, the weakest level since September 2010. WTI crude soared 54 cents, or 0.7 percent, to settle at $77.94 a barrel, after a setting a session low at $76.42.
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British wind farms were remunerated by a record amount of £ 43,000,000 to stand idle so far this year because they were generating more power that National Grid could cope with.
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WTI crude oil reversed earlier gains on Monday, dropping more than $1 and Brent crude also declined as U.S. dollar rally outweighed concerns about conflicts in Libya and Ukraine. U.S. front-month crude futures slipped as low as $77.20 before settling at $77.40 per barrel, down $1.25. Brent crude also closed down more than $1 per barrel at $82.34.
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Russia and China inked a framework accord for a gas supply deal at the weekend, but declining energy prices pressure on negotiations and might still compromise their plans.
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Hungarian and Slovak gas pipeline operators MGT and Eustream announced on Monday the beginning of the open season for capacity on a new interconnector between the two countries from January 1.
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