Daily: Oil strikes the lowest level since April 2009 on U.S. oil rig figures

12/01/2015 00:31 Energy Market

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Global oil markets resumed their decline on Friday, with Brent and U.S. crude striking lows lastly seen in April 2009 and closing down for a seventh consecutive week. Brent crude broke below $49 a barrel but settled above the $50 support level after oil services firm Baker Hughes announced the sharpest drop in 24 years in the number of U.S. oil drilling rigs. Brent crude declined 85 cents to close at $50.11 a barrel, after slipping previously to $48.90. WTI crude fell 43 cents to settle at $48.36, having touched $47.16 earlier.

Meanwhile, European forward power prices climbed on Friday, pushed by higher coal and gas prices, although not enough to recover losses registered last week when the curve hit 11-year lows. Germany's Cal' 16 baseload position for delivery next year touched at 31.85 euros ($38) a megawatt hour (MWh), up 15 cents, while the equivalent French contract boosted 15 cents to reach 38.30 euros per MWh. Prompt natural gas prices in Britain rose on Friday as an unscheduled outage slashed flows from Norway, leaving the system undersupplied. Prices for within-day delivery were at 46.15 pence per therm by 09:05 GMT, up 0.60 pence since their last settlement. Prices for delivery on Monday mounted 0.80 pence to trade at 46.00 pence per therm.

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