Brent crude oil dropped toward $105 a barrel on Friday following the U.S. military air strikes in Iraq that may diminish the risk of oil supply disruptions from OPEC’s second largest producer, while U.S. crude gained support from reviving stock market. Brent crude rallied to a weekly high of $106.85 earlier in the session, but soon turned negative and settled 42 cents lower at $105.02 a barrel. U.S. crude boosted 31 cents to close at $97.65 a barrel, off an intraday high of $98.45.
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Plans by Italian oil giant Eni to halve its oil refining capacity could wring out a quarter of Europe’s refining overcapacity.
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Bulgaria’s Constitutional Court last week revoked a 20% fee that the government had imposed on the revenues of solar PV and wind energy producers in January.
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British natural gas prices for delivery next winter increased by 2 percent Thursday morning, spurred by fears that intensifying tension between Russia and Europe could trigger gas supply disruption later in the year.
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Turkey is preparing for significant changes in the natural gas sector.
read more... 08/08/2014