Crude oil prices rebounded from multi-month low on Tuesday, spurred by a stock market jump in China, but robust supply and a pessimistic demand outlook slashed the crude’s hike. Brent crude rose by 47 cents, or 1 percent, to settle at $49.99 a barrel. It hit a six-month low on Monday, coming within cents of its 2015 low of $49.19. WTI crude increased 57 cents, or 1.3 percent, to close at $45.74. It plummeted to a four-month bottom of $45.17 the previous session, about $3 from the year low.
read more... 05/08/2015
Oil and gas production from the British North Sea is likely to recover for the first time in 15 years, despite plummeting oil prices and a persistent supply glut.
read more... 04/08/2015
Egypt’s planning ministry unveiled it envisages importing 28.6 million tonnes of crude oil, liquefied natural gas (LNG) and other oil products worth a total of almost $16 billion in 2015-16.
read more... 04/08/2015
Crude oil prices declined 5 percent on Monday to hit their weakest level since January, dragging down global benchmark Brent below $50 a barrel as weak factory activity in China dipped a commodity-wide rout. Brent crude closed down $2.69, or 5.2 percent, to touch $49.52 a barrel. U.S. crude dropped $1.95, or 4.1 percent, to hit $45.17, just about $3 above its 2015 bottom.
read more... 04/08/2015
WTI crude registered its largest monthly decline since 2008 financial collapse on Friday after a series of losses in July caused by China’s inventories market slump and on evidence that main Middle East producers were pumping crude at record levels. U.S. crude dropped $1.40, or almost 3 percent, to settle at $47.32 a barrel. It eased more than 2 percent on the week. Brent crude decreased by $1.10, or 2 percent, to close at $52.21 a barrel. It lost 5 percent on the week and 18 percent on the month.
read more... 03/08/2015