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Tag Archives: brent crude

OPEC-fueled oil glut to offset waning U.S. output

Slowing U.S. production is unlikely to offer much respite to low oil prices into next year as high OPEC output feeds a persistent supply glut, a Reuters survey showed on Friday. Benchmark North Sea Brent crude is expected to average $58.52 a barrel in 2016, marginally down from last month’s poll and above $55.94 seen so far this year, the ...

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Oil at three-week low on builds; gasoline draw offsets some loss

NEW YORK – Oil prices hit three-week lows on Wednesday on worries over rising U.S. crude stockpiles, although a larger-than-expected drawdown in gasoline and distillates tempered the market’s bearish sentiment. U.S. crude oil inventories rose 8 million barrels last week, the government-run Energy Information Administration (EIA) reported. [EIA/S] The build was more than double the 3.9 million barrels forecast by ...

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Cheap oil requires companies to better plan in Brazil, ANP says

RIO DE JANEIRO – Current global oil prices should lead companies operating in Brazil to better plan their field developments, Magda Chambriard, president of oil industry watchdog ANP, said on Tuesday. “The actual price of a barrel of petroleum demands more dedication to planning in the industry, which means that this is the moment to improve operationally,” she said at ...

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Oil prices strengthen, shrug off Goldman warning: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Timespreads for West Texas Intermediate (WTI) and Brent futures have strengthened significantly over the last month as fears about another big build up in crude oil stocks eased. The discount for WTI delivered in November 2015 rather than May 2016 has shrunk from $3.33 per ...

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Oil rallies but U.S. supply may temper gains

LONDON – Oil prices headed for their largest weekly rise in six weeks on Thursday, although an unexpectedly large increase in U.S. inventories may temper some of the optimism among investors that global demand and supply could soon be in balance. U.S. crude stocks rose by 3.1 million barrels to 461 million last week as refineries cut output and idled ...

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