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High supplies seen capping oil prices until early 2017

High supplies seen capping oil price until early 2017

PARIS (AP) — A glut of oil will keep prices from rebounding until next year, much later than previously forecast, experts at the International Energy Agency said Monday. A year ago, the IEA, a Paris-based organization of 29 major oil importing nations, had forecast a “relatively swift” recovery. Instead, oil prices have continued to fall, reaching a level below $30 ...

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Oil prices edge up amid ongoing commodity downturn

Oil pumps are seen at a MAX oil station in Yangon April 21, 2014. 
REUTERS/Soe Zeya Tun

SINGAPORE – Crude prices found at least temporary support early on Wednesday after the dollar weakened and China’s commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time. U.S. crude futures were at $38.11 per barrel at 0048 GMT (7:48 a.m. EST), up 60 cents from their last settlement. Traders said the ...

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Cheaper oil buoys consumers, hammers producers

(AP Photo/Stephan Savoia)

DALLAS — Oil prices have been lower for longer than expected. Now, with OPEC’s decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer. That, of course, is good news for consumers and fuel-guzzling industries like airlines, but oil producers are being squeezed and thousands of workers in the oil ...

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Quiet hurricane season leaves oil oversupply

Getty Images via Newscred

A quiet Atlantic hurricane season in the Gulf of Mexico ended Monday without a storm-induced price rise to lift crude oil from its slump. Tropical Storm Bill made landfall on Matagorda Island, Texas, on June 16. It was the only system to hit the Gulf of Mexico in 2015. Bill brought coastal flooding and gusty winds to the Texas coast ...

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Oil majors see low prices persisting for months ahead

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ABU DHABI – The global oil glut is likely to take longer than expected to clear and may depress oil prices for many more months if not years despite steep investment cuts and project cancellations around the world, executives from oil majors said on Tuesday. The views from the top ranks of Exxon Mobil, BP and Total were given at ...

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