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Tag Archives: oversupply

IEA: Oil prices may fall further this year

Oil prices may fall further this year, the IEA says

NEW YORK — The International Energy Agency says oil prices may fall further this year due to low demand, warm winter weather and an oversupply of crude. The organization, which advises countries on energy policy, said in its monthly report Tuesday that global excess supply may reach 1.5 million barrels per day during the first half of the year. “Unless ...

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Oil getting to be cheaper than dirt

Oil getting to be cheaper than dirt

As the price of U.S. crude oil plummets toward its lowest price in the recent past, it may become, as the adage goes, cheaper than dirt. On Monday, U.S. crude futures had fallen to $34.20 a barrel, an apparent result of an oversupply of oil and limited demand. For comparison, the price of U.S. crude two years ago, in December ...

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Oil prices edge up amid ongoing commodity downturn

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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Shell closing Franklin Park office next year

Royal Dutch Shell plans to close its Franklin Park office next summer and move most of the 180 workers involved in gas and oil drilling there to its U.S. headquarters in Houston. The move is the latest sign of retrenching among top Marcellus shale gas producers as prices remain at three-year lows because of tepid demand and oversupply. Shell announced ...

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Oil prices touch multi-week lows, as supply worries grow

LONDON – Oil prices fell to their lowest in six weeks on Tuesday, as mounting worries over persistent oversupply grew ahead of U.S. data that was expected to show another increase in crude inventories. Brent December futures fell 82 cents to $47.72 a barrel by 1338 GMT, their lowest since mid-September, after settling the previous session down 45 cents. U.S. ...

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Oil prices fall as oversupply weighs on markets

SINGAPORE – Crude oil prices fell in early Asian trading on Wednesday as oversupply weighed on markets, with OPEC not expected to announce a production cut at its meeting on Friday. Core Gulf members of the Organization of the Petroleum Exporting Countries (OPEC), which controls over 40 percent of the world’s crude production, have a consensus to keep the group’s ...

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Oil glut worsens as OPEC market-share battle just beginning – IEA

LONDON – A global oil glut is building as OPEC kingpin Saudi Arabia pumps near record highs in an attempt to win a market-share battle against stubbornly resistant U.S. shale production, the International Energy Agency (IEA) said on Wednesday. The West’s energy watchdog said in a monthly report that although higher-than-expected oil demand was helping to ease the glut, growth ...

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Baker Hughes expects falling rig count to weigh on 2nd qtr

Baker Hughes Inc, which is being bought by Halliburton Co for $35 billion, said it expects “unfavorable market conditions” to persist in the second quarter as drillers turn off more rigs, intensifying a glut in oilfield services. The comments echoed larger rival Halliburton’s warning on Monday of pricing pressure hurting oilfield services in North America and challenges in international operations. ...

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