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Tag Archives: oil prices

US oil prices top $50 a barrel for 1st time since June

New York, Oct 6, 2016 (AFP) –Oil prices in New York rose above $50 a barrel on Thursday for the first time since June, boosted by lower US petroleum inventories. The drop in US oil inventories in Wednesday’s weekly US report added to momentum after last week’s OPEC announcement of …

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Global economic crises may hold back raise in oil prices

KUWAIT CITY, Oct 3: Oil expert Dr Hani Al-Ghawas has said the global economic crises expected in the next six months may hold back a possible oil price raise in the global market, noting the market price won’t rise to $ 60 as some people are hopeful of. The much-anticipated …

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Oil prices edge ‘higher’ but market remains weak – OPEC giants downplay output limits

NEW YORK, Aug 27, (AFP): Oil prices edged higher Friday but the market remained weak as OPEC’s key producers cast doubt on the possibility of cutting output. Iranian Oil Minister Bijan Zanganeh on Friday said his country wanted its pre-sanctions share of the crude market, in comments that suggested Tehran …

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Markets make some gains as oil prices rebound

Following a weak start to the year, regional markets recovered some ground in 2Q16 as oil prices rebounded. Most equity markets had registered some gains in the second quarter of the year before shedding some of it in the aftermath of the Brexit referendum. In their first post-vote trading session, …

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Oil prices ‘retreat’ from 2016 highs during week – Global growth concerns return to the fore

LONDON, June 11, (AFP): A combination of tighter supplies and a downbeat dollar sent oil prices surging to fresh 2016 high points this week, before they dropped on worries over the global economic outlook. Crude futures rallied for most of the week, resulting in world benchmark oil contract Brent North …

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Oil prices hardening, could rise to $60 before year-end – Shale oil: The balancing factor

The fact that oil prices are hovering around $50 per barrel because of reduced production rate is causing the price per barrel to harden. The sudden reduction in the conventional oil production by more than 3 million barrels is mainly due to the fire in Canada and the internal dispute …

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Markets react positively towards higher oil prices

Kuwait Finance and Investment Company (KFIC) clarified in its financial report for April; that the global equities rebounded during the month as the MSCI World Index increased by +1.4% as global markets reacted positively towards higher oil prices. In the US, S&P 500 closed flat +0.3% as the US central …

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Is Saudi peg on the verge of breaking? – Falling oil prices and strengthening dollar bite

In January this year, the Saudi Arabian Monetary Authority (SAMA) issued a statement saying that the 1986 mandate which pegged the country’s riyal to the dollar was not under threat. Roughly a week later, SAMA restricted banks operating within its territory from selling forward contracts that are betting against the …

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IEA braces for another year of cheap oil – US shale production squeezed

PARIS, Feb 22, (AFP): Oil prices will remain low at least until next year, the International Energy Agency (IEA) warned Monday, saying any 2017 recovery will be slow as massive oil stocks feed into the market. “We must say that today’s oil market conditions do not suggest that prices can …

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Oil prices recover sharply after a ‘turbulent’ week – UAE offers talks on output cuts: report

NEW YORK, Feb 13, (AFP): Oil prices soared Friday, with US crude rebounding from a 2003 low, on reports that OPEC was willing to organize output cuts that could ease the global oversupply. US benchmark West Texas Intermediate for March delivery shot up $3.23 (12.3 percent) to $29.44 a barrel …

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