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Oil prices rise as U.S. Navy fires on boat in Gulf
NEW YORK — Oil prices rose Monday boosted by a higher euro and reports that the US Navy fired on a small vessel in the Gulf off Dubai. Oil prices held onto their gains even after a United Arab Emirates official said the vessel carried Indian fishermen, one of whom…
Energy agency says oil prices may fall 7 percent in 2013
Oil prices are unlikely to fall much further over the balance of this year but could come under pressure in 2013 as the global economy falters due to slower US and Chinese growth, the IEA said Thursday. The International Energy Agency, which advises developed countries on energy policy, said supply…
Iran shrugs off EU oil embargo
TEHRAN — A European Union embargo on Iranian oil went into effect on Sunday, provoking anger in Tehran which says the measure will hurt talks with world powers over its sensitive nuclear activities. Oil Minister Rostam Qasemi sought to downplay the embargo as just the latest punishment in decades of…
Oil prices slide to multi-month lows
World oil prices slid to new multi-month lows on Friday as the market was rattled once again by concern about the outlook for demand linked to the eurozone debt crisis, analysts said. Brent North Sea crude for delivery in July struck $106.40 per barrel, which was the lowest point since…
Oil prices slide as dollar strengthens
Oil prices slumped on Monday, with New York crude striking five-month lows, as the dollar strengthened against the euro on mounting worries over Europe’s debt crisis, traders said. New York’s main contract West Texas Intermediate crude for delivery in June was down $1.99 at $94.14 a barrel. Earlier Monday it hit $93.65 an ounce —…
IMF warns that oil prices could double in ten years
The International Monetary Fund (IMF) has been warned by its internal research team that there could be a permanent doubling of oil prices in the coming decade with profound implications for global trade. “This is uncharted territory for the world economy, which has never experienced such prices for more than…
Oil prices drop further amid eurozone tensions
Oil prices fell further on Wednesday in line with shares amid tensions over the eurozone’s political and economic problems, although bargain-hunting provided support, analysts said. Crude futures also faced downside pressure following indications by the world’s key oil producers that they may boost output to bring prices down to sustainable levels. New York’s…
Oil market tension ‘may be easing’
Tension on the oil market may be easing, the IEA said on Thursday in a report offering some hope for the global economy, but sanctions could cause production by Iran to “plummet”. Oil prices have been on a rising trend since late 2009, when the world economy began to recover from the financial crisis, to…
Oil prices rise on Greek deal
NEW YORK — Oil prices rose on Thursday, with Brent hitting six-month highs in part due to hopes of a Greek debt deal — helping to offset a slight cut in OPEC’s demand growth forecast. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March,…
BP swings into huge profit before U.S. criminal trial
BP returned to profit with a bang last year, posting net earnings of $23.9 billion on Tuesday as the British energy giant prepares for a criminal trial linked to the US Gulf of Mexico oil spill disaster. BP announced adjusted profit after tax equivalent to 18.2 billion euros for 2011, as higher oil…
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