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[11 Apr 2011 | No Comment | ]

US crude oil futures topped $113 a barrel on Monday for the first time since September 2008 on supply concerns while the euro climbed on increasing expectations of a rate hike by the European Central Bank (ECB) in July.
Heavy fighting in Libya and a weakening dollar lent new impetus to a rally in oil markets with Brent crude hovering around the $127 mark, despite assurances of increased supplies from top oil exporter Saudi Arabia.
Stocks outside Japan including South Korea (KOSPI) were largely flat after posting hefty gains in the last …

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[26 Mar 2011 | No Comment | ]

Oil was up over $2 on Thursday as tensions in Saudi Arabia and Bahrain fuelled fears of further supply disruption while investors weighed the impact on energy demand from quake-hit Japan.
Brent crude for May, the front-month contract after April expired on Wednesday, was up $1.96 to $112.56 a barrel at 0935 GMT. Earlier it had fallen as much as 1 percent to $109.45 but then rebounded to an intraday high of $112.65.
U.S. crude rallied over $1 as London traders arrived at their desks, reaching an intraday high of $99.29 before …

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[13 Mar 2011 | No Comment | ]

Shock waves from the quake and the subsequent tsunami that hit Japan on Friday brought down global oil prices. Crude shed nearly 2% of its weight in both London and New York commodity markets as reports of damage to several Japanese refineries stoked fears of reduced demand from the world’s third-largest oil consumer.
Several refineries, aggregating a capacity of 824,000 bpd (barrels per day), on the eastern parts were shut down after the quake that preceded the tsunami. An extended outage of Japanese refining capacity is expected to keep oil prices …

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[9 Mar 2011 | No Comment | ]

Saudi Arabia’s assurances Tuesday that it would counter any disruptions of the global oil market pushed crude prices down Tuesday, but Libya’s ongoing turmoil kept a floor on the market.
The world’s largest oil supplier has 3.5 million barrels of day in spare capacity and is building up inventories in strategic locations, Oil Minister Ali Naimi said in a statement clearly aimed at calming markets.
“The Kingdom of Saudi Arabia has long been committed to promoting market stability in the interest of both producers and consumers, and in support of global economic …

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[4 Mar 2011 | No Comment | ]

WORLD crude oil prices slipped on Thursday as investors digested Venezuela’s proposal for an international peacekeeping mission to avert civil war in Libya.
Benchmark WTI light, sweet crude oil for April delivery dipped 32 cents to close at US$101.91 (S$129.20) a barrel on the New York Mercantile Exchange.
In London, Brent North Sea crude for delivery in April, a contract more sensitive to the unrest in Libya, shed US$1.56 to settle at US$114.79 a barrel.
The slight decline in the New York WTI price came after two straight days of sharp gains added …

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[23 Feb 2011 | No Comment | ]

Brent prices broke past $107 in Asian trade Tuesday as violence in Libya and Bahrain threatened to destabilise the key oil-producing Middle East and North African region, analysts said.
Brent North Sea crude for delivery in April gained $1.53 to $107.27 per barrel in the afternoon, surpassing two-year highs reached on Monday.
New York’s main contract, light sweet crude for March delivery, surged $7.20 to $93.40 per barrel on its last trading day.
“Rising violence in Libya and Bahrain are providing support to oil prices, with geopolitics a key focus of the market …

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[6 Feb 2011 | No Comment | ]

IRAN claimed to have the largest oil refinery in the Middle East after the inauguration on Saturday of an expansion to an existing facility by Oil Minister Masoud Mirkazemi, media reports said.
The Imam Khomeini refinery in Shazand near the central city of Arak will have a refining capacity of 250,000 barrels per day by September, up from 170,000 bpd, making it the largest in the region, Mehr news agency said.
It said the refinery when fully operational will also have a petrol production capacity of 16 million litres a day, a …

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[3 Feb 2011 | No Comment | ]

CRISIS-HIT BP reported its first annual loss in almost two decades on Tuesday, as a result of the Gulf of Mexico oil spill disaster, and outlined fresh plans to shift focus away from the United States.
BP suffered a loss of $4.9 billion (S$6.2 billion) last year, which was the first shortfall since 1992 and compared with a massive profit of US$13.955 billion in 2009, it revealed in a results statement.
The energy major also raised the estimate of costs from the devastating oil spill to US$40.9 billion, compared with previous guidance …

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[1 Feb 2011 | No Comment | ]

OIL surged beyond $100 on Monday for the first time since 2008, as traders fretted over spreading unrest in Egypt that could disrupt the flow of oil through the Suez Canal.
London’s Brent North Sea crude for delivery in March surged as high as US$101 (S$129) per barrel in late afternoon deals – which marked the highest level since October 1, 2008 – moments after passing the crucial US$100 milestone.
‘It is quite clear that a risk premium due to the Egyptian situation pushed Brent above US$100 per barrel as soon as …