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Aug 31, 2015

Oil falls back below $49 as glut, China concerns weigh

LONDON, Aug 31 (Reuters) – Oil fell below $49 a barrel on
Monday after its biggest two-day rally in six years last week,
pressured by a supply glut and renewed concern about a hard
landing for China’s economy.

International benchmark Brent crude climbed 10 percent last
week but was still heading for its fourth straight monthly
decline and has risen in only two of the past 14 months.

Aug 31, 2015

Oil falls back below $49 as glut, China concerns weigh

LONDON, Aug 31 (Reuters) – Oil fell below $49 a barrel on
Monday after its biggest two-day rally in six years last week,
pressured by a supply glut and renewed concern about a hard
landing for China’s economy.

International benchmark Brent crude climbed 10 percent last
week but was still heading for its fourth straight monthly
decline and has risen in only two of the past 14 months.

Aug 28, 2015

Exclusive: Arab OPEC producers brace for oil-price weakness for rest of 2015

DUBAI/LONDON (Reuters) – A second oil price rout of 2015 has forced Arab OPEC members to cut their price expectations for this year, showing they are prepared to tolerate cheaper crude for longer to defend market share and curb rivals’ output.

OPEC delegates, including those from core Gulf OPEC countries, see economic troubles in top energy consumer China as short term and unlikely to have much impact on demand for crude which will rise seasonally in the fourth quarter.

Aug 28, 2015

Arab OPEC producers brace for oil-price weakness for rest of 2015

DUBAI/LONDON, Aug 28 (Reuters) – A second oil price rout of
2015 has forced Arab OPEC members to cut their price
expectations for this year, showing they are prepared to
tolerate cheaper crude for longer to defend market share and
curb rivals’ output.

OPEC delegates, including those from core Gulf OPEC
countries, see economic troubles in top energy consumer China as
short term and unlikely to have much impact on demand for crude
which will rise seasonally in the fourth quarter.

Aug 26, 2015

Oil futures crash no help to sellers of the real thing

LONDON/MOSCOW, Aug 26 (Reuters) – When oil futures markets
crash – as they have this summer – physical markets often move
the other way as refiners jump on the opportunity offered by
cheap oil to stockpile.

With futures prices now hovering around six and a half year
lows, the physical market would typically begin to strengthen
and signal a potential rebound in futures – in a repeat of
patterns seen during the previous crisis of 2008/09.

Aug 25, 2015

Without Saudi support, talk of OPEC emergency meeting is just noise

DUBAI/LONDON, Aug 25 (Reuters) – Once upon a time, talk of
an emergency OPEC meeting would have rippled through oil
markets, likely triggering at least a brief rally in prices.

The last extraordinary meeting to discuss a price slump, in
2008, resulted in the Organization of the Petroleum Exporting
Countries’ largest ever production cut, paving the way for
prices to double within a year.

Aug 21, 2015

OPEC concern widens about oil drop, but cuts still ruled out

DUBAI/LONDON (Reuters) – Some of OPEC’s Gulf members are concerned about the latest drop in oil prices which had not been expected, OPEC delegates said, but they see little chance of the exporting group diverting from its policy of defending market share.

Brent oil LCOc1 is trading near $46 a barrel, close to its 2015 low after an 18 percent drop in July, pressured by abundant supplies and concern about the health of the Chinese economy, the world’s second-largest oil consumer.

Aug 11, 2015

OPEC says cheap oil taking longer to subdue rival suppliers

LONDON, Aug 11 (Reuters) – OPEC on Tuesday raised its
forecast of oil supplies from non-member countries in 2015, a
sign that crude’s price collapse is taking longer than expected
to hit U.S. shale drillers and other competing sources.

In a monthly report, the Organization of the Petroleum
Exporting Countries (OPEC) forecast no extra demand for its
crude oil this year despite faster global growth in consumption,
because of higher-than-expected production from the United
States and other countries outside the group.

Aug 11, 2015

OPEC signals oil supply from rivals proving resilient to low prices

LONDON, Aug 11 (Reuters) – OPEC on Tuesday raised its
forecast of oil supplies from non-member countries in 2015, a
sign that oil’s price collapse is taking longer to impact on
shale and other competing sources than previously thought.

In a monthly report, the Organization of the Petroleum
Exporting Countries (OPEC) said it expected no extra demand for
its crude oil this year despite faster global growth in
consumption, because of higher-than-expected production from the
United States and other countries outside the group.

Aug 6, 2015

Brent oil prices fall after supertanker heading to Asia turns back

LONDON (Reuters) – The price of a North Sea crude which underpins the Brent oil benchmark has fallen after a supertanker heading to South Korea unexpectedly turned back, leaving supply more ample, traders and analysts said.

In what analysts said is an unusual move, trading firm Vitol has been re-offering Forties crude from the Sea King, a Very Large Crude Carrier (VLCC) which had set off for South Korea from the UK about two weeks ago.

    • About Alex

      "Senior correspondent in the crude oil team on Reuters energy desk in London. I joined Reuters in 2006 and previously covered energy for Bloomberg, Platts and Bridge News."
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