LONDON, Oct 14 (Reuters) – Brent crude fell to a fresh low
below $88 a barrel on Tuesday, trading at the weakest level
since 2010 after the West’s energy watchdog cut its estimates
for oil demand this year and next.
The global oil benchmark has dropped almost 25 percent from
its 2014 high in June as supplies have risen and global demand
has slowed, creating a glut in many markets.
LONDON, Oct 14 (Reuters) – Demand for oil in 2015 will grow
far slower than previously forecast as global economies remain
weak, the International Energy Agency said on Tuesday, and
prices may extend their sharp fall so long as OPEC shows no sign
of countering a supply surge.
The IEA said it cut its 2015 estimate for oil demand growth
by 300,000 barrels per day (bpd) from its previous forecast and
now expects demand growth of 1.1 million bpd to 93.5 million. It
cut its 2014 estimate by 200,000 bpd to 0.7 million bpd.
LONDON, Oct 14 (Reuters) – The world will see much weaker
oil demand growth in 2015 than forecast previously, the
International Energy Agency said on Tuesday, adding that oil
prices may drop further.
“Recent price drops appear both supply and demand driven.
Further oil price drops would likely be needed for supply to
take a hit – or for demand growth to get a lift,” the agency
representing industrialised nations said in a monthly report.
LONDON/DUBAI, Oct 2 (Reuters) – Saudi Arabia’s decision to
slash the official selling price for its oil has sparked trader
talk of an emerging OPEC price cutting war, as members of the
producer group could compete to defend their market share amid
ample supplies and tepid demand.
Industry and trading sources in the Middle East say there
was now a risk of a race to the bottom, at a time when many were
calling for unity from members of the Organization of the
Petroleum Exporting Countries (OPEC) as it faces one of the
steepest price slides since the financial crisis.
LONDON, Sept 29 (Reuters) – Brent oil fell below $97 a
barrel on Monday, moving closer to a two-year low hit last week
as weak data from major buyer China and a stronger U.S. dollar
added to pressure from heavy supply.
The international benchmark for crude has fallen from $115
in June as geopolitical tension in the Middle East failed to
derail oil output, while concerns about slow demand have grown.
LONDON, Sept 23 (Reuters) – Brent crude oil fell towards a
two-year low near $96 a barrel on Tuesday, reversing early gains
as higher output from Libya and Iraq overshadowed the start of
U.S.-led air strikes against Islamist groups in Syria and
stronger Chinese economic data.
Libyan oil output has risen to 800,000 barrels per day, with
the key El Sharara oilfield restarting, a National Oil Corp
(NOC) spokesman said on Tuesday, from 700,000 bpd at the
LONDON, Sept 23 (Reuters) – Brent crude rose above $97 a
barrel on Tuesday as the United States and several Gulf Arab
allies launched strikes against Islamic State strongholds in
Syria, and as a surprise pick-up in China’s factory activity
boosted the demand outlook.
Oil prices fell to a two-year low last week under the weight
of a supply glut and tepid demand, but prices have stabilised as
pockets of strength in the world economy have emerged and as
tensions have risen in the Middle East.
LONDON/KUWAIT, Sept 12 (Reuters) – The drop in oil prices to
their lowest in two years has caught many observers off guard,
coming against a backdrop of the worst violence in Iraq this
decade, heightened tensions between the West and Russia, and
sanctions against Iran.
But as rising supplies of North American crude and tepid
demand have pushed prices below $100 a barrel, the move
underlies how the shale oil revolution is creating a political
and economic advantage for Washington and its Western allies.
LONDON, Sept 10 (Reuters) – Brent crude dropped to a new
16-month low below $99 a barrel on Wednesday as rising supplies
and weak demand helped extend losses into a fifth session, even
as top oil exporter Saudi Arabia said it had cut oil production
Brent has fallen by more than 14 percent since hitting a
year high above $115 a barrel in June, with fast-rising U.S.
output and the return of exports from Libya creating a market
that looks increasingly over supplied.
LONDON, Sept 8 (Reuters) – A Chinese trading firm has booked
the world’s largest super-tanker to store crude at sea, adding
to a growing flotilla of vessels used for floating storage as
benchmark oil prices slip below $100 a barrel.
Industry sources said Chinese firm Unipec, the marketing arm
of Beijing-backed oil giant Sinopec, has booked the
3.2-million-barrel TI Europe, one of just a handful of Ultra
Large Crude Carriers (ULCC) still in service. It is listed as
the world’s largest ocean-going vessel by tonnage, and is as
long as the Empire State building is tall at 380 metres.