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Dec 10, 2014

Physical oil market signals price crash may have further to run

LONDON, Dec 10 (Reuters) – Physical crude markets are
flashing warning signs the 40 percent fall in oil prices
could have further to run as cargoes slip to cheaper levels
versus the Brent benchmark, mirroring a move this summer that
signalled the start of the crash.

Cargoes of Russia’s main export grade Urals, West African
crudes and lighter grades in the Mediterranean all have come
under pressure in December, normally a time when prices are
supported by seasonal demand.

Dec 10, 2014

Glencore oil chief sees good chance of further crude price drop

LONDON, Dec 10 (Reuters) – Crude prices are likely to extend
their 43 percent slump since June, the oil chief of commodities
and mining group Glencore Plc said on Wednesday, with
the drop so far not large enough to shut down excess production
over the next six to nine months.

However, Alex Beard told the company’s investor day he
thought the lower oil prices went, the steeper the eventual
price rebound was likely to be.

Dec 9, 2014

Brent crude oil steadies after hitting 5-year low below $66

LONDON, Dec 9 (Reuters) – Brent crude oil hit a fresh
five-year low on Tuesday before steadying near $66 a barrel as
some cautious buying emerged following a 43 percent price slide
since June.

Fast-growing U.S. shale output has hurt the ability of the
Organization of the Petroleum Exporting Countries to manage
supplies, sending prices sharply lower in anticipation of a
large oil glut early next year.

Dec 9, 2014

Brent crude oil hits 5-year low below $66 on oversupply

LONDON (Reuters) – Brent crude oil fell to a 5-year low below $66 a barrel on Tuesday, sliding for a sixth consecutive session on signs of a growing supply glut.

Prices fell by more than 4 percent in the previous session and are down 43 percent since June, as fast-growing U.S. shale output has hurt the ability of the Organization of the Petroleum Exporting Countries (OPEC) to manage supply.

Dec 4, 2014

Exclusive: Swiss firm Trafigura helped Iraqi Kurds defy Baghdad to sell oil – sources

LONDON (Reuters) – Trafigura, one of the world’s biggest commodities trading firms, played a pivotal role in helping Iraq’s semi-autonomous Kurdish region export oil, which the Iraqi government considered illegal, three sources familiar with the trades said.

    This week Iraq and its Kurdish region reached a landmark deal designed to resolve a dispute over oil exports which had threatened to break up Iraq, after seven months during which the Kurds defied Baghdad to sell oil on their own.

Dec 4, 2014

Swiss firm Trafigura helped Iraqi Kurds defy Baghdad to sell oil -sources

LONDON, Dec 4 (Reuters) – Trafigura, one of the world’s
biggest commodities trading firms, played a pivotal role in
helping Iraq’s semi-autonomous Kurdish region export oil, which
the Iraqi government considered illegal, three sources familiar
with the trades said.

This week Iraq and its Kurdish region reached a landmark
deal designed to resolve a dispute over oil exports which had
threatened to break up Iraq, after seven months during which the
Kurds defied Baghdad to sell oil on their own.

Dec 3, 2014

Oil fund manager Andurand sees big price swings after OPEC decision

LONDON, Dec 3 (Reuters) – Oil prices are set for wild swings
after OPEC’s decision to let the market find its level, says the
hedge fund manager famous for calling the 2008 oil price spike
and crash, adding that U.S. producers are set to feel pain.

Pierre Andurand, whose $350 million fund made an 18 percent
return last month by betting on the oil price falling, said
Saudi Arabia was no longer trying to control supplies in the
face of a wave of U.S. shale oil output.

Dec 3, 2014

Brent rebounds above $71 in turbulent oil market

LONDON (Reuters) – Brent rose to $71 a barrel on Wednesday, recovering some of its losses from the previous session as a turbulent market searched for a price floor after a nearly 40 percent fall since June.

Oil has seen choppy trade since the Organization of the Petroleum Exporting Countries (OPEC) said last week it would not lower output despite an oversupplied market.

Nov 27, 2014

Gulf states seek to block OPEC oil output cut

VIENNA (Reuters) – Gulf oil producers led by Saudi Arabia looked set on Thursday to block any cut in OPEC output, ignoring calls from poorer members of the exporters’ group for action to halt a slide in crude prices.

With markets sensing OPEC will keep its production unchanged despite huge global oversupply, the price of benchmark Brent crude oil fell $2 to a 50-month low under $76 a barrel.

Nov 27, 2014

Low expectations for oil output cut as OPEC meets

VIENNA (Reuters) – Gulf oil producers led by Saudi Arabia are expected to press the case on Thursday for not yet cutting OPEC output, despite calls from some members of the group to bolster sagging prices by removing surplus crude from the market.

Saudi Oil Minister Ali al-Naimi and his United Arab Emirates counterpart, Suhail bin Mohammed al-Mazroui, said on Wednesday they expected the oil market to stabilize itself. A Gulf OPEC delegate told Reuters the Gulf producers had reached a consensus not to cut output.