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Tag Archives: American Petroleum Institute

Crude oil plunges 5-1/2yrs low to $57 per barrel

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LONDON: Crude oil fell to a new 5-1/2-year low near $57 per barrel on Tuesday, following persistent fears about a global supply surplus counteract concerns about production disturbance in Libya. Forecasts for a 900,000-barrel draw in oil stocks last week in top consumer the United States, however, checked further losses. A draw would follow a rise to the highest recorded ... Read More »

Oil edges above $86

Oil prices

LONDON: Oil Wednesday rose further above $86 a barrel following an industry report showing a smaller-than-expected hike in US crude inventories. Brent crude edged 13 cents at $86.35, edging further away from the October 16 low of $82.60, its weakest since 2010. U.S. crude fell 4 cents to $82.45 a barrel. Tony Machacek, broker at Jefferies in London said, “Brent ... Read More »

Oil falls to four-year low below $83 amid economic worries

Oil prices

LONDON:  Oil on Thursday sank more than $1 a barrel to a four-year low below $83 a barrel as concerns over the world economy stretched a four-month rout. Global benchmark Brent has fallen more than 28 percent since June due to slow demand and more supply. Losses have increased in October on signs that the Organization of the Petroleum Exporting ... Read More »