Reuters - Crude oil prices rose to 2-1/2 year highs on Monday on heightened worries about supply disruption due to deepening unrest in Libya, while Asian stocks slipped as concerns about the Middle East and higher energy prices weighed on equities.
HONG KONG (Reuters) - Crude oil prices rose to 2-1/2 year highs on Monday on heightened worries about supply disruption due to deepening unrest in Libya, while Asian stocks slipped as concerns about...
Singapore (AFP) - Oil prices extended gains in Asia to trade at 2015 highs Wednesday as fresh tensions in oil producer Libya raised concerns about a supply disruption in the Middle East, analysts said.
LONDON: Brent crude oil prices declined on Monday after Goldman Sachs slashed its forecasts on a persistently high supply outlook, offsetting fears over deepening violence in the Middle East. A major advance by Islamic State militants in Iraq and renewed air strikes by a Saudi-led coalition against Houthi militia in Yemen heightened concerns that turmoil could impact Middle East oil production. Analysts nevertheless said oil markets remained oversupplied, and that the glut could worsen if US production picked up and output by producer group OPEC stayed strong.
NEW YORK: Oil prices jumped 3 per cent on Thursday to their highest levels of this year, after Saudi Arabia and its allies maintained a bombing blitz in Yemen that heightened concerns about the security of Middle East oil supplies. Oil buyers also stoked the rally with bets that US crude output will shrink further after two straight weeks of declines, traders and analysts said. Warplanes from a Saudi-led coalition pounded Houthi militiamen and military bases in Yemen, residents said, two days after Riyadh announced it was ending the blitz.
Easing geopolitical tensions, improving crude supplies and tepid demand growth are expected to push oil prices lower next year, a Reuters poll showed.
The 32 analysts surveyed for the September poll forecast Brent crude oil to average $107.70 per barrel this year.
The benchmark is seen falling to $105.10 in 2014, and $102.50 in 2015.
Oil prices fell on Monday as concerns about Greek debt talks and U.S. budget negotiations outweighed worries about potential Middle East supply disruptions.
After the U.S. Thanksgiving holiday muted activity late last week, the market dipped in another day of light activity as U.S. lawmakers showed little progress toward a compromise designed to avoid mandated tax increases and government spending cuts scheduled for Jan. 1.
SINGAPORE — Brent slid below US$115 a barrel on Friday as fears over supply disruptions in the Middle East eased after Britain said it will not join any military action against Syria, but remained on track for the biggest monthly gain in a year.
Slow economic growth and ample supplies are expected to keep a lid on oil next year with crude prices gradually slipping lower.
But analysts polled by Reuters say a price crash is unlikely and geopolitical concerns should help support the market.
Reuters monthly survey of 26 analysts forecast North Sea Brent crude oil will average $108 per barrel in 2013, down from an average of $111.71 so far this year.
Brent prices are projected to fall further to an average of $105.90 in 2014, the poll showed.