04:17 23-10-2014
MAIN Russian
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Oil slips towards $110 as supply fears fade

Bishkek (AKIpress) - North-Sea-Brent-crude-oil-008 Brent crude oil slipped to a three-week low under $111 a barrel on Monday as Libya geared up to resume oil exports from two ports closed for nearly a year, according to the Reuters.

The North Sea oil benchmark dropped 2.3 percent last week, its biggest weekly decline since January on the Libyan news and as Iraq's oil exports have remained largely unaffected by fighting in the north of the country.

Supply of oil to several major markets, including Europe, remains ample at a time when demand for several light oil products such as gasoline and diesel has been fairly sluggish.

German industrial output saw its biggest drop in more than two years in May, data showed on Monday, dampening fuel consumption in Europe's biggest economy.

"Aside from fading Iraq fears and the possible return of some Libyan volumes, key light product and distillate (margins) have been weakening," said Michael Wittner, oil analyst at French bank Societe Generale.

Brent was down 10 cents at $110.54 a barrel by 0845 GMT after reaching a three-week low of $110.40. U.S. oil fell 33 cents from Thursday to $103.73 a barrel. Friday, July 4, was a public holiday in the United States.

Libya's state-run National Oil Corp lifted force majeure from the major eastern Ras Lanuf and Es Sider oil ports after rebels agreed last week to end a blockade to press financial and political demands.


Twitterfacebookprint
16:40 07.07.2014
LATEST NEWS
17:52 Astana joins top-21 smart cities in the world - Nazarbayev17:42 225 youth resource centers to launch by end of 2014 in Kazakhstan17:40 Emergency power cut offs inevitable in case of electric network overload, bad weather conditions, says Energy Ministry17:38 Interior Ministers of Tajikistan, Russia consider cooperation in fight against organized crime17:22 Official unemployment rate in Kyrgyzstan makes 2.3% as of October 117:20 Kyrgyz Parliament ratifies agreement with IDA on construction of 56 km of road sections in Batken region for around $37 million17:16 Bishkek holds flashmob dedicated to Snow Leopard Day17:14 Trade between Tajikistan, Moscow region approximately equal to $250 million – Governor of Moscow region17:06 Two snow leopards of Kyrgyzstan are in Almaty Zoo, their sense of vision recovered by 30% – NABU16:57 Man with 25 kg of drugs detained in Chui region16:53 Kyrgyzpatent receives 2,753 applications for intellectual property YTD16:51 Nurlan Nigmatulin appointed as interim Secretary of State of Kazakhstan16:50 Russia's economic blockade by U.S., EU behind growth of US dollar exchange rate against som – expert16:47 Tajikistan, Moscow region plan to sign cooperation agreement in December16:47 OSCE Centre in Astana supports human rights education for police16:40 Farm family from Kyrgyzstan manages to rehabilitate two troubled teens from Germany16:36 Volume of counterfeit goods in Kyrgyzstan reportedly reaches $4.2 bln16:26 Uzbekistan to switchover to closed heating system by 201616:16 Governor of Naryn region, Representative of Aga Khan Development Network discuss construction of University of Central Asia15:59 EU-Central Asia high-level dialogue on security scheduled to be held in Dushanbe
Astana
+8° C
Ashgabat
+22° C
Bishkek
+18° C
Dushanbe
+19° C
Tashkent
+17° C
exchange rates
 
71.29
55.64
9.04
1.36
232.37
181.34
29.63
4.43
6.35
4.99
0.82
0.12
3084.28
2367.40
385.74
61.13
3.65
2.85
0.47
0.07

© AKIpress News Agency - 2001-2014
Use of the AKIpress.com materials must be accompanied by a hyperlink to www.akipress.com
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75