▲ Up
 
23:38 10-02-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanTajikistanUzbekistanKyrgyzstanTurkmenistanMongoliaWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
Slump in oil prices continues on reduced geopolitical fears

Bishkek (AKIpress) - oil-1 Oil prices slid Monday as Iraqi and Kurdish forces made gains against Islamic insurgents, reducing investor concerns about threats to Iraq's oil production and exports.Iraqi and Kurdish forces recaptured the core of a critical dam on Monday, WSJ reports.

Militants had seized the dam Aug. 7. Oil prices jumped to nine-month highs in June when Sunni insurgents first captured cities in northern Iraq, as traders worried that the insurgents could spread to the south of Iraq, where the country's oil production and exports are based. The current campaign is the latest indication to market watchers that Iraq's oil output isn't in immediate risk.

"The Iraq situation, although very troubling, has not resulted in any real disruption of oil coming out of the fields there," said Richard Soultanian, co-president of NUS Consulting Group.

Light, sweet crude for September delivery fell 94 cents, or 1%, to $96.41 a barrel on the New York Mercantile Exchange. Brent on ICE Futures Europe fell $1.93, or 1.9%, to $101.60 a barrel, the lowest price since June 25, 2013.

Global supplies remain ample, and market participants are now worried that demand is too low to keep up with supplies. Libya's production jumped to 550,000 barrels a day, up from 400,000 barrels a day last week, according to the state-owned National Oil Co.

"There's tremendous, tremendous supply out there, and that has continued driving us lower," said Anthony Lerner, senior vice president of industrial commodities at brokerage RJ O'Brian in New York.

The weighted average price of 12 grades of crude oil produced by members of the Organization of the Petroleum Exporting Countries fell below $100 a barrel for the first time since June 2013, the group said Monday.

The OPEC basket, which fell to $99.94 a barrel Friday, is calculated from reporting selling prices of oil from Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

"We…feel that the approach of the $100 mark in Brent will be closely followed by some statements out of Saudi Arabia regarding [plans] to cut production," said energy-advisory firm Ritterbusch & Associates in a note Monday afternoon.

Front-month September reformulated gasoline blendstock, or RBOB, slid 4.26 cents, or 1.6%, to $2.6560 a gallon, the lowest price since Feb. 5. September diesel fell 4.20 cents, or 1.5%, to $2.8060 a gallon, the lowest settlement since May 31, 2013.


Twitterfacebookprint
15:56 19.08.2014
LATEST NEWS
17:55 U.S. Embassy issues over 10,000 visas to Uzbek citizens in 201517:53 Villages of Kaiyndy rural municipality have no kindergartens17:47 Kazakhstan competes with Kyrgyzstan as winter tourist destination – official17:26 Foreigners mainly involved in construction, mining and trade sectors in Kyrgyzstan17:18 Kyrgyzstan set to introduce international disability assessment system17:13 Probes launched against Jalal-Abad authorities over illegal transformaiton of land causing KGS 6.178 mln damage17:10 Parliament of Kyrgyzstan approves establishment of Batken free economic zone17:04 U.S. to continue security cooperation with Uzbekistan – Ambassador17:04 Kyrgyz futsal team ready for 2016 AFC Futsal Championship – coach17:03 Iran to upgrade missiles, get Russian defense system: minister17:02 Pavlodar region to produce railway platforms16:54 Young Kyrgyzstanis win 2 gold medals at hand-to-hand combat tournament in Kazakhstan16:49 Oldest citizen of Kazakhstan turns 12016:32 Passenger, cargo traffic through Ak-Jol and Aktilek checkpoints increases 2 times after Kyrgyzstan joins EAEU15:57 Grain harvest in Kazakhstan increased by 8.8% in 201515:54 Average monthly salary makes around $180 in 2015 in Kyrgyzstan15:54 Japan imposes new sanctions on North Korea15:31 Veterinary control on Kyrgyz-Kazakh border to be lifted as soon as authorities order – State Border Service15:07 Vegetable oil production plant opens in Kokshetau15:06 Import volumes decrease by 29% in Kyrgyzstan last year
Astana
-17° C
Ashgabat
0° C
Bishkek
-4° C
Dushanbe
0° C
Tashkent
+1° C
Ulaanbaatar
-6° C
exchange rates
 
82.12
73.48
11.38
0.93
402.93
360.37
54.84
4.59
6.85
6.26
1.01
0.12
3138.99
2841.60
432.45
36.74
3.91
3.50
0.53
0.04

© AKIpress News Agency - 2001-2016. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation 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