▲ Up
 
00:03 25-08-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
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
17:27 OSCE Centre in Bishkek supports Women’s Leadership School in Batken17:10 British experts on prison reforms to deliver trainings in Kyrgyzstan16:37 Nazarbayev awards Serbia's President Nikolic a 1st degree order of friendship16:31 Over 100 convicts serve prison terms for religious extremism, terrorism in Kyrgyzstan16:25 PM Massimov visits copper-smelting plant in Zhezkazgan16:24 Parliament Speaker, outgoing Ambassador of China discuss bilateral ties16:03 Not a singe car imported from Russia to Kyrgyzstan since 2016 start15:44 India investigates damage caused by French submarine data leak15:20 Kyrgyzstan, ADB discuss rehabilitation of energy sector of Kyrgyzstan15:01 Constitutional referendum maybe held at one time with local elections14:55 State Border Service refuses to provide information on detention of 4 citizens of Kyrgyzstan by Uzbek police14:22 Well known fashion buyer in Kazakhstan arrested for alleged abduction of Uzbek national14:08 UK woman stabbed to death at Australian backpackers' hostel14:02 4 Kazakh weightlifters tested positive after reanalysis of samples from 2008 Beijing Olympic Games14:00 Kyrgyz government doesn't know why 4 citizens of Kyrgyzstan were detained by Uzbekistan's police13:45 Brain scans of Brazilian babies show array of Zika effects13:36 Government agency plans construction of solar power plant and wind turbine in Issyk-Kul13:30 Central Italy devastated by strong 6.2-magnitude earthquake13:09 President Atambayev orders examination of international agreements, treaties on border issues12:44 Karadanda region's agriculture output makes KZT 162.9 bn in 2015
Astana
+27° C
Ashgabat
+31° C
Bishkek
+28° C
Dushanbe
+30° C
Tashkent
+32° C
Ulaanbaatar
+11° C
exchange rates
 
77.51
68.41
10.28
1.06
386.15
341.00
51.33
5.27
6.85
6.26
1.01
0.12
3286.53
2888.39
446.81
42.81
3.97
3.50
0.53
0.05

© 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 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