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UAE to back plan to freeze oil production at January levels

The United Arab Emirates (UAE) will back the initiative of top producers to freeze output levels in case of a deal by OPEC members and Russia, helping to halt a slide in crude prices that has pushed them to their lowest point in more than a decade.

read more... 19/02/2016

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Daily: British spot gas prices jump amid an undersupplied transmission system

Crude oil prices edged higher on Monday, prolonging an increase triggered last week by hopes that OPEC might agree to slash output to reduce oversupply that has dragged down prices to their weakest level in a decade. Brent crude futures, the global benchmark, rose 21 cents at $33.57 a barrel at 14:28 GMT. U.S. futures stood at $29.68 a barrel, up 24 cents on Friday's settlement. Trade was thinner than usual on Monday due to the U.S. Presidents Day holiday.

read more... 16/02/2016

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Daily: Crude oil soars from 12-year low as OPEC pledges to cut output

Global oil prices soared as much as 12 percent on Friday after the release of a report indicating OPEC might finally agree to slash production to curb the oversupply. WTI crude's front-month boosted $3.23, or 12.3 percent, to close at $29.44 per barrel, attaining a session high of $29.66. It reached a 12-year low of $26.05 the previous day. For the week, it declined 4.7 percent. Brent rose by $3.30 to settle at $33.36 a barrel, having declined below $30 on Thursday. Weekly losses retired to 2 percent.

read more... 15/02/2016

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Daily: European electricity forward prices at fresh lows, carbon market depressed

Oil prices rose by around 5 percent on Friday after comments by the energy minister of OPEC-member United Arab Emirates sparked hopes of a coordinated output reduction, yet analysts declared such a move remained improbable and that oversupply would continue.

read more... 12/02/2016

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Daily: Oil prices drop on China economic woes, increasing OPEC supply

Oil prices dropped for a second session in Asian trade on Tuesday since worries about major energy consumer China and increasing oil supply influenced markets, even though potential negotiations between OPEC and Russia on production cuts offered certain support.

read more... 02/02/2016

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