Wednesday 30 July 2014
 
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Oil below $109 as ME tension eases

Brent crude oil dropped below $109 a barrel on Friday, heading for its third straight weekly loss, with diplomatic efforts over Syria and Iran helping ease worries about risks to supply from the Middle East. The United States and

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Iraq oil output hits over 3.2m bpd, eyes 4m

  Iraq's oil production has exceeded 3.2 million barrels a day (b/d) so far this month and it hopes to hit capacity of 4 million b/d in 2014, its Oil Minister Abdul Kareem Luaibi said on Saturday.  

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Iran discovers giant oil field in south

Iran has discovered one of its biggest oil fields with high quality crude in a southern province, the semi-official Mehr news agency quoted an official as saying on Saturday. 'The preliminary studies show enormous crude reserves in thi

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Oil ‘could top $120’ in 2011

Oil should hit $120 a barrel or more this year as the market situation increasingly resembles 2008, with supplies struggling to keep pace with demand, oil tycoon T Boone Pickens said. Brent crude in London settled at a 28-month high of $99

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Opec would consider output hike if oil hits $90

Opec would consider raising crude output if the oil price rose to around $90 to $95 a barrel, delegates from the producer group said on Tuesday. Crude oil futures traded at around $83.80 a barrel on Tuesday, above the $70-$80 mark that Ope

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Oil edges up toward $82 on China import surge

Oil reversed earlier losses to gain a few cents towards $82 on Wednesday after China said imports jumped in February, boosting evidence that emerging Asian economies will lead global demand back into growth this year. China imported 18.5 m

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Oil falls to 4-week low below $74

Oil fell to fresh four-week lows as equity markets slumped and commodities remained under pressure from US President Barack Obama's proposed tightening of bank trading rules. US crude fell $1.54 to settle at $74.54 a barrel, the lowest set

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Oil backs off 5-week high near $79

Oil traded flat at below $79 a barrel, off a five-week high the previous session, as a firming dollar offset colder US weather and concerns over political developments in Iran. US crude for February delivery rose 13 cents to $78.90 a barre

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Saudi to store 'millions of oil barrels' in Japan

Saudi Arabia has signed a deal to store 'millions of barrels' of oil in commerical storage in Japan, Saudi Arabian Oil Minister Ali al-Naimi said on Tuesday. 'Asia will be a huge market and this will be a big take off,' Nai

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Oil steadies near $70, eyes on US economy

Oil was little changed at just below $70 on Monday, pausing from the previous session's losses, as concerns about a halting US economic recovery and sluggish energy demand continued to cast a pall on crude prices. Oil prices fell more

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