Wednesday 25 May 2016
 
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Oil nudges $50 as investors bet on shrinking overhang

Oil rose towards $50 a barrel on Wednesday for the first time in seven months, driven by expectations that shrinking supply will help erode any overhang of unwanted crude, particularly after industry data showed a sharp fall in US inventories.

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Oil rises on US crude drawdown hopes

Oil prices rose on Tuesday as investors anticipated a weekly drawdown in US crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. "We're gearing up on

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Oil drops below $48 on stronger dollar

Oil fell below $48 a barrel on Thursday, pressured by a stronger dollar and as a surprise increase in US crude inventories served as a reminder that supply remains ample despite output problems. Supply losses in Canada and Nigeria

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Oil prices hit fresh 2016 highs on weak dollar

Oil prices edged to new 2016 highs on Friday, lifted by a weak dollar and falling production in the US, although a looming rise in Middle East output capped gains. Brent crude futures were trading at $48.30 a barrel at 0644 GMT, u

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Rising oil prices throw lifeline to shale producers

Brent prices for 2017 ended trading above $50 per barrel on Wednesday for the first time since mid-December following the largest and most sustained rally in prices since the oil slump started. The average for the 12 futures contr

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World Bank revises 2016 oil price forecast to $41 per barrel

The World Bank has raised its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook as an oversupply in markets is expected to recede. Amid improving market sentiment and

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UAE raises May gasoline, diesel prices

The UAE will raise domestic prices for gasoline and diesel in May after global oil prices increased, the ministry of energy said on Thursday. The price of a litre of octane 95 gasoline will rise to Dh1.67 ($0.46) at the start of n

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Oil hits 2016 high, led by falling output

Oil hit its highest level this year on Wednesday, driven by a falling dollar and evidence of declining US supply, putting the price on course for its strongest monthly performance since last April. Brent crude futures were up $1.0

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Output freeze could push prices up: BofA Merrill

Bank of America Merrill Lynch said that global oil market rebalancing was under way and that prices could soon jump above $50 a barrel if a deal to freeze production results from a meeting in Doha this weekend.  

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Oil hits 2016 high above $43 on Doha talks hopes

Oil reached a 2016 high above $43 a barrel on Tuesday, supported by hopes that an upcoming meeting of oil producers will agree steps to tackle a supply glut, and by a weak US dollar and further signs of strong demand in China. Man

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