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25/01/2005
Brent crude reaches two-month high
Crude oil pushed to a two month high as trading exceeded expectations today on the London futures markets, as stocks of US heating oil fell.
According to Bloomberg a US inventory report on fuel stocks is expected to show a decline in reserves. However, mid-range weather forecasts for the northern US, a region which takes 80% of the US's heating oil supply, indicate that there are likely to be higher than normal temperatures from February on.
Markets were reacting to news that OPEC is to leave output quotas unchanged following the producers' meeting on January 30. However, while the worst of the severe US weather may now be over, there is lingering concern that stockpiles will remain low forcing up market prices as US stockpiles are replenished.
At lunchtime today Brent crude topped $46.40, and yesterday had hit $46.44 before slipping back 43 cents by yesterday's close.
Crude oil had hit a high of over $55 on the New York market in October, but quickly settled back to $48.80.
(SP)
According to Bloomberg a US inventory report on fuel stocks is expected to show a decline in reserves. However, mid-range weather forecasts for the northern US, a region which takes 80% of the US's heating oil supply, indicate that there are likely to be higher than normal temperatures from February on.
Markets were reacting to news that OPEC is to leave output quotas unchanged following the producers' meeting on January 30. However, while the worst of the severe US weather may now be over, there is lingering concern that stockpiles will remain low forcing up market prices as US stockpiles are replenished.
At lunchtime today Brent crude topped $46.40, and yesterday had hit $46.44 before slipping back 43 cents by yesterday's close.
Crude oil had hit a high of over $55 on the New York market in October, but quickly settled back to $48.80.
(SP)
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07 January 2015
Price Of Brent Crude Oil Drops Below $50
The price of Brent crude oil has dropped below $50 (£33) a barrel for the first time since May 2009. It fell to $49.99 a barrel this morning, however it rose back above $50. Nobuyuki Nakahara, a former oil executive and ex-member of the Bank of Japan's policy board, told Reuters he also expected further price falls.
Price Of Brent Crude Oil Drops Below $50
The price of Brent crude oil has dropped below $50 (£33) a barrel for the first time since May 2009. It fell to $49.99 a barrel this morning, however it rose back above $50. Nobuyuki Nakahara, a former oil executive and ex-member of the Bank of Japan's policy board, told Reuters he also expected further price falls.
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Crude oil prices hit record high
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Crude oil prices hit record high
The price of crude oil, boosted by security fears and ever increasing demand from the US and China, has reached another record high – today hitting $41.50 per barrel at the New York Stock Exchange. The price of Brent crude oil in London has also jumped, surging to $38.40 – levels not achieved since the first Gulf War raged in 1990.
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Interest Rate Held At Record Low For Another Month
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Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
