Tuesday 31 May 2016
 
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Crude

Global glut to temper oil price gains this year: poll

Global oversupply in crude oil is likely to limit price gains this year despite a series of unplanned outages and shrinking US shale production, a Reuters poll showed. Wildfires in Canada, political unrest in Venezuela and supply

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Oil prices ease from seven-month high to below $49

Oil futures fell below $49 on Friday, easing from a seven-month high hit this week, with analysts predicting range-bound markets for the next few months as supply outages slowly help to clear a global glut of crude. Prices also ca

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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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PDO targets 600,000 bpd output

Petroleum Development Oman (PDO), the sultanate's leading crude oil producer, is planning to achieve an output of 600,000 barrels of crude oil per day (bpd), said the company’s managing director. PDO accounts for around

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Iraq aims to pump 6 million bpd in 2020

Iraq is sticking to an aspiration to increase its oil output by up to a third by 2020 despite warnings from some companies working in Opec's second-largest producer that projects could be delayed due to spending cuts. Iraq is

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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 falls for fifth day as output rises

Oil fell for a fifth consecutive day on Tuesday on rising production from major exporters, and as the dollar strengthened. Brent futures had declined 45 cents to $47.90 a barrel by 0845 GMT, after closing down 37 cents in the prev

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Libya's crude output rises to 300,000 bpd

Libya's crude production has risen above 300,000 barrels per day (bpd) after the reopening of the Marsa al Hariga export terminal in the east of the country late last week, a spokesman for the Tripoli-based National Oil Corporation (NOC) s

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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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Iran's oil exports surge 60pc from a year ago

Iran's oil exports are set to surge in May, climbing nearly 60 percent from a year ago, with European shipments recovering to about half of pre-sanction levels, according to a source with knowledge of the country's crude lifting plans.

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