December 2009
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News from December 2009

Brent oil prices trading down nearly 4 percent around $72

Brent crude oil prices settled down $2.80, or 3.72 percent in trading on Wednesday, closing at $72.39 a barrel. Brent crude traded from $72, lowest since the low of $70.84 on October 13th, to $76.19.
Brent crude oil futures ended at their lowest levels in two months on Wednesday, pressured by a sell-off in product futures [...]

Light oil price trading down around $70, commodities sell off

US Light oil prices plunged three percent in trading on Wednesday to finish just above $70 as mounting stockpiles prompted a further sell off of commodities.
“What we’re seeing now is a pretty consistent underlying surplus in the market,” Andrew Keen, metals analyst for HSBC said. “Inventories have always mattered in metals markets,” Keen added.
Sentiments hit [...]

Oil prices trading down 3 percent on weak oil demand

Oil prices have slipped for the sixth consecutive session trading down around 3 percent on figures showing weaker US oil demand. New York’s main futures contract, light sweet crude oil futures for delivery in January, slumped by almost two dollars to an eight week low of $70.60 on the NYMEX, while Brent North Sea crude [...]

Russian to head ‘Gas OPEC’ seeks oil price link

The Gas Exporting Countries Forum, also called Gas OPECor Gaspec, elected Russian Leonid V. Bokhanovsky as its first secretary general Wednesday, the NYT reported. And he’s not wasting any time looking for ways to stabilize prices. Bokhanovsky has already called for a study on how to maintain the link between natural gas and oil prices [...]

Oil companies eye Iraq’s multi billion barrel prize

In the first international oil auction held last June, widely seen as a failure, the Iraqi government awarded a firm contract to only a consortium of oil companies British Petroleum and the China National Petroleum Co. to further develop the Rumaila field over 20 years. Iraq recently forged an initial agreement with a group comprising [...]

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