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Oil edges up, but still set for worst first-half performance in 20 years

June 23, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil edged up on Friday, recovering some of the steep falls earlier in the week, but crude is still set for the worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.39 per barrel at 0501 GMT, up 17 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.4 percent, at $42.91 per barrel. Oil prices have fallen about 20 percent this year despite…

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ANZ Economy OPEC Russia Top News United States 

Oil prices edge up; still near 2017 lows on stubborn glut

June 16, 2017 By Julia Simon NEW YORK (Reuters) – Oil prices on Friday bounced up off the year’s lows as some producers reduced exports and U.S. rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply. Brent crude futures rose 45 cents to settle at $47.37 per barrel and U.S. West Texas Intermediate (WTI) crude settled at $44.74 per barrel, up 28 cents. Both benchmarks notched a weekly loss exceeding 1.6 percent. On Thursday, oil prices hit six-month…

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ANZ Economy OPEC Russia Top News United States 

Oil sits near half-year lows as global supply overhang weighs

June 16, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices dipped early on Friday and were not far off six-months lows as an ongoing supply overhang weighed on markets despite an OPEC-led effort to cut production and prop up prices. Brent crude futures were down 6 cents, or 0.1 percent, at $46.86 per barrel at 0045 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.2 percent, at $44.38 per barrel. Prices for both benchmarks are down by more than 13 percent since late May,…

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ANZ Asia Economy OPEC Saudi Arabia Top News 

Oil edges up on Saudi pledge to make real supply cuts

June 13, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices edged up early on Tuesday, lifted by statements that OPEC-leader Saudi Arabia was making significant supply cuts to customers, although rising U.S. output meant that markets remain well supplied. Brent crude futures were at $48.42 per barrel at 0044 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.21 per barrel, also up 13 cents, or 0.3 percent. Saudi Arabia, the world’s top oil exporter, is leading an…

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Australia’s retail slugout adds to worry over weak inflation

May 8, 2017 By Swati Pandey SYDNEY (Reuters) – A fierce price war among retailers is threatening to keep a lid on improving inflation in Australia, compounding the problems of policymakers struggling to support still-weak domestic demand. An uptick in consumer inflation has lowered the chance of another rate cut this year, but competition from global retailers such as Amazon.com Inc is set to keep prices under pressure – good news for shoppers but worrying for the central bank. The country’s biggest retailers are suffering from a long spell of…

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Oil rises on potential OPEC cut extension, but still faces second weekly loss

April 28, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices rose on Friday but were still on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market. U.S. West Texas Intermediate (WTI) crude futures were trading at $49.40 per barrel at 0344 GMT (11:44 p.m. ET), up 43 cents, or 0.88 percent, from their last close. However, WTI is still set for a small weekly loss and is around 8 percent below its April peak. Brent crude…

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New Zealand consumer confidence drops in April: ANZ Bank

April 21, 2017 WELLINGTON (Reuters) – Consumer confidence in New Zealand slipped to a seven-month low in April as sentiment in the nation’s commercial capital Auckland was dented by slowing house prices, a survey showed on Friday. The ANZ-Roy Morgan consumer confidence index fell to 121.7 from 125.2 in the previous month. A reading above 100 shows optimism, while below that indicates pessimism. ANZ flagged a slow down in the property market in previously red-hot Auckland as the main cause behind the fall, but said the index remained historically high….

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New Zealand consumer confidence drops in April: ANZ Bank

April 21, 2017 WELLINGTON (Reuters) – Consumer confidence in New Zealand slipped to a seven-month low in April as sentiment in the nation’s commercial capital Auckland was dented by slowing house prices, a survey showed on Friday. The ANZ-Roy Morgan consumer confidence index fell to 121.7 from 125.2 in the previous month. A reading above 100 shows optimism, while below that indicates pessimism. ANZ flagged a slow down in the property market in previously red-hot Auckland as the main cause behind the fall, but said the index remained historically high….

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Oil prices firm on strong demand, political uncertainty in Syria

April 10, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices were firm on Monday, supported by strong demand and political uncertainty in Syria, although another rise in U.S. drilling activity kept a lid on gains. Brent crude futures, the international benchmark for oil, were at $55.28 per barrel at 0226 GMT, up 4 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 10 cents at $52.34 a barrel. Traders said prices were being supported by strong demand, and also political uncertainty following the U.S….

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Oil dips as record U.S. crude stocks outweigh falling Libya output

March 30, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices dipped on Thursday, ending two days of increases as record U.S. crude inventories outweighed a fall in gasoline stocks and disruptions in Libyan supplies. Prices for front-month Brent crude futures , the international benchmark for oil, were at $52.31 per barrel at 0151 GMT, down 11 cents from their last close. In the United States, West Texas Intermediate (WTI) crude futures dropped 4 cents to $49.47 a barrel. The falls came after two days of price increases which supported…

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