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HuaweiOil prices rose on Thursday on supply concerns after US President Barack Obama cleared the first legislative hurdle in his race to win congressional backing for military strikes on Syria.
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Abu Dhabi National Oil Company (Adnoc) set the Aug retroactive selling price for its benchmark Murban crude at $111.70 a barrel, it said on Tuesday.
Saudi Arabia is expected to raise the official selling prices (OSPs) of most of its crude varieties in October after supply disruption drove up Dubai prices and spot premiums for Middle Eastern crude in Asia, traders said on Tuesday.
Syrian scenarios now obsess world financial markets.
India’s biggest refiner, Indian Oil Corporation, increased petrol prices by more than 3.5 percent from Sunday, blaming the falling rupee for the hike.
Brent crude oil slipped to $115 a barrel on Friday as fears over supply disruptions in the Middle East eased after Britain said it would not join any military action against Syria.
The premium of Brent crude over Dubai has soared to the highest in almost two years on tensions over Syria, but how long it stays there depends not only on the likelihood of conflict, but on how Asia’s major crude buyers respond to the crisis.
Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, has announced an oil discovery at its El Salmiya-2 well, located in its Abu Sennan concession in the Western Desert in Egypt.
The price of oil fell below $109 a barrel on Thursday, easing off a two-year high, after a report showed a rise in US crude inventories.
Brent crude rose to a six-month high on Wednesday as western countries prepared to attack Syria, raising concerns over the security of oil supplies across the Middle East, which pumps a third of the world’s oil.