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HuaweiOil prices were down in Asian trade on Thursday as the initial euphoria over the fiscal cliff deal in the United States faded, analysts said.
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World oil prices advanced on Wednesday as traders welcomed the passing of a US deal to avoid a “fiscal cliff” of tax rises and huge spending cuts, analysts said.
MOSCOW — World energy power Russia said on Wednesday that its 2012 oil output hit a post-Soviet record high level while natural gas production declined amid stalling European sales.
The price of crude rose Friday, following stock markets in Asia higher hours ahead of a last-ditch effort in Washington for political leaders to strike a budget deal before the year-end deadline.
Oil prices were lower in quiet Christmas eve trade Monday with traders discouraged by a political stalemate in the US over a deal to avert the fiscal cliff, analysts said.
Oil prices fell on Friday amid worries that Washington will not act in time to stop the United States from going over the “fiscal cliff” by an end-of-year deadline.
British oil giant BP said on Wednesday that it had agreed to sell its stake in China’s Yacheng gas field to the state-owned Kuwait Foreign Petroleum Exploration Company (KUFPEC) as part of a divestment programme.
The price of oil pushed towards $88 a barrel on Tuesday amid hopes that US leaders can reach a budget deal and avoid automatic tax and spending cuts that might dampen growth and crimp demand for crude.
Oil was up in Asia on Monday on trader expectations of a hike in Chinese crude demand after a key survey showed its manufacturing activity hitting a 14-month high in December, analysts said.
Brent crude slipped toward $109 a barrel on Thursday on rising U.S. oil stockpiles, while fears that the world’s largest economy might miss a deadline for next year’s budget and risk a recession also kept bulls in check.