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WTI Gains for Third Day as Iran Seeks Halt to Price Drop – Bloomberg

WTI Gains for Third Day as Iran Seeks Halt to Price Drop – Bloomberg.

Brent crude traded for a fifth day close to a level that’s prompting speculation that OPEC will respond by cutting supply. West Texas Intermediate, which fell into a bear market this month, extended a rally.

Brent, the global benchmark, rose or fell through its closing level at least 12 times and was at $85.83 a barrel as of 11:13 a.m. WTI futures climbed as much as 0.9 percent to $83.48 a barrel in New York, having fallen as low as $79.78 on Oct. 16.

Banks including BNP Paribas SA and Bank of America Corp. predict prices are near a floor, in part counting on the Organization of Petroleum Exporting Countries to reduce output. Goldman Sachs Group Inc. said Oct. 17 that a rout in oil had gone too far. Iran’s President Hassan Rouhani instructed the oil ministry to use diplomacy to halt the slide, state-run Mehr news agency reported yesterday. Saudi Arabia and Kuwait started cutting output from a joint oil field on Oct. 16.

 

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Energy round-up: sinking oil | New Economics Foundation

Energy round-up: sinking oil | New Economics Foundation.

Photo credit:   Kim Strømstad

OCTOBER 17, 2014 // BY: STEPHEN DEVLIN

 

Three things you shouldn’t miss this week

  1. Chart: Price chart for crude oil brent

Source: Nasdaq

  1. ArticlePrice fall hastens decline of ‘big oil’ as Western majors retreat – This year’s fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size.
  1. ArticleFirst new British nuclear plant in decades wins EU funding fight – A British plan to guarantee the price of power from its first new nuclear project in decades won European Union backing in a landmark ruling on Wednesday that now faces legal challenges.

 

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Olduvai IV: Courage
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Olduvai II: Exodus
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