West Texas Intermediate crude fell from the highest price in seven days as concern eased over the risk of a supply disruption in the Middle East. Brent declined in London.
Iran’s oil minister called on Opec nations to work together to prevent a further slide in crude prices,
U.S. oil futures gained Friday on expectations of continued high demand, while global benchmark Brent held flat
Natural gas futures advanced in New York to the highest level in two weeks as concern eased that supplies would test storage limits before demand picks up with colder weather.
The deal between Russia and China for importing some 38 billion cubic meters/year of natural gas through a pipeline connecting the two countries represents a key development not only for the two parties involved, but also for the role it will have in shaping the global price of LNG, according to Shigeru Muraki, vice chairman of the board at Japan's Tokyo Gas.
Crude-oil futures moved in a narrow price range in Asian hours Friday with market participants suggesting that the weak oil prices appear to have largely stabilized.
The United Arab Emirates is in no hurry to see OPEC cut its oil output target this year despite the sharp drop of global crude prices in the last few months, senior UAE energy officials indicated on Tuesday.
US LNG to Help, Not to Solve European Problems with Russia
$100/barrel level since September 5, falling to $94.13/barrel this afternoon, the lowest level in more than two years. Prices have declined almost $21 (18%) from the 2014 daily peak of $115/barrel on June 19