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2015-08-28 18:25:00

OIL PRICE UP 10%

OIL PRICE UP 10%

Oil jumped by the most in six and a half years on Thursday, rebounding from lows last seen during the financial crisis, as a surge in global stock markets and outages in two major Nigerians pipeline sparked a rally.

Royal Dutch Shell declared force majeure on shipments of Nigeria's Bonny Light crude oil after shutting two pipelines, cutting supplies from Africa's biggest oil producer.

Brent crude, the international benchmark, jumped by $4.42 a barrel in afternoon trading to settle at $47.56. The 10.2 per cent gain marked its biggest one day advance since December 2008.

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Tags: OIL, PRICES

Chronicle:

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2019, March, 22, 10:20:00

U.S. OIL INVENTORIES DOWN 9.6 MB

US crude oil inventories for the week ended Mar. 15, excluding the Strategic Petroleum Reserve, decreased 9.6 million bbl from the previous week, data from the US Energy Information Administration showed.

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2019, March, 22, 10:15:00

SAUDI'S OIL WILL DOWN

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BRITAIN NEED INVESTMENT $265 BLN

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U.S. FEDERAL FUNDS RATE 2.25-2.5%

U.S. FRB - Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent.

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