Oil prices rise but stay near multi-year lows

AFP, LONDON: Oil prices crept higher yesterday but still struggled near multi-year lows as analysts warned the weakness will continue past next year.
The gains come ahead of a report later in the day on US crude inventories, with expectations of a further build-up in the already saturated market.
A decision by the OPEC oil producers group during their meeting last week not to slash output levels has left the commodity wallowing, with the group deferring any action to their next meeting in June.
About 1230 GMT, US benchmark West Texas Intermediate for delivery in January was trading 37 cents higher at $37.88 a barrel.
Brent North Sea crude for January was up 36 cents at $40.62 a barrel, as dealers hunted for bargains after prices fell to their lowest in nearly seven years this week

Oil prices rise but stay near multi-year lows

AFP, LONDON: Oil prices crept higher yesterday but still struggled near multi-year lows as analysts warned the weakness will continue past next year. The gains come ahead of a report later in the day on US crude inventories, with expectations of a further build-up in the already saturated market. A decision by the OPEC oil producers group during their meeting last week not to slash output levels has left the commodity wallowing, with the group deferring any action to their next meeting in June. About 1230 GMT, US benchmark West Texas Intermediate for delivery in January was trading 37 cents higher at $37.88 a barrel. Brent North Sea crude for January was up 36 cents at $40.62 a barrel, as dealers hunted for bargains after prices fell to their lowest in nearly seven years this week