Brent crude oil hits 3-month lows below $43July 28, 2016 - 16:24 AMT PanARMENIAN.Net - Oil prices fell to three-month lows on Thursday, July 28 as producers continued to pump more than needed, filling inventories, and economic growth prospects darkened, Reuters reports. Brent crude oil LCOc1 was down 50 cents at $42.97 a barrel by 1010 GMT, after touching $42.88, its lowest since April 20. U.S. light crude CLc1 was down 20 cents at $41.72. U.S. government data on Wednesday revealed a surprise rise in crude and gasoline inventories. The build added to an already huge global refined product glut just as slowing economic growth dents the demand outlook. [EIA/S] "U.S. commercial stocks are a good reflection of the oversupplied nature of the global oil market," said Tamas Varga, lead oil analyst at London brokerage PVM Oil Associates. Oil markets have been dogged by oversupply for the last two years and fell by as much as 70 percent between 2014 and early 2016, when Brent hit the lowest in more than a decade at around $27 per barrel. Markets have since recovered some ground but oil remains very weak and low refining margins are hurting energy companies, Reuters says. Energy major Royal Dutch Shell (RDSa.L) reported a more than 70 percent fall in quarterly profit on Thursday, well below analysts' estimates, as weak oil and gas prices further ate into revenue. Shell's net income came in at $1 billion in the second quarter, compared with expectations of $2.2 billion and $3.8 billion achieved in the same period last year. "Lower oil prices continue to be a significant challenge across the business, particularly in the upstream (operations)," said Chief Executive Ben van Beurden. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. |