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Supply fears take oil price to lowest level in a week

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Supply fears take oil price to lowest level in a week

Supply fears take oil price to lowest level in a week*/

– The oil price fell by close to three per cent yesterday to hit its lowest level in a week.See related Will Brexit Britain endure an economic recession?International benchmark Brent crude dropped 2.8 per cent to below $54 a barrel.
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Lack of investment heightens danger of an oil price shock

Lack of investment heightens danger of an oil price shock*/

– Risk in a few years of an oil price shock: Crescent Petroleum Tuesday, 17 Jan 2017 | 12:26 AM ET | 00:55Lack of investment in the oil industry has significantly heightened the risk of an oil price shock in the coming years, according to Crescent Petroleum’s chief executive.Majid Jafar, CEO of the United Arab Emirates–based oil and natural gas producer, highlighted the perceived absence of investment in oil markets and predicted a volatile future for the commodity if this trend continues.”The problem over the last year is no one has been investing enough in the upstream.
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Russia could rebuild fiscal reserves at $55 oil price

Russia could rebuild fiscal reserves at $55 oil price*/

– By Darya KorsunskayaMOSCOW (Reuters) – Russia is considering a new budget rule that would keep the rouble weak and mean its depleted fiscal buffers start recovering at a Urals crude price of $55, finance ministry documents seen by Reuters showed on Thursday.Russia wants to avoid fully depleting its battered fiscal reserves, which have been used to plug holes in the budget since its economy entered a deep slump following the collapse in global oil prices from mid-2014.According to the new budget rule outlined in the documents, Russia would limit spending from its fiscal reserves if prices for Urals crude average between $40 and $55 a barrel by using energy revenues earned when oil prices are higher than $40 to reduce the budget deficit.
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