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Crude oil prices on the rise, but three of the biggest oilfield companies say they’ve cut more jobs as they adjust to sluggish exploration and drilling activity.

Schlumberger Ltd., the world’s largest oilfield services outfit, said Friday it eliminated another 100 jobs this week in North America. Smaller rivals Halliburton Co. and Baker Hughes Inc. also said they had reduced positions, but neither provided specific numbers.

The three companies combined have cut about 10,000 jobs already this year. Oilfield service companies have had to adapt to far lower spending by many oil and gas producers, which hire service providers for seismic work, reservoir management and other oilfield tasks.
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Oil prices slipped to near $71 a barrel Friday as the crude market took a breather from its recent daily gains. But the mood remained bullish as investors eyed signs that the global recession may be easing.

Benchmark crude for July delivery fell $1.60 to $71.08 a barrel by afternoon European time in electronic trading on the New York Mercantile Exchange. On Thursday, it rose $1.35 to settle at $72.68, the highest since October.

Reflecting expectations of continued global economic weakness, the Organization of the Petroleum Exporting Countries forecast Friday that demand for its crude this year would average 28.6 million barrels a day – 2.2 million barrels less than in 2008.

Still there are some signs of a turnaround.
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OIL prices climbed above US$69 (S$99.60) a barrel on Friday in Asia as the first drop in US unemployment claims in five months provided another sign that weak demand for crude could improve.

Benchmark crude oil for July delivery was up 62 cents at US$69.43 a barrel midday in Bangkok in electronic trading on the New York Mercantile Exchange (NYMEX). On Thursday the contract shot up US$2.69 to settle at US$68.81 after trading as high as US$69.60.

Oil prices have rallied for three months in tandem with global stock markets, and they soared this week to their highest levels since November, though the rally was briefly interrupted Wednesday by a jump in US crude inventories.
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Oil prices have risen to their highest level in six months. US crude rose as high as $60.08 a barrel before falling back, while London Brent crude rose to $58.64.

The price of US crude is now up by about 80% from a January low of $32.70 a barrel, but is well below the record high above $147 hit in July last year.

Oil has risen in response to a global rebound in stocks.

Weakness in the dollar has also spurred the oil price, which tends to rise when the dollar falls. The dollar hit a four-month low against a basket of currencies on Tuesday.
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OIL prices fell for a second straight day on Tuesday on fears that the outbreak of swine flu would delay an economic recovery and further dampen energy demand.

Benchmark crude for June delivery slipped 22 cents to settle at US$49.92 (S$74.74) a barrel on the New York Mercantile Exchange. The contract Monday fell US$1.41 to settle at US$50.14.

Swine flu has killed more than 150 people in Mexico and number of countries reporting cases has spread to Europe, the Middle East and Asia. At least 60 cases have been identified in the US, but no deaths.

Fears of pandemics have slowed the global economy in the past and officials with the World Health Organization, while raising alert levels on Monday, warned against overreacting.
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SINGAPORE- OIL prices fell below $50 a barrel on Monday in Asia as investors braced for a slew of U.S. corporate earnings reports this week that could temper optimism about global economic recovery.

Benchmark crude for May delivery fell 91 cents to $49.42 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. The contract Friday rose 35 cents to settle at $50.33.

Oil prices have played peek-a-boo with $50 a barrel this month after dropping below $35 in February as investors struggle to decipher how the economy will perform in the second half.

Stock markets have jumped more than 20 per cent in the last six weeks on expectations that massive global stimulus packages will spark a recovery by the end of the year.

The Organization of Petroleum Exporting Countries, which next meets on May 28, has announced output quota reductions of 4.2 million barrels a day since September.

‘A key support is coming from expectations that OPEC is going to try to match the slowdown in crude demand by cutting supply,’ said Mr Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne. ‘OPEC doesn’t want to cut production, so they may just talk up tightening compliance at the next meeting.’

Mr Pervan expects oil prices to dip to between $40 and $45 a barrel in September before rising to near $55 by the end of the year.

‘People are going to be disillusioned in the near term,’ Mr Pervan said. ‘We see the global economy not looking at all pretty until the second half of next year.’

In other Nymex trading, gasoline for May delivery fell 2.51 cents to $1.47 a gallon and heating oil fell 1.06 cents to $1.41 a gallon.

Natural gas for May delivery slid 3.9 cents to $3.69 per 1,000 cubic feet.

In London, Brent prices fell 78 cents to $52.57 a barrel on the ICE Futures exchange.
– AP, The Straits Times

OIL prices eased in Asian trade on Monday as traders took profits from last week’s strong finish before the start of the Easter holiday weekend, analysts said.

New York’s main futures contract, light sweet crude for May delivery, shed 46 cents to US$51.78 (S$78.44) a barrel.

Brent North Sea crude for delivery in May fell 11 cents to US$53.95.

The contract for May delivery will expire Wednesday.

Oil and stock markets were closed on Friday for the Easter weekend holiday.
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