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The company previously purchased a 35% stake in Inenco on April 3, 2017 and held the opportunity to acquire the remaining stake at a later date.
Inenco, founded in 1954, is one of Australasia's leading industrial distributors of key product categories such as bearings, power transmission and seals.
United States-based Genuine Parts Company (NYSE: GPC) has signed a definitive agreement to acquire the remaining 65 percent share of Australia-based Inenco Group.
"Supply fears stemming from conflicts in both Iraq and Ukraine have recently diminished," said Dorian Lucas, an analyst at energy consultancy Inenco. "Supply fears have also been quelled by an increased export volume from Libya.
LONDON - World oil prices dropped on Thursday on fading fears that conflicts in crude producers Libya and Iraq would result in a major supply disruption, analysts said.Brent North Sea crude for delivery in October shed 84 cents to stand at $101.44 a barrel in London afternoon deals.US benchmark West Texas Intermediate for October dropped 64 cents to $92.81 a barrel compared with Wednesday's close."Supply fears stemming from conflicts in both Iraq and Ukraine have recently diminished," said Dorian Lucas, an analyst at energy consultancy Inenco."Supply fears have also been quelled by an increased export volume from Libya.
"Oil prices rose to a four-week high of $112 per barrel yesterday (Thursday) on the back of Middle Eastern concerns allied to progress being made between the Republicans and Democrats over a deal to end the political stalemate in the US," said Inenco analyst Gary Hornby.
"Prices are likely to retain a premium as Tropical Storm Karen makes landfall in the US shutting a number of key oil production sites in the US where winds are expected to be hurricane force," said Joe Conlan, analyst at British energy consultancy Inenco. Authorities on the Gulf Coast have told residents to brace for a hit from Karen, as US President Barack Obama was briefed on disaster preparations, and his administration recalled hurricane emergency workers stuck at home owing to a government shutdown.
"Oil prices have continued to fall … as Middle Eastern tensions ease back," said analyst Gary Hornby at British-based energy consultancy Inenco.
Weak Chinese PMI data for July weighed on oil prices, said Lucy Sidebotham, an analyst at energy consultancy Inenco.
Analysts at Inenco Direct, who said many other businesses fail to shop around for the best deals, have based the figures on a survey of their 220 clients in the region, which have a combined annual consumption of 21million kWh.
Energy trader Matt Osborne, of energy analyst firm Inenco, said: "The gas system has been put under immense pressure in the last few months due to a number of factors.
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