Archives of Asia

1. Oil down in Asian trade

   2013-05-22 05:51:04 GMT : (Markets - Energy/Asia)

   SINGAPORE: Oil was down in Asia on Wednesday as traders waited for the release of the latest energy inventory report from the United States, analysts said.Weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 48 cents to ...

2. Oil down in Asian trade

   2013-05-22 05:08:42 GMT : (Markets - Energy/Asia)

   SINGAPORE: Oil was down in Asia on Wednesday as traders waited for the release of the latest energy inventory report from the United States, analysts said.Weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 42 cents to ...

3. Brent holds near 2-week top around $105 on supply worries

   2013-05-21 06:27:52 GMT : (Markets - Energy/Asia)

   CHENNAI: Brent crude futures steadied near a two-week high on Tuesday, holding around $105 per barrel as rising Middle East tensions offset concerns about moderating demand growth to keep prices in a tight range.Reports that Lebanese Hezbollah guerrillas were involved in fierce fighting for Syria's embattled president prompted alarm the civil war might spread to neighbouring oil producers, whi...

4. Oil up in Asia ahead of Fed chief's testimony

   2013-05-21 05:57:20 GMT : (Markets - Energy/Asia)

   SINGAPORE: Oil was up in Asian trade Tuesday ahead of a testimony in Congress by Federal Reserve chief Ben Bernanke on the US economy.New York's main contract, light sweet crude for delivery in June, added 16 cents to $96.87 a barrel in the afternoon and Brent North Sea crude for July delivery increased 25 cents to $105.05.Bernanke will appear Wednesday before Congress' Joint Economic Comm...

5. Oil prices lower in Asian trade

   2013-05-20 06:16:54 GMT : (Markets - Energy/Asia)

   SINGAPORE: Oil prices were down in Asian trade Monday as investors locked in profits from last week's gains after US stocks blazed to new record levels.The US benchmark contract, West Texas Intermediate for June delivery, was down 19 cents at $95.83 a barrel and Brent North Sea crude for delivery in July dropped five cents to $104.59 in the afternoon.Prices had surged last week after a better-...

6. Oil down in Asia as poor US economic data weigh

   2013-05-17 04:05:22 GMT : (Markets - Energy/Asia)

   SINGAPORE: Oil prices eased in Asia on Friday as poor housing and employment data from the United States sparked concerns of weaker crude demand in the world's biggest economy, analysts said.New York's main contract, light sweet crude for delivery in June, dropped 14 cents to $95.02 a barrel and Brent North Sea crude for July delivery shed 15 cents to $103.63 in mid-morning trade."The mark...

7. Oil down in Asia on weak US production data

   2013-05-16 09:17:50 GMT : (Markets - Energy/Asia)

   SINGAPORE: Oil was down in Asian trade Thursday as caution returned to the market following weak US production data, analysts said.New York's main contract, light sweet crude for delivery in June, dropped 75 cents to $93.55 a barrel and Brent North Sea crude for June delivery shed 52 cents to $103.16."Disappointing industrial production figures raised concerns that the US economy is not doing ...

8. Brent slips towards $103 on weak data; US stock draw aids

   2013-05-16 08:57:33 GMT : (Markets - Energy/Asia)

   SINGAPORE: Brent futures slipped towards $103 a barrel on Thursday as a sharper-than-expected drop in US factory output muddied the outlook for demand, but a surprise drawdown in crude stockpiles in the world's top consumer helped stem the slide.US factory output dropped in April and manufacturing activity in New York state contracted this month as a recession in the euro zone and slower growt...

9. South Korea to scrap diesel, gasoline import tax exemption from July

   2013-05-15 13:24:32 GMT : (Markets - Energy/Asia)

   SEOUL: South Korea said it will scrap a diesel and gasoline import incentive from July as local refiners plan to join the online Korea Exchange trade for the oil products to recapture market share lost to cheaper foreign suppliers.Diesel and gasoline imported for trade on the online Korea Exchange is exempt from a 3 percent tariff, making it competitive with local supplies. South Korea's energ...

10. Brent holds above $102 as dollar eases, but supply outlook weighs

    2013-05-15 05:56:14 GMT : (Markets - Energy/Asia)

    SINGAPORE: Brent futures held steady above $102 a barrel on Wednesday as the US dollar eased, but gains were capped by forecasts of rising supplies from the United States amid a bleak outlook for global demand growth.Oil is also drawing support from equities, with Wall Street rallying without a significant correction since the start of the year, pushing major indexes to all-time highs.Brent is dow...

11. Oil rebounds in Asia on bargain-hunting

    2013-05-14 06:38:56 GMT : (Markets - Energy/Asia)

    SINGAPORE: Oil rebounded in Asian trade Tuesday on bargain-hunting following an overnight decline, but analysts said economic worries in energy guzzlers US and China would continue to weigh on sentiment.New York's main contract, light sweet crude for delivery in June gained 19 cents to $95.36 a barrel and Brent North Sea crude for June delivery was up one cent to $102.83 in the afternoon."Oil ...

12. Brent slips towards $103 on weak China data, stronger dollar

    2013-05-13 06:55:28 GMT : (Markets - Energy/Asia)

    SINGAPORE: Brent futures slipped towards $103 a barrel on Monday as both implied oil demand and refinery crude throughput in the world's second-largest oil consumer China fell to eight-month lows, with a firm dollar also weighing on prices.China's refinery crude throughput fell 3 percent in April from March, notching its lowest daily rate since last September, as refineries entered mainten...

13. Turkey to help Iraq in oil, gas sectors

    2013-05-10 13:19:57 GMT : (Markets - Energy/Asia)

    ANKARA: OPEC member Iraq will need new oil pipelines to export its crude to world markets as it prepares to raise production, and Turkey is keen to help its neighbour build the infrastructure, Turkey's Energy Minister said on Friday.Iraq, the world's fastest-growing oil exporter, aims to boost the 2.4 million barrels per day of oil it ships to world markets this year, mostly by increasing ...

14. Tata Power to develop hydro projects for $700mn in Georgia

    2013-05-10 13:00:30 GMT : (Markets - Energy/Asia)

    MUMBAI: India's Tata Power has signed an agreement to develop two hydro projects in Georgia for the sale of power, primarily to Turkey, at an estimated cost of about $700 million, the company said in a statement on Friday.The hydro projects, expected to have an aggregate capacity of 400 megawatts, would be developed in three phases with the first phase expected to be completed before mid-2016....

15. Essar oil hopes to refinance about $1.8bn of debt

    2013-05-10 12:46:29 GMT : (Markets - Energy/Asia)

    MUMBAI: India's Essar Oil hopes to refinance about $1.8 billion worth of debt in 3-6 months, LK Gupta, chief executive officer and managing director, told reporters on Friday."The focus is on dollarisation of debt. We expect to complete this in the next 3-6 months," Gupta said.Essar Oil has RBI approval for refinancing upto $2.27 billion of rupee debt to dollars, and so far it has refinanced $...

16. Oil down in Asia on US stockpiles gain, stronger dollar

    2013-05-10 06:19:23 GMT : (Markets - Energy/Asia)

    SINGAPORE: Crude prices were lower in Asian trade Friday on a rise in US stockpiles, with the strong dollar also putting pressure on prices, analysts said. New York's main contract, light sweet crude for delivery in June shed 49 cents to $95.90 a barrel and Brent North Sea crude for June delivery was down 41 cents to $104.06 in the afternoon."The main downside factor on prices right now is the...

17. Brent slips, but stays above $104 as US data supports

    2013-05-10 04:57:33 GMT : (Markets - Energy/Asia)

    SINGAPORE: Brent oil edged down on Friday, trading in a tight range above $104 a barrel as stronger signs of a US recovery and persistent doubts over the Chinese economy gave mixed signals about demand from the world's top two consumers.The number of Americans filing new claims for jobless aid fell last week to its lowest in more than 5 years, underlining resilience flagged earlier by a strong...

18. Oil turns lower as profit-taking creeps in

    2013-05-09 06:08:30 GMT : (Markets - Energy/Asia)

    SINGAPORE: Oil turned lower in Asian trade Thursday as dealers took profits after gains earlier in the week, analysts said.A surprise rise in German industrial production had brightened the market's outlook for European and global growth, causing prices to rise in morning trade.New York's main contract, light sweet crude for delivery in June shed 16 cents to $96.46 a barrel in the afternoo...

19. Brent holds above $104, upbeat global data revives demand hopes

    2013-05-09 05:53:23 GMT : (Markets - Energy/Asia)

    SINGAPORE: Brent futures held above $104 a barrel on Thursday, as upbeat data worldwide renewed hopes of a revival in demand growth, dampening concerns that ample supplies could weigh on prices.Oil also tracked equities, with the S&P 500 closing at an all-time high for a fifth day on Wednesday following a slew of positive numbers from the United States to China and Germany.With China's inf...

20. Oil higher in Asia after robust US jobs report

    2013-05-06 06:10:54 GMT : (Markets - Energy/Asia)

    SINGAPORE: Oil was up in Asian trade Monday after an upbeat US jobs report bolstered confidence the US economic recovery is on track.US stocks surged to record highs following the report, with the buoyant mood also lifting the oil markets because a strong US economy -- the biggest in the world -- will mean greater demand for crude and other energy products.New York's main contract, light sweet...