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Taiwan's diesel term buyers defer cargoes on weak demand SINGAPORE: Taiwan's diesel term buyers are opting to defer the lifting of cargoes to later dates as demand remains muted in Asia while supply has increased on new capacity and refineries returning from maintenance, traders said on Thursday. Buyers are also lifting cargoes later as they are betting on a recovery in oil prices, which have dropped 11 percent since the start of the year, and are hoping to reap profits from that, they added.About five unidentified term buyers of Taiwan's Formosa Petrochemical Corp have deferred at least six medium-range (MR) sized vessels containing 500 ppm sulphur diesel from August to September, a source close to the matter said. "The buyers opted to defer the cargoes as fundamentals are very bad now," the source added. Buyers who are not end-users could also be opting to lift cargoes later as they might be hoping for oil prices to rise, which could ...
Kuwait cuts Oct crude OSP to Asia by $1.55/bbl SINGAPORE: Kuwait has cut the official selling price (OSP) for its crude oil sales to Asian buyers for October to $2.35 a barrel below the average of Oman/Dubai quotes, down $1.55 from the previous month, a trade source said on Thursday. Kuwait's crude price formula is loosely linked to that of Saudi Arabia's Arab Medium grade. Copyright Reuters, 2014 ...
US oil to hover above $91.14 SINGAPORE: US oil has found a support at $91.14 per barrel and may hover above this level for one trading day or rebound to a resistance at $93.20.The support and the resistance are provided by the 161.8 percent and the 138.2 percent Fibonacci projection levels of a downward wave C that started at the July 22 high of $105.25. Strengthening the support is another one at $91.24, the Jan. 9 low.The bullish divergence on the ...
Oil prices down after Obama speech on Iraq strategy SINGAPORE: Oil prices fell in Asia Thursday after coming under pressure due to weak global demand and a supply glut even as US President Barack Obama vowed to destroy jihadist militants in Syria and Iraq.US benchmark West Texas Intermediate for October delivery eased 14 cents to $91.53 while Brent crude for October fell four cents to $98.00 in afternoon trade.In a prime-time televised address, Obama said the United States was ready to strike the "Islamic ...
Brent oil to hover above $97.65 SINGAPORE: Brent oil failed to break a support at $97.65 per barrel and may hover above this level for one day or rebound to $98.73.The support is provided by the 76.4 percent Fibonacci projection level of a downward wave c that developed from the Sept. 1 high of $103.30. A moderate rebound seems to have been triggered towards the resistance at $98.73, the 61.8 percent level.A break below $97.65 will confirm the extension of the ...