09262016Mon
Last update: Mon, 26 Sep 2016 10pm

Asia

Markets - Energy - Asia

Oil prices rally after plumbing new depths SINGAPORE: Oil surged more than five percent in Asia Friday, a day after tanking towards 13-year lows and following a report suggesting the OPEC producers' club was open to working towards cutting output to stabilise volatile crude markets.Prices for both key contracts dived Thursday in line with a sell-off across on markets worldwide as traders grow increasingly concerned about the state of the global economy, and the possibility of a return to recession.But traders were given a glimmer of hope by a report in the Wall Street Journal quoting United Arab Emirates energy minister Suhail Al Mazrouei as saying OPEC was willing to cooperate with other producers on making cuts.However, analysts moved to temper the optimism, saying concrete action is needed before such speculation becomes a reliable price driver and with a stubborn global supply glut hammering the commodity, any price rally is unlikely to last.Still, prices surged more than ...

Markets - Energy - Asia

Brent oil to test resistance at $32.72 SINGAPORE: Brent oil is expected to test a resistance at $32.72 per barrel, as it has found a support at $30.58.The support and the resistance are provided respectively by the 14.6 percent and the 23.6 percent Fibonacci retracements on the downtrend from the Nov. 3, 2015 high of $50.91 to the Jan. 20 low of $27.10.The channel line of a falling channel also suggests a target at $32.72, after touching which, oil will resume its ...

Markets - Energy - Asia

India's ONGC says paid no discount on crude oil sales to state refiners in Q3 MUMBAI: India's Oil and Natural Gas Corp paid no discount on crude oil sales to state refiners in the December quarter, Chairman D.K. Sarraf said on Thursday. The state-run explorer gave a discount of 94.58 billion rupees ($1.38 billion) during the same period last year. ONGC will report its December-quarter earnings later on Thursday. Copyright Reuters, 2016 ...

Markets - Energy - Asia

Crude prices jump 5pc, but oversupply still damps outlook SINGAPORE: Crude oil prices jumped more than 5 percent on Friday after comments by an OPEC energy minister sparked hopes of a coordinated production cut, yet analysts said such a move remained unlikely and that oversupply would persist. International benchmark Brent crude was trading at $31.63 per barrel at 0409 GMT, up $1.57, or 5.22 percent, from its last settlement. Reuters market analyst Wang Tao said a technical analysis of Fibonacci retracements showed that "Brent ...

Markets - Energy - Asia

US oil prices dive below $27 a barrel SINGAPORE: US crude tumbled below $27 a barrel in Asia Thursday as the oversaturated market struggled to cope with high inventories in the United States and an increased output from OPEC.The decline came despite the weekly US Department of Energy report showing US oil stocks fell about 800,000 barrels for the week ending February 5, with traders seeing inventories still at high levels.US benchmark West Texas Intermediate (WTI) for March delivery was down 40 cents, ...