05062016Fri
Last update: Fri, 06 May 2016 04am

Europe

Markets - Energy - Europe

Oil prices rally before US inventory data LONDON: Oil prices rose sharply for a second day running on Wednesday, reaching five-month highs awaiting the release of key US energy stockpiles data.West Texas Intermediate (WTI) reached $45.13 a barrel and Brent North Sea crude struck $47.05 in trading on Wednesday -- the highest points since early November.Shailaja Nair, associate editorial director at global energy information provider Platts, told AFP she "would still be cautious against the sustainability of this rise because the world is still awash with oil".WTI and Brent had already rallied Tuesday on speculation that Saudi Arabia plans to reduce drilling, fuelling hopes of an easing of the global supply glut.A weaker dollar has also helped to improve demand for dollar-denominated crude.All eyes Wednesday were set to be on the latest weekly report on energy inventory levels in the United States, the world's biggest consumer of oil.Around 1115 GMT, WTI for delivery in June was up ...

Markets - Energy - Europe

Falling output and weaker dollar push oil to 2016 high LONDON: Oil hit its highest level of 2016 on Wednesday, driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April.The prospect of an agreement among the world's largest exporters to limit production, which had provided the catalyst for a 55 percent rally since mid-February, evaporated almost two weeks ago when a meeting between OPEC members and their non-OPEC counterparts ended in ...

Markets - Energy - Europe

Oil prices rebound sharply LONDON: Oil prices rose Tuesday, rebounding from heavy losses that were sparked by a report that Saudi Arabia was close to completing an oilfield expansion.Analysts said the gains, partly prompted by a slightly weaker dollar, would likely be short-lived due to lingering worries about a global supply glut. At 1700 GMT, New York's benchmark West Texas Intermediate (WTI) for delivery in June was up $1.28 at $43.92 per barrel.Brent North Sea crude for June delivery ...

Markets - Energy - Europe

First shipment of US natural gas to EU arrives SINES: In a move which could lead to continental price wars and reduce Russian market domination, the first shipment of US natural gas to the European Union arrived overnight Tuesday in the Portuguese port of Sines overnight, an AFP journalist reported.The first consignment of US gas for European distribution comes amid the shale gas revolution which Washington hopes will see it become a player in an EU market where Russia is currently the main supplier.The ...

Markets - Energy - Europe

W. Africa Crude-Quiet spot trading, but India buys via tender LONDON: There was limited trading as Nigeria's NNPC allocated its June cargoes and traders vied for Indian tenders to buy oil. There was also little trading in Angolan crude for June loading, though demand from Chinese refineries was relatively stable. Nigeria's initial loading programmes showed exports falling to around 1.7 million barrels per day (bpd) including Akpo - the lowest level all year. NIGERIA A cargo of Agbami and one of Qua Iboe will sail ...