05242016Tue
Last update: Tue, 24 May 2016 06pm

Europe

Markets - Energy - Europe

Oil eases below $49 after reaching six-month high LONDON: Oil slipped from a six-month high to trade below $49 per barrel on Tuesday after a deal between Libyan factions brought higher output a step closer, although outages in Nigeria and Canada lent support.The Libyan factions agreed in principle at talks in Vienna to have one oil organisation.Most of the OPEC member's output is offline because of conflict. Traders were also eyeing the restart soon of some of the shut Nigerian output.Brent crude traded at a six-month high of $49.47 intra-day and at 1201 GMT was down 17 cents at $48.80. U.S. crude was up 11 cents at $47.83, having reached $48.42, its highest since October.Profit-taking by some investors could be prompting some weakness in prices on Tuesday, but further price gains are likely given the supply losses, Commerzbank said."I expect prices to take a shot at $50," said Carsten Fritsch, analyst at Commerzbank. "The outages in Canada and ...

Markets - Energy - Europe

North Sea Crude-Forties, Brent rise on tighter supply, Nigerian outages LONDON: North Sea Forties and Brent differentials rose, supported by tighter June supply and Nigerian outages, although offers of Forties from floating storage limited the rise. Ekofisk weakened slightly as Glencore, which traders said had amassed a big June BFOE position, sold two cargoes, while Oseberg was unchanged. WINDOW SUMMARY Forties: Total offered a number of cargoes from floating storage including a May 26-31 cargo on a ship-to-ship transfer basis from the Maran Thetis at ...

Markets - Energy - Europe

Oil prices begin week with 2016 highs LONDON: Oil prices hit new 2016 highs Monday, as a slowdown in US drilling added to growing expectations the global supply glut will gradually disappear.Brent North Sea crude reached $48.90 a barrel and US benchmark West Texas Intermediate (WTI) achieved $47.19 -- the highest levels since early November.Later around 1030 GMT, WTI for delivery in June stood at $47.05, up 84 cents compared with Friday's close.Brent for July jumped 93 cents to $48.76.US oilfield services ...

Markets - Energy - Europe

W. Africa Crude-Nigeria production falls nearly 40 pct, Angola exports rise LONDON: Nigeria's oil production has fallen by almost 40 percent to 1.4 million barrels a day due to militant attacks on facilities in the Delta region, its oil minister said on Monday. Traders said crude alone was down to just over 1 million bpd, with condensates bringing the total close to 1.4 million. Minister Emmanuel Ibe Kachikwu said efforts would be made to engage with people in the area. President Muhammadu Buhari has extended a ...

Markets - Energy - Europe

Oil prices rise on Nigeria outages, Goldman forecast LONDON: Oil prices jumped over 2 percent on Monday to their highest since November 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.Brent crude futures were trading at $48.83 per barrel at 1118 GMT, up $1 or 2.05 percent. U.S. crude futures were up 98 cents, or 2.08 percent, at $47.19 a barrel.Supply disruptions around the ...