01232017Mon
Last update: Mon, 23 Jan 2017 05am

Europe

Markets - Energy - Europe

Oil prices lifted by expected fall in US inventories LONDON: Oil rose on Wednesday, driven by expectations for a decline in US crude inventories and bringing price gains for December to 10 percent, which would be the strongest performance in the final month of the year in six years. Brent crude oil futures were up 32 cents on the day at $55.67 a barrel by 1217 GMT, while US crude futures rose 30 cents to $53.60 a barrel. Brent's rally is its largest so far for any December since 2010, thanks to an unprecedented wave of investor buying ahead of an anticipated drop in supply from some of the world's top exporters next year. "Oil seems determined to end the year on a high note. Pre-holiday thinned trading and a fresh 14-year high for the dollar index failed to dampen bullish spirits," PVM Oil Associates analyst Stephen Brennock said in a note.Hourly volume in the front-month contract was around ...

Markets - Energy - Europe

ExxonMobil, ENI, Total to negotiate Cyprus gas exploration NICOSIA: US giant ExxonMobil with Qatar Petroleum, Italy's ENI and France's Total have been selected to negotiate a licence to explore offshore Cyprus oil and gas, officials said Wednesday.In July, eight energy giants bid for drilling rights at three blocks off the Mediterranean island's southern coast.ENI and Total were jointly selected as preferred bidders for block 6 and ENI was picked for block 8, while ExxonMobil and Qatar Petroleum were chosen for block 10.Licenses would ...

Markets - Energy - Europe

Brent crude speculators raise bullish holdings to record high LONDON: Speculators raised their holdings of Brent crude oil futures to a new record high last week, inspired by the first deal in 15 agreed by non-OPEC producers to join output cuts of the Organization of the Petroleum Exporting Countries. Data from the InterContinental Exchange on Monday showed investors increased their net long position by 25,276 contracts to 477,861 lots in the week to Dec 13. That exceeds the previous record of 452,585 lots seen ...

Markets - Energy - Europe

Brent curve signals oil tanks will start emptying in second half of 2017: Kemp LONDON: OPEC and non-OPEC oil producers have agreed to reduce their combined output by more than 1.7 million barrels per day for six months from January 2017. But the agreement contains a provision that it can be extended for a further six months, subject to market conditions. Oil traders are betting on an extension, with most of the rebalancing of the oil market expected to occur in the second half of 2017. Storage tanks are ...

Markets - Energy - Europe

Oil price eases to $55 per barrel on stronger dollar LONDON: Oil prices edged down on Monday due to a renewed dollar rally but were still supported at levels of around $55 per barrel on the back of delays in new Libyan oil exports and expectations of tighter supplies going into 2017. Brent crude futures traded at $54.98 per barrel at 1215 GMT, down 23 cents from their last close and having pared earlier gains as the dollar index rose 0.8 percent on expectations that ...