02072016Sun
Last update: Sun, 07 Feb 2016 08am

Europe

Markets - Energy - Europe

Oil rises towards $31 on hopes of deal to tackle glut LONDON: Oil rose towards $31 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades.The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.Iraqi Oil Minister Adel Abdel Mahdi said on Tuesday he saw "some flexibility" for a deal, the idea of which has been mooted and dismissed repeatedly for more than a year.Brent crude was up 38 cents at $30.88 a barrel by 1449 GMT, rebounding from an earlier decline. It reached $27.10, its lowest since November 2003, on Jan. 20. U.S. crude was up 20 cents at $30.54."Without a production agreement, fundamentals point to lower numbers," said David Hufton of oil broker PVM. "With one, ...

Markets - Energy - Europe

Oil edges back above $30 LONDON: Oil prices rose above $30 on Tuesday after briefly dipping below the psychological barrier as the market was beset with worries about the global supply glut.At about 1100 GMT, Brent North Sea crude for delivery in March was up 11 cents at $30.61 a barrel.US benchmark West Texas Intermediate for March added nine cents to $30.43 a barrel compared with Monday's close.In rollercoaster trade last week, oil briefly plunged to 12-year lows under $27 ...

Markets - Energy - Europe

Hungary's Paks nuclear power plant cuts output BUDAPEST: Hungary's Paks nuclear power plant has lowered output from one of its four blocks by more than 100 megawatts, it said on its web site on Tuesday.Malfunctioning electrical equipment prompted the measure, it said, adding that output would be returned to the nominal capacity of the block, around 500 megawatts, by Tuesday evening.The plant produces about 40 percent of Hungary's electricity output in four Soviet-made power blocks, whose lifetime is being extended.Hungary also plans ...

Markets - Energy - Europe

Oil rises further above $30 on hopes of deal to tackle glut LONDON: Oil rose further above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades.The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.Iraq's oil minister said on Tuesday he saw ...

Markets - Energy - Europe

Cheap oil: boon for some, bust for others PARIS: The plunge in oil prices is proving a boon for consumers and airlines, but is a bust for energy companies and producing nations, while complicating the jobs of central bankers worried about deflation.LOSERS: "The principal losers of the drop in oil prices are exporting nations" whose revenues are plunging, said Denis Ferrand of Coe-Rexecode, a French think tank.Gulf nations have put austerity measures in place in recent months, while Nigeria plans to step up ...