02092016Tue
Last update: Tue, 09 Feb 2016 06pm

Europe

Markets - Energy - Europe

Oil falls 3 percent on swelling oversupply LONDON: Oil prices fell 3 percent on Monday as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.Brent crude, the global benchmark, was down 90 cents at $31.28 a barrel by 1440 GMT, losing 2.8 percent from its closing price on Friday, when Brent surged 10 percent.U.S. crude traded $1.07 lower at $31.12 a barrel.The losses came despite news that oil producer group OPEC was evaluating holding an extraordinary meeting. Qatar's energy minister said a request for such a gathering was being discussed.Oil prices remain near 12-year lows as global supply continues to outstrip demand.Iraq's oil ministry told Reuters on Monday oil output had reached a record high in December. Its fields in the central and southern regions produced as much as 4.13 million barrels a day, the government said.A senior Iraqi ...

Markets - Energy - Europe

Oil prices drop after rally LONDON: Oil prices resumed their downward spiral Monday as profit-taking set in after recent strong gains won thanks to hopes of more central bank stimulus to prop up the global economy.Prices ended on a buoyant note Friday, with both main oil contracts soaring by about 10 percent. The upward momentum continued into Asian deals on Monday, before dropping back."The 20 percent or so rally in oil prices from their... lows is certainly something that cannot ...

Markets - Energy - Europe

Oil prices rally, but hold under $30 LONDON: Oil rebounded Thursday from recent 12-year lows but held below $30 per barrel, as traders digested news of a stronger-than-expected increase in US crude inventories.In late afternoon deals in London, Brent North Sea crude for delivery in March advanced $1.92 to $29.80 a barrel compared with the close on Wednesday.US benchmark West Texas Intermediate (WTI) for March rallied $1.55 to $29.90.The US government's Energy Information Administration (EIA) reported that American crude inventories jumped 4.0 ...

Markets - Energy - Europe

Oil prices cast shadow over eurozone inflation outlook: ECB survey FRANKFURT: Falling oil prices are weighing on the outlook for inflation in the euro area this year, but the European Central Bank's stimulus measures and the gradual economic recovery will drive inflation higher again next year, an ECB survey showed on Friday. According to the ECB's regular quarterly survey of professional forecasters, eurozone inflation is expected to average 0.7 percent this year, but then pick up to 1.4 percent in 2017 and 1.6 percent in ...

Markets - Energy - Europe

Oil price drift lower before US inventories update LONDON: World oil prices nudged lower Thursday before a key US snapshot of crude stockpiles, one day after striking 12 year lows on abundant global supplies.In midday deals in London, Brent North Sea crude for delivery in March slid 21 cents to $27.67 per barrel compared with the close on Wednesday.US benchmark West Texas Intermediate (WTI) for March dipped 34 cents to $28.01 a barrel.Expectations that the US Energy Information Administration (EIA) will later report ...