07292016Fri
Last update: Fri, 29 Jul 2016 10pm

Europe

Markets - Energy - Europe

Oil prices edge up as Brent pushes further above $50 LONDON: Crude prices edged up on Monday, building on recent gains with Brent holding above $50 after Nigerian militants claimed fresh attacks on the country's oil infrastructure.Prices see-sawed last week, plunging in the immediate aftermath of Britain's shock decision to leave the European Union but rallying after central banks worldwide vowed support to financial markets.At about 1045 GMT, US benchmark West Texas Intermediate was up 13 cents at $49.12, while Brent rose 16 cents to $50.51. Analysts said trading was light Monday owing to the Independence Day holiday in the United States."Rebels from the 'Niger Delta Avengers' made renewed attacks on oil facilities at the weekend, meaning that hopes of any prolonged ceasefire have proven illusory," said analysts at Commerzbank."The subject of supply outages will keep the market on tenterhooks for some time yet, in other words, thereby lending support to prices," they said.Nigerian production is now at 30-year lows, ...

Markets - Energy - Europe

Asian buying of West African crude to edge higher in July LONDON: Loadings of West Africa oil heading for Asia are set to edge higher in July, supported by firm demand for Angolan oil from China and India, a Reuters survey of shipping fixtures and traders showed.The roughly 1.7 million barrels per day (bpd) scheduled to sail east in July as of now could well move higher, shipping sources said, as some buyers are waiting to book vessels amid weakening freight costs.Already, the volume for July ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks sink on ample supply LONDON: Ample supply and weakening overseas demand pushed northwest European gasoline cracks to their lowest in more than seven weeks on Friday. US gasoline consumption was significantly lower in April than reported at the time, according to new data published by the the US Energy Information Administration. The downward revision in estimated consumption encouraged analysts to reassess the strength of gasoline demand in the world's largest consumer of gasoline in automobiles. Gasoline stocks in the ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks slid on subdued demand LONDON: European diesel margins edged lower on Friday as limp demand and full tanks offset an expected decline in cargo arrivals from the United States during July. While European economic turmoil could knock demand on the continent, traders said it would not significantly impact global balances, particularly with a diesel supply excess. Buying in northwest Europe was subdued, particularly in Germany, where high stocks weighed on buying interest. Traders said it could pick up once ...

Markets - Energy - Europe

Oil falls as oversupply concerns return to centre stage LONDON: Oil prices eased on Friday as the market's focus returned to oversupply as production from Nigeria and Canada revived, and OPEC output reached a record high in June.Despite Friday's losses, oil prices were on track for the first weekly gain in three weeks after a bullish run this week on strong buying following Britain's vote in favour of leaving the European Union. Global benchmark Brent crude futures were down 17 cents at $49.54 a ...