02102016Wed
Last update: Wed, 10 Feb 2016 05am

Europe

Markets - Energy - Europe

Oil rout deepens as glut pushes US crude to new lows LONDON: Oil futures extended their decline on Wednesday, with US crude touching its lowest since 2003, as a global supply glut bumped up against bearish financial news that sparked deeper worries over demand.U.S. crude oil dropped more than 4 percent in early trading, falling to as low as $27.32 a barrel. It regained ground to trade down 92 cents at $27.54 as of 1450 GMT.The contract settled down 96 cents, or 3.26 percent, in the previous session."You need the low price to slow down shale much faster," said Bjarne Schieldrop, chief commodities analyst with SEB in Oslo. He added that a "very broad-based sell-off across assets and across the world" amplified pressure on oil prices.Brent futures fell by 80 cents to $27.96 a barrel, but dropped as low as $27.70 earlier in the day, not far from Monday's 12-year trough of $27.67. They settled up 21 cents, or 0.7 percent, ...

Markets - Energy - Europe

Oil sinks again on glut as US crude hits new lows LONDON: Oil futures fell further on Wednesday, with U.S. crude touching its lowest since 2003, as a global supply glut bumped up against bearish financial news that sparked deeper worries over demand.U.S. crude oil dropped more than 4 percent in early trading, falling to as far as $27.32 a barrel. It bounced back to trade down 70 cents at $27.76 as of 0945 GMT.The contract settled down 96 cents, or 3.26 percent, in the previous ...

Markets - Energy - Europe

Oil rises on record Chinese demand, oversupply caps gains LONDON: Oil prices rose more than 3 percent on Tuesday as data showed Chinese oil demand likely hit a record high in 2015, but contracts remained below $30 a barrel as the IEA said the market should stay oversupplied this year.Brent crude futures, the global benchmark, traded up $1.09, or 3.8 percent, at $29.64 a barrel at 1028 GMT. U.S. crude futures were up 34 cents at $29.76 a barrel, maintaining their unusual premium over ...

Markets - Energy - Europe

Oil prices rally on China, but Brent stays below $30 LONDON: Oil prices recovered strongly from 12-year lows Tuesday, lifted by improved sentiment over China despite its worst economic expansion in 25 years, analysts said.Nevertheless, Brent futures remained below $30 a barrel as the International Monetary Fund said that the recent sharp collapse in the price of oil was dragging down the global economy.The International Energy Agency meanwhile said that crude futures were set to fall further this year as supply vastly exceeds demand, with ...

Markets - Energy - Europe

Oil rises most in four months on record Chinese demand LONDON: Oil prices rose more than 5 percent on Tuesday as investors viewed bullish Chinese oil demand data as a buying trigger, but contracts remained near 12-year lows as the IEA said the market should stay oversupplied this year.Brent crude futures, the global benchmark, posted their strongest daily gains in four months, trading up $1.55, or 5.4 percent, at $30.10 a barrel by 1149 GMT. U.S. crude futures were up 66 cents at $30.08 a ...