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Last update: Tue, 03 May 2016 11am

Markets - Energy

Markets - Energy - Asia

Oil prices rebound in Asia but gains limited by glut fears SINGAPORE: Oil prices rebounded in Asia Tuesday but nagging worries about excess supplies kept them below 2016 highs after data showed Iran and Iraq increasing output.The commodity has rallied for four straight weeks thanks to a weaker dollar and hopes that the world economy is slowly turning positive.However, it fell on Monday after figures showed Iraqi exports hit a near-record 3.36 million barrels a day in April while Iran's production during the month reached 3.5 million barrels per day, the most since December 2011.Adding to demand concerns, data showed factory activity in world number two economy and top energy consumer China slowed in April, leading to worries that a recent spate of upbeat indicators may have been a blip.At around 0330 GMT, US benchmark West Texas Intermediate for delivery in June was up 31 cents, or 0.69 percent, at $45.09 and Brent crude for July rose 37 cents, or 0.81 ...

Markets - Energy - Americas

Oil down 2pc as OPEC output hike sparks profit-taking NEW YORK: Oil prices fell about 2 percent on Monday as production from the Organization of the Petroleum Exporting Countries was close to all time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month's outsized rally. OPEC's crude production climbed in April to 32.64 million barrels per day, close to the highest level in recent history, a Reuters survey showed. Iraq's April exports from southern fields increased, as did seaborne ...

Markets - Energy - Europe

Russian oil output down in April, but still close to record MOSCOW: Russian oil output fell slightly to 10.84 million barrels per day (bpd) in April, Energy Ministry data showed on Monday, as production declined at large energy firms Lukoil, Gazprom Neft and Gazprom .Two sources close to the ministry had told Reuters that production would edge down in April because of seasonal maintenance at oilfields and refineries.Russian oil output hit its highest in nearly 30 years in March at 10.91 million bpd.Leading global oil producers ...

Markets - Energy - Europe

Oil prices retreat from 2016 highs on OPEC output boost LONDON: Oil prices retreated from 2016 highs on Monday as rising production in the Middle East outweighed a decline in U.S. output and a sliding dollar.Crude production by the Organization of the Petroleum Exporting Countries rose in April to 32.64 million barrels per day (bpd), close to the highest level in recent history.Russia, the biggest exporter outside OPEC, also increased monthly crude for seaborne exports by more than 7 percent to 3.117 million bpd in ...

Markets - Energy - Europe

Oil prices slip from 2016 highs on OPEC output boost LONDON: Oil prices edged back from 2016 highs on Monday as rising production in the Middle East outweighed a decline in U.S. output and a sliding dollar.Crude production by the Organization of the Petroleum Exporting Countries rose in April to 32.64 million barrels per day (bpd), close to the highest level in recent history.Iraq's April exports from southern fields increased, as did seaborne exports from Russia, the biggest exporter outside OPEC.Brent was trading at $47.20 ...

Markets - Energy - Middle East & Africa

South Africa's petrol pump price to increase in May JOHANNESBURG: The retail price of petrol in South Africa will increase by nearly 1 percent from May 4, while the price of wholesale diesel will largely remain steady, the energy department said on Monday. The price of petrol will increase by 12 cents to 12.74 rand per litre in the commercial hub of Gauteng province, while diesel will go down by 1 cents to 10.52 rand per litre, the department said in a statement.Copyright Reuters, ...

Markets - Energy - Middle East & Africa

Iran oil exports to South Korea rise to 400,000 bpd after sanctions lifted: Shana DUBAI: Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency.Iran, whose exports to South Korea were less than 100,000 barrels a day before sanctions were lifted, has since worked to quickly boost its output. It has focused on selling to its traditional customers in Asia, but has ...