02122016Fri
Last update: Fri, 12 Feb 2016 10am

Markets - Energy

Markets - Energy - Europe

Oil slumps close to 13-year low LONDON: World oil prices tumbled once more Thursday, nearing a 13-year low in New York, with no end in sight to the global supply glut.At one point, US benchmark West Texas Intermediate for delivery in March hit $26.22 a barrel, close to a 13-year low of under $26.By around 1720 GMT, the contract recovered to $26.85, but was nevertheless down 60 cents compared with Wednesday's close.Brent North Sea crude for April shed 51 cents to $30.33 a barrel."This irrefutable damage caused by the excessive oversupply in the saturated markets may have nullified any bullish reports concerning a decline in stockpiles," said Lukman Otunuga, research analyst at trading group FXTM.Oil prices had rallied briefly Wednesday after a US Department of Energy report showed US oil stocks fell about 800,000 barrels for the week ending February 5.But they soon dropped back as traders took note of higher supplies of gasoline, a rise ...

Markets - Energy - Europe

Iraq oil revenues now at just 15pc of level two years ago: PM BERLIN: Iraq's oil revenues have sunk to just 15 percent of their value two years ago, Prime Minister Haider al-Abadi said Thursday, as he urged the international community to help shore up his country's battered economy."Iraqi oil revenues have fallen to just 15 percent of the revenues we had two years ago. This is a major decline and we therefore have great difficulties," he told journalists in Berlin after talks with German Chancellor Angela Merkel.Copyright ...

Markets - Energy - Europe

Oil falls on US supply record, weak demand outlook LONDON: Oil slid on Thursday, dented by record US crude inventories at the Cushing delivery point, worries about the demand outlook, and as Goldman Sachs said prices would remain low and volatile until the second half of the year. In a sign that producers are still competing for market share by lowering prices, Iran offered its crude to Asia at a discount to rival OPEC producer Saudi Arabia. Brent crude futures were down 31 cents ...

Markets - Energy - Europe

Russia's Gazprom looking to raise $2bn syndicated loan from intl banks MOSCOW/LONDON: Russian state gas firm Gazprom is looking to raise a $2 billion syndicated loan from international banks, two banking sources told Reuters on Thursday. One of the sources said the loan was likely to be predominately from Chinese banks. The second one confirmed that. Copyright Reuters, 2016

Markets - Energy - Asia

India's ONGC says paid no discount on crude oil sales to state refiners in Q3 MUMBAI: India's Oil and Natural Gas Corp paid no discount on crude oil sales to state refiners in the December quarter, Chairman D.K. Sarraf said on Thursday. The state-run explorer gave a discount of 94.58 billion rupees ($1.38 billion) during the same period last year. ONGC will report its December-quarter earnings later on Thursday. Copyright Reuters, 2016

Markets - Energy - Asia

US oil prices dive below $27 a barrel SINGAPORE: US crude tumbled below $27 a barrel in Asia Thursday as the oversaturated market struggled to cope with high inventories in the United States and an increased output from OPEC.The decline came despite the weekly US Department of Energy report showing US oil stocks fell about 800,000 barrels for the week ending February 5, with traders seeing inventories still at high levels.US benchmark West Texas Intermediate (WTI) for March delivery was down 40 cents, ...

Markets - Energy - Americas

US oil prices slide for 5th straight session NEW YORK: US oil prices fell for the fifth straight session Wednesday as US crude inventories remained at high levels and OPEC confirmed a significant rise in cartel production in January.US benchmark West Texas Intermediate for March delivery fell 49 cents to $27.45 a barrel on the New York Mercantile Exchange.Brent North Sea oil for April delivery advanced 52 cents to $30.84 a barrel in London.Oil prices briefly rallied after a US Department of Energy ...