02102016Wed
Last update: Wed, 10 Feb 2016 01am

Markets - Energy

Markets - Energy - Europe

Oil prices ease as slowdown fears grip markets LONDON: Oil prices eased on Tuesday, dragged lower by a broad decline across major financial markets and by a growing expectation that global demand will not grow quickly enough to erase the overhang of crude any time soon.The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.The agency cut its forecast for 2016 oil demand growth, which now stands at 1.17 million barrels per day (bpd) following a five-year high of 1.6 million in 2015, and reduced its estimate of demand for OPEC crude.Oil traders are even more bearish.The world's largest, Vitol, said it expects global oil demand to grow by around 1 million bpd this year, down from last year's rate 1.6 million bpd."I don't think we can rely on low prices ...

Markets - Energy - Americas

Oil slumps 7pc ahead on expected US crude build, slowdown fear NEW YORK: Oil prices fell 7 percent on Tuesday as equity markets remained weak, forecasts called for record high U.S. crude stockpiles to grow more, and the latest global energy demand outlooks did not look strong enough to eliminate the swelling glut.U.S. gasoline futures fell to a 2008 low ahead of weekly inventory data expected to show crude and gasoline stocks growing to record highs.Continuing weakness in equity markets also pressured oil. Wall Street's S&P ...

Markets - Energy - Europe

Oil slumps on IEA gloom LONDON: Oil resumed heavy falls on Tuesday, erasing earlier gains in highly volatile trade, after the International Energy Agency issued a gloomy market outlook.In late afternoon deals in London, Brent North Sea crude for delivery in April dived $2.25 to $30.63 per barrel.US benchmark West Texas Intermediate for March delivery shed $1.07 to $28.62 a barrel compared with Monday's close.Oil had already crashed in January, with New York crude ducking below $28 for the first ...

Markets - Energy - Europe

Oil prices rise, US crude shrugs off equity slump LONDON: Oil prices edged up on Tuesday, clawing back some of the losses from a sell-off across broader financial markets, but a report showing supply will not drop quickly enough to erode a global surplus kept gains in check.The world will store unwanted oil for most of 2016 as declines in US output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said. ...

Markets - Energy - Europe

Russia's Lukoil says proved oil reserves down to 12.6bn barrels MOSCOW: Russia's No.2 oil producer Lukoil said on Tuesday its proved oil reserves stood at 12.585 billion barrels as of Dec. 31 2015, down from 13.6 billion barrels in the same period a year earlier due to falling oil prices. The company said its total proved hydrocarbon reserves evaluated in accordance with US Securities and Exchange Commission (SEC) standards stood at 16.6 billion barrels of oil equivalent, down from 17.59 billion barrels the previous year. ...

Markets - Energy - Europe

IEA takes oil market bulls to the slaughterhouse PARIS: Oil prices may have rebounded off 12-year lows struck last month, but any hope for a broader recovery in the market would be misplaced, the IEA said Tuesday, noting OPEC is responsible for the latest glut of supplies on the market.The International Energy Agency said in its monthly report that "it is very hard to see how oil prices can rise significantly in the short term ... with the market already awash in oil..."On ...

Markets - Energy - Americas

Oil tumbles after Saudi-Venezuela talks, WTI below $30 NEW YORK: Crude oil prices slid lower Monday, pushing US oil below $30 a barrel, after weekend talks between OPEC kingpin Saudi Arabia and Venezuela dashed hopes for a reduction in production.US benchmark West Texas Intermediate for March delivery sank $1.20 (3.9 percent) to $29.69 a barrel on the New York Mercantile Exchange.In London, Brent North Sea crude for delivery in April, the European benchmark, finished at $32.88 a barrel, down $1.18 (3.5 percent) from ...