02142016Sun
Last update: Sun, 14 Feb 2016 07pm

Markets - Energy

Markets - Energy - Europe

Oil prices jump but weekly losses and physical excess loom LONDON: Oil prices jumped on Friday on hopes of a coordinated production cut sparked by comments from the energy minister of OPEC member United Arab Emirates. Still, analysts said such a move remained unlikely and prices for Brent and US West Texas Intermediate (WTI) crude were on track for weekly losses of more than 7 percent and 11 percent, respectively, as oversupply weighed. Brent gained as much as 6 percent against its previous settlement and was up 4.9 percent at $31.53 per barrel at 0938 GMT. "The comments by the UAE oil minister are pushing prices up ...but we're still in a long-term downturn. That hasn't changed," said Hans van Cleef, senior energy economist at ABN AMRO. He said Friday's spike is "an indicator that it's not a one-way price movement anymore we will see a period of high volatility." UAE Energy Minister Suhail bin Mohammed al-Mazrouei said the Organization ...

Markets - Energy - Europe

LNG tanker Al Ruwais due to arrive in UK on Feb. 19 LONDON: The liquefied natural gas tanker Al Ruwais is due to arrive at Britain's Milford Haven on Feb. 19, Reuters data shows. The tanker has a capacity of around 210,000 cubic metres and is coming from Qatar. Copyright Reuters, 2016

Markets - Energy - Asia

Oil prices rally after plumbing new depths SINGAPORE: Oil surged more than five percent in Asia Friday, a day after tanking towards 13-year lows and following a report suggesting the OPEC producers' club was open to working towards cutting output to stabilise volatile crude markets.Prices for both key contracts dived Thursday in line with a sell-off across on markets worldwide as traders grow increasingly concerned about the state of the global economy, and the possibility of a return to recession.But traders were ...

Markets - Energy - Asia

Brent oil to test resistance at $32.72 SINGAPORE: Brent oil is expected to test a resistance at $32.72 per barrel, as it has found a support at $30.58.The support and the resistance are provided respectively by the 14.6 percent and the 23.6 percent Fibonacci retracements on the downtrend from the Nov. 3, 2015 high of $50.91 to the Jan. 20 low of $27.10.The channel line of a falling channel also suggests a target at $32.72, after touching which, oil will resume its ...

Markets - Energy - Asia

Crude prices jump 5pc, but oversupply still damps outlook SINGAPORE: Crude oil prices jumped more than 5 percent on Friday after comments by an OPEC energy minister sparked hopes of a coordinated production cut, yet analysts said such a move remained unlikely and that oversupply would persist. International benchmark Brent crude was trading at $31.63 per barrel at 0409 GMT, up $1.57, or 5.22 percent, from its last settlement. Reuters market analyst Wang Tao said a technical analysis of Fibonacci retracements showed that "Brent ...

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 ...

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 ...