Markets - Energy
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NEW YORK: Brent crude oil prices retraced earlier losses after falling to a three-week low on Thursday in a broader commodities selloff, riding the coattails of a late turnaround in US equities to end flat.Traders said the US equity market's steady recovery from earlier lows supported oil prices, which moved largely in tandem with the stock markets.They also cited US crude's failure to break through its 200-day moving average, a technical support level. After briefly trading slightly below it, US crude began climbing back up and never looked back, and Brent crude prices rose in lockstep.Brent crude settled down 16 cents to $102.44 a barrel, recouping losses of nearly $2 after earlier reaching $100.64, its lowest price since May 2. Prices are still down sharply from a 2013 high of $119.17 reached on Feb. 8.US crude ended nearly flat, down 3 cents to $94.25 and even briefly going positive in ...
RIO DE JANEIRO: Brazil will auction concessions to operate an offshore oil field believed to hold up to 12 billion barrels of crude, the government said Thursday.The tender process will take place in late October, said Magda Chambriard, director of the National Oil Agency. New estimates are that the so-called Libra oil field holds between eight billion and 12 billion barrels of oil -- the largest find ever in Brazil, she said.The field covers 1,500 ...
NEW YORK: Global oil prices closed little changed Thursday, recovering from sharper losses earlier in the day after weak Chinese manufacturing data.New York's main contract, West Texas Intermediate light sweet crude for July, edged down three cents to settle at $94.25 per barrel. WTI had hit an intraday low of $92.21.Brent North Sea crude for delivery in July settled at $102.44 per barrel, down 16 cents from Wednesday."Oil prices have continued their recent declines for ...
LONDON: Oil fell below $102 a barrel on Thursday in a broader commodities selloff as a decline in China's factory activity entrenched concern about weak demand and on worries about an early scale-back in Federal Reserve stimulus.China's factory activity shrank for the first time in seven months in May, a survey showed. The dollar index hit a three-year high on Wednesday, weighing on commodities denominated in the US currency.Brent crude fell $1.22 to $101.38 a ...
SINGAPORE: Oil extended its losses in Asian trade on Thursday on weak Chinese manufacturing data and a stronger dollar, analysts said.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 63 cents to $93.65 a barrel in the afternoon and Brent North Sea crude for July delivery shed 60 cents to $102.00."Oil is on the downside with the Chinese PMI (purchasing managers' index) data... people were expecting that it would ...More Articles...
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