Markets - Energy
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SINGAPORE: Crude turned higher in Asia on Thursday as traders cheered US data showing better-than-expected private sector hiring and a pick up in the service industry, analysts said.
New York's main contract, light sweet crude for delivery in November gained 17 cents to $88.31 a barrel and Brent North Sea crude added 37 cents to $108.54.
Data from the United States released late Wednesday added to an upbeat outlook for the world's largest economy and oil consumer, IG Markets said in a report.
"This week traders have seen more positive numbers out of the world's largest economy that suggest it could be turning a corner at last," the report said.
It cited an improvement in the forward-looking Purchasing Managers' Index for the US services sector in September, which followed a rise in the country's manufacturing activity.
The US private sector also added 162,000 jobs in September, according to a closely-watched survey.
However, analysts said prices were ...
SINGAPORE: Brent futures steadied above $108 a barrel on Thursday after a sharp drop in the previous session, with investors waiting for a European Central Bank policy meeting and critical jobs data out of the United States this week for more trading cues.
Concerns about weak oil demand stoked by data from China suggesting a delayed recovery and from the euro zone pointing to recession dragged markets lower on Wednesday, pulling down Brent futures by 3 ...
SINGAPORE: Crude was down in Asian trade Thursday as worries over Spain and a slowing Chinese economy highlighted a weak global economic outlook, analysts said.
New York's main contract, light sweet crude for delivery in November, shed 20 cents to $87.94 a barrel and Brent North Sea crude slipped three cents to $108.14.
"Crude oil prices dipped slightly on the weak outlook for economic growth," said Sanjeev Gupta, who heads the Asia-Pacific oil and gas practice at ...
LONDON: Crude oil prices fell on Wednesday, as weak data from Europe and China dimmed the outlook for demand, while Europe's festering debt crisis added to the gloom.
Brent November crude futures had fallen 90 cents to $110.67 a barrel by 0830 GMT. They ended Tuesday below two critical technical levels -- the 50-day moving average at $112.06 and the 200-day moving average at $112.09.
US November crude shed 54 cents to $91.35 a barrel.
China's official purchasing ...
DUBAI: Iran expects to open a natural gas liquids (NGL) plant near its main oil export facility on Kharg Island before March 2014, Iran's oil ministry news service reported on Wednesday.
The project will gather associated gases from Iran's oil fields to produce up to 600 million cubic feet of gas liquid per day, Shana reported a National Iranian Offshore Oil Company official as saying during a ministry visit to the Gulf oil export island on ...
PARIS: Brazil's state-owned energy giant Petrobas is close to selling most of its assets in the Gulf of Mexico worth up to $6 billion to reduce debt, the company's chief executive told the Financial Times on Wednesday.
Chief executive Maria das Gracas Foster said that company planned to complete the sale by early next year of up to $6 billion (4.6 billion euros) of its $8 billion exploration assets in the Gulf of Mexico, as the ...
NEW DELHI/SINGAPORE: India's Hindustan Mittal Energy Ltd (HMEL) has bought 2 million barrels of Basra Light crude to load in November at a slightly narrower discount from deals in the previous month, traders said on Wednesday.
A cut in Basra Light's official selling price and robust demand for sour grades lifted the grade's valuation in November, although ample supply kept its differential at a discount.
The refinery bought the cargo, likely from Total, at a discount of ...More Articles...
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