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Last update: Mon, 23 Jan 2017 09am

Markets - Energy

Markets - Energy - Americas

Oil up, awaiting US stockpile data; swings seen pre-UK vote NEW YORK: Oil prices rose above $50 a barrel on Wednesday, helped by an industry report showing a large drop in US crude inventories and on expectations that Britain will vote to stay in the European Union in an impending referendum. US crude stockpiles fell by 5.2 million barrels last week, the American Petroleum Institute (API) said on Tuesday, a figure three times more than that projected by industry analysts. Official inventory data is due at 10:30 a.m. from the US Department of Energy (DOE). Some market participants greeted with disbelief the API data, which is based on voluntary reporting by its members. The trade group's numbers have in the past been widely off the mark from those published by the DOE. "I still think we in the middle of 'garbage time' with price moves being driven less by humans with views and more by computers and technical systems," said ...

Markets - Energy - Europe

Oil prices rise before US data LONDON: Oil prices climbed Wednesday awaiting US inventory data -- and as traders reacted to a weaker dollar, unrest in Africa's biggest crude producer Nigeria and uncertainty over Britain's EU referendum result.Around 1100 GMT, Brent North Sea crude for delivery in August rose 17 cents to $50.79 a barrel.US benchmark West Texas Intermediate for August delivery gained 44 cents to $50.29 compared with Tuesday's close.Oil advanced "on hopes another drawdown in US inventories will be ...

Markets - Energy - Europe

Oil producers keep output freeze revival on standby if prices weaken LONDON/DUBAI: Russian Energy Minister Alexander Novak has a contrarian message for those who question the wisdom of freezing global levels of oil output.Despite the collapse of talks on restraining production among OPEC and non-OPEC members earlier this year, he thinks the discussions were a success that might soon be repeated."It (the build-up to the meeting) paved the way for a reversal of negative trends in the oil markets," Novak told reporters last week after meeting ...

Markets - Energy - Asia

Middle East Crude-Oman slips into discount  SINGAPORE: The Middle East crude market weakened further on Wednesday with Oman flipping into a discount against Dubai swaps for the first time in close to two months.DME Oman was at 16 cents a barrel below Dubai swaps, down from an 11-cent premium in the previous session, Reuters calculations showed.Cash Dubai also sank deeper into discount against swaps after Reliance and SK Energy sold four August partials to Shell at $47-$47.05 a barrel, traders said. ...

Markets - Energy - Middle East & Africa

Africa-focused funds fuse $3.3 billion electric power assets LAGOS: Two Africa-focused funds have created a new energy joint venture capable of generating 1,575 megawatts (MW) of electricity in at least 10 countries by merging assets totalling $3.3 billion. Chronic power shortages are one of the biggest obstacles to growth in countries across Africa, with a dearth of electricity or regular blackouts strangling industries and the continent is turning to outside investors and renewables to boost output.The deal to develop and finance projects, announced ...

Markets - Energy - Europe

Oil rises further above $50 on API report, braced for Brexit volatility LONDON: Oil rose further above $50 a barrel on Wednesday after an industry report showed a large drop in US crude inventories, with analysts expecting volatile trading ahead of Britain's referendum on EU membership. US crude inventories fell by 5.2 million barrels, the American Petroleum Institute (API) said on Tuesday, far more than analysts expected. Official stocks data is due later on Wednesday from the US Department of Energy."What we have is basically the leftovers ...

Markets - Energy - Australia

Spirited Australia, NZ dollars settle down for Brexit show SYDNEY/WELLINGTON: The Australian and New Zealand dollars consolidated recent gains on Wednesday with investors retreating to the sidelines a day before Britain votes on whether to stay in or leave the European Union.The vote still looks too close to call, traders said, and a win for the 'leave' side was likely to cause turmoil in global markets. Conversely, a 'remain' vote would remove a major cloud over the global economy and trigger a relief rally ...