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Last update: Mon, 02 May 2016 12am

Markets - Energy

Markets - Energy - Asia

Vietnam's Jan-April crude oil exports drop 22.2pc y/y: govt HANOI: Vietnam's crude oil exports during January-April fell 22.2 percent from the same period last year to an estimated 2.49 million tonnes, or 151,000 barrels per day (bpd), the government said on Wednesday.Crude oil export revenues in the four-month period plunged 52.1 percent from a year ago to $678 million, the government's General Statistics Office said.Oil product imports rose 10.9 percent in the same period to an estimated 3.92 million tonnes, while the value dropped 33.3 percent to $1.33 billion, the office said in its monthly report.Vietnam's liquefied petroleum gas imports during the four-month period rose 14.3 percent from a year ago to 385,000 tonnes, it said.Vietnam, Asia's third-largest holder of crude oil reserves after China and India, produces an average 350,000 bpd of crude oil, or around 40 percent of that by Indonesia, the sole OPEC member in Southeast Asia.Copyright Reuters, 2016

Markets - Energy - Europe

Falling output and weaker dollar push oil to 2016 high LONDON: Oil hit its highest level of 2016 on Wednesday, driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April.The prospect of an agreement among the world's largest exporters to limit production, which had provided the catalyst for a 55 percent rally since mid-February, evaporated almost two weeks ago when a meeting between OPEC members and their non-OPEC counterparts ended in ...

Markets - Energy - Asia

Oil prices rise on weaker dollar ahead of Fed rate decision SINGAPORE: Oil prices extended gains in Asia Wednesday as traders await a report on US stockpiles, and some analysts said the market was set for a rebalancing after touching bottom.The two main contracts -- West Texas Intermediate (WTI) and Brent crude -- had risen sharply in European trading Tuesday on speculation that Saudi Arabia plans to reduce drilling, fuelling hopes of an easing of the global supply glut.A weak dollar has also provided support as ...

Markets - Energy - Europe

First shipment of US natural gas to EU arrives SINES: In a move which could lead to continental price wars and reduce Russian market domination, the first shipment of US natural gas to the European Union arrived overnight Tuesday in the Portuguese port of Sines overnight, an AFP journalist reported.The first consignment of US gas for European distribution comes amid the shale gas revolution which Washington hopes will see it become a player in an EU market where Russia is currently the main supplier.The ...

Markets - Energy - Americas

Oil prices jump on report Saudi plans to reduce drilling NEW YORK: Oil prices rose sharply Tuesday, gaining a lift from speculation that Saudi Arabia is planning to cut back drilling as the market worries about excessive global supplies.The market, already heading higher from the start of trade, "seems to have got an extra boost from a report out of Nabor Industries's earnings call," said Bob Yawger of Mizuho Securities.Yawger said the drilling company "claimed the Saudis have plans to reduce their rig counts by ...

Markets - Energy - Americas

Oil crash toll: S&P strips ExxonMobil of triple-A rating NEW YORK: Standard & Poor's stripped ExxonMobil of its triple A rating Tuesday, saying the oil giant's rising debt and weaker earnings outlook meant it no longer qualified for the highest credit grade.The one-notch cut was the latest ripple effect on the oil industry from crashing crude prices, which have forced a number of smaller producers into bankruptcy.ExxonMobil, the largest US oil company and the world's fifth largest, had held the triple-A rating since 1930. ...

Markets - Energy - Europe

Oil prices rebound sharply LONDON: Oil prices rose Tuesday, rebounding from heavy losses that were sparked by a report that Saudi Arabia was close to completing an oilfield expansion.Analysts said the gains, partly prompted by a slightly weaker dollar, would likely be short-lived due to lingering worries about a global supply glut. At 1700 GMT, New York's benchmark West Texas Intermediate (WTI) for delivery in June was up $1.28 at $43.92 per barrel.Brent North Sea crude for June delivery ...