02122016Fri
Last update: Fri, 12 Feb 2016 02am

Markets - Energy

Markets - Energy - Europe

Oil slumps on IEA gloom LONDON: Oil resumed heavy falls on Tuesday, erasing earlier gains in highly volatile trade, after the International Energy Agency issued a gloomy market outlook.In late afternoon deals in London, Brent North Sea crude for delivery in April dived $2.25 to $30.63 per barrel.US benchmark West Texas Intermediate for March delivery shed $1.07 to $28.62 a barrel compared with Monday's close.Oil had already crashed in January, with New York crude ducking below $28 for the first time since September 2003 on abundant crude supplies and global economic gloom centred on China's slowdown."Oil is falling on continued worries about excessive supply as the odds of an output cut from Russia and OPEC are fading fast," City Index analyst Fawad Razaqzada told AFP on Tuesday.Prices had tanked Monday after weekend talks between OPEC kingpin Saudi Arabia and fellow cartel member Venezuela dashed hopes for a reduction in world production.On Tuesday, the market dived ...

Markets - Energy - Europe

Oil prices rise, US crude shrugs off equity slump LONDON: Oil prices edged up on Tuesday, clawing back some of the losses from a sell-off across broader financial markets, but a report showing supply will not drop quickly enough to erode a global surplus kept gains in check.The world will store unwanted oil for most of 2016 as declines in US output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said. ...

Markets - Energy - Europe

Russia's Lukoil says proved oil reserves down to 12.6bn barrels MOSCOW: Russia's No.2 oil producer Lukoil said on Tuesday its proved oil reserves stood at 12.585 billion barrels as of Dec. 31 2015, down from 13.6 billion barrels in the same period a year earlier due to falling oil prices. The company said its total proved hydrocarbon reserves evaluated in accordance with US Securities and Exchange Commission (SEC) standards stood at 16.6 billion barrels of oil equivalent, down from 17.59 billion barrels the previous year. ...

Markets - Energy - Europe

IEA takes oil market bulls to the slaughterhouse PARIS: Oil prices may have rebounded off 12-year lows struck last month, but any hope for a broader recovery in the market would be misplaced, the IEA said Tuesday, noting OPEC is responsible for the latest glut of supplies on the market.The International Energy Agency said in its monthly report that "it is very hard to see how oil prices can rise significantly in the short term ... with the market already awash in oil..."On ...

Markets - Energy - Americas

Oil tumbles after Saudi-Venezuela talks, WTI below $30 NEW YORK: Crude oil prices slid lower Monday, pushing US oil below $30 a barrel, after weekend talks between OPEC kingpin Saudi Arabia and Venezuela dashed hopes for a reduction in production.US benchmark West Texas Intermediate for March delivery sank $1.20 (3.9 percent) to $29.69 a barrel on the New York Mercantile Exchange.In London, Brent North Sea crude for delivery in April, the European benchmark, finished at $32.88 a barrel, down $1.18 (3.5 percent) from ...

Markets - Energy - Americas

Oil prices fall 2 percent, supply overhang back in focus NEW YORK: Crude oil prices fell 2 percent on Monday as supply overhang concerns grew after a Saudi-Venezuela meeting on Sunday showed few signs of coordination to boost prices.Brent futures fell 68 cents to $33.38 a barrel, a 2 percent loss, by 10:36 a.m. EST (1536 GMT), paring a fall of as much as 3.3 percent earlier in the session. U.S. crude fell 78 cents, or 2.5 percent to $30.11 per barrel, also trimming losses ...

Markets - Energy - Americas

Oil falls for 3rd day as concerns about growing glut deepen NEW YORK: Oil prices fell for a third straight session on Monday, with U.S. prices piercing $30 a barrel again, as lingering concerns about oversupply deepened after a Saudi-Venezuela meeting at the weekend showed few signs of coordination to boost prices.No tangible signs emerged from a meeting on Sunday between Saudi Arabia's oil minister Ali al-Naimi and his Venezuelan counterpart that OPEC and non-OPEC suppliers were ready to meet to discuss the price slump.Hopes of ...