12062016Tue
Last update: Tue, 06 Dec 2016 07am

Markets - Energy

Markets - Energy - Asia

US oil may break support at $39.23 SINGAPORE: US oil may break a support at $39.23 per barrel and fall towards the next support at $38.38, as suggested by its wave pattern and a Fibonacci projection analysis.These two supports are identified respectively as the 76.4 percent and the 100 percent Fibonacci projection levels of a downward wave c, the third wave of a presumed three-wave cycle from the Nov. 24 high of $43.46. This wave is capable of extending to $38.38.Resistance is at $39.76, the 61.8 percent level, a break above which could lead to a gain to the 50 percent level at $40.19.Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned ...

Markets - Energy - Asia

OPEC decision to keep output high pulls oil prices close to 2015 lows SINGAPORE: Crude prices fell on Monday in the first trading session after OPEC-members failed to agree on output targets to reduce a bulging glut that has resulted in oil prices falling by more than 60 percent since June 2014.The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday at a meeting that ended in acrimony after Iran said it would not consider any production curbs until it restores ...

Markets - Energy - Asia

Iran oil minister blames OPEC oversupply for low crude prices DUBAI: OPEC members that supply too much crude oil to the market are responsible for low prices, Iran's oil minister said on Sunday, two days after the cartel failed to agree on a production ceiling.The Organization of the Petroleum Exporting Countries (OPEC), which accounts for about a third of world oil output, announced no change in policy at a meeting on Friday, setting the scene for more price wars in an already heavily oversupplied market.Oil ...

Markets - Energy - Americas

Oil-rich Venezuela votes in tense economic crisis CARACAS: Venezuelans voted Sunday in tense elections that could see the opposition seize legislative power from the socialist government and risk sparking violence in the oil-rich, cash-poor nation.Hundreds of people turned out before dawn as voters fed up with soaring prices and food shortages cast their ballots to back the opposition, while others vowed to push on with the "revolution" of the left, in control since 1999.Electoral commission deputy chief Sandra Oblitas said there was ...

Markets - Energy - Americas

Oil drops after OPEC maintains output despite oversupply NEW YORK: Oil prices fell on Friday after news that the Organization of Petroleum Exporting Countries was planning to maintain its production near record highs despite depressed prices, as the producer group continued to guard its share of an oversupplied market.The group failed to agree on a new production quota, allowing member countries to continue pumping over 31 million barrels per day of oil into a glutted global market, volumes that have already helped keep ...

Markets - Energy - Americas

Venezuelan oil hits seven-year low ahead of key vote CARACAS: Venezuelan oil hit a seven-year low of $34.05 a barrel this week, the government said Friday, as the country headed for crunch legislative elections largely fought over the dismal state of the oil-dependent economy.The 2.5-percent drop also came as the Organization of the Petroleum Exporting Countries (OPEC) decided against cutting its output to lift prices -- continuing to defy outvoted member Venezuela's pleas to curb production."Crude prices ended down this week due mainly to ...

Markets - Energy - Middle East & Africa

OPEC decides against cutting oil output: Nigeria VIENNA: The Organization of the Petroleum Exporting Countries has decided against cutting its oil output to lift prices, its president and Nigerian oil minister Emmanuel Ibe Kachikwu said following a meeting here Friday.OPEC, whose members together pump out more than one third of world oil, is currently producing above its official target of 30 million barrels per day."Given the present position of the economy of countries that are purchasing (oil) and the worldwide economy, we ...