02092016Tue
Last update: Tue, 09 Feb 2016 02am

Markets - Energy

Markets - Energy - Asia

Oil prices up on lower US supplies SINGAPORE: Oil prices rose in Asia on Thursday after a dip in US stockpiles raised optimism about energy demand in the world's top crude consumer during the winter season, analysts said. US benchmark West Texas Intermediate (WTI) for January delivery rose 56 cents to $67.94, while Brent crude for January gained 35 cents to $70.27 in afternoon trade. The US Department of Energy said in its latest inventory report that crude stockpiles dropped 3.7 million barrels in the week ended November 28. Analysts surveyed by the Wall Street Journal had predicted a rise of 600,000 barrels.Daniel Ang, an investment analyst at Phillip Futures in Singapore, said the drop was supporting crude prices "slightly". "Price consolidations seems to have ended," he said, referring to volatility this week following a sharp sell-off. Oil prices plunged after the OPEC cartel announced last Thursday it would maintain its output levels despite global oversupply. Prices ...

Markets - Energy - Asia

Philippines' Aboitiz to spend $680mn to raise power capacity, eyes Indonesia MANILA: The Philippines' Aboitiz Equity Ventures Inc will spend $680 million to increase the capacity of two of its coal-fired power plants, and is also looking to invest in power generation in Indonesia, its top executive said on Thursday.The $6.7 billion power, banking and property development group is pushing to expand its power generation portfolio to sustain growth in the future, while keeping an eye on infrastructure projects such as roads and airports the Philippine ...

Markets - Energy - Asia

Oil prices up on lower US supplies SINGAPORE: Oil prices rose in Asia on Thursday after a dip in US crude stockpiles raised optimism about energy demand in the world's top crude consumer during the winter season, analysts said. US benchmark West Texas Intermediate for January delivery rose 33 cents to $67.71, while Brent crude for January gained 41 cents to $70.33 in late-morning trade. The US Department of Energy said in its latest inventory report that crude stockpiles dropped 3.7 million ...

Markets - Energy - Asia

China shares higher in morning trade SHANGHAI: Chinese shares opened higher on Thursday, extending a rally on hopes of more monetary easing and economic reforms, dealers said.The benchmark Shanghai Composite Index rose 0.45 percent, or 12.48 points, to 2,792.01.The Shenzhen Composite Index, which tracks stocks on China's second exchange, gained 0.75 percent, or 10.91 points, to 1,463.83.Copyright AFP (Agence France-Presse), 2014

Markets - Energy - Europe

Brent oil rises to $71 in volatile post-OPEC trade LONDON: Brent oil rose to $71 a barrel on Wednesday in choppy trading as the market searched for a price floor after a near 40 percent fall since June, and as US crude stocks declined last week. Trade in oil has been volatile since the Organization of the Petroleum Exporting Countries (OPEC) said last week it would not lower output despite an oversupplied market.Brent hit a five-year low below $68 a barrel on Monday after ...

Markets - Energy - Middle East & Africa

South African stocks up as weaker rand lifts MTN, but Sasol hammered JOHANNESBURG: South African stocks ticked higher on Wednesday as a weaker rand lifted companies with overseas businesses, such as telecoms operator MTN and e-commerce firm Naspers.Shares in Sasol slumped by 3 percent as investors continued to hammer the petrochemicals company on the weaker oil price, which has fallen nearly 40 percent since June. "You are seeing that investors are concerned about the longer term outlook for oil," said Mohammed Nalla, head of strategic research at ...

Markets - Energy - Asia

Middle East Crude: Focus turns to February trading; Qatar lowers OSP SINGAPORE: The Middle East crude market held steady on Wednesday, as focus turned to trading for February cargoes and price announcements from major producers in the region.Qatar set the November retroactive official selling price (OSP) for its Qatar Marine grade at $74.35 a barrel, the lowest since September 2010.The price puts the discount for Qatar Marine to Dubai crude at $1.98, down 25 cents from the previous month.The OSP for Qatar Land was set at ...