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Last update: Sat, 01 Oct 2016 11am

Markets - Energy

Markets - Energy - Americas

Oil up on hope of Nov output deal, chance of another US crude draw NEW YORK: Oil prices rose nearly 2 percent on speculation OPEC members gathered in Algeria could lay the foundation on Wednesday for a production-limiting deal in November, and on the possibility of another draw in US crude stockpiles. On Tuesday, crude futures settled down about 3 percent after Saudi Arabia and Iran dashed market hopes that the two major OPEC producers would find a compromise at their Algiers meeting this week to help ease a global oil glut.But with the informal talks at the Sept. 26-28 International Energy Forum entering into the final day, hopes grew that the producer group could sketch out requirements for a deal that could be sealed at OPEC's policy meeting in Vienna in November. "Without an OPEC deal, it seems like everyone is bearish as they see nothing but incremental supply coming," said Scott Shelton, energy broker with ICAP in Durham, North Carolina. Brent crude ...

Markets - Energy - Middle East & Africa

OPEC could announce oil freeze in Algeria, details later ALGIERS: OPEC could announce an output-freeze deal on Wednesday in Algeria, although full details are unlikely to be firmed up before a formal meeting of the Organization of the Petroleum Exporting Countries in November, two OPEC sources said. They spoke on condition of anonymity as no decision had yet been reached at OPEC's informal meeting in Algiers. The meeting has been going on for more than two hours. Copyright Reuters, 2016

Markets - Energy - Americas

Statoil Brazil chief says looking at Brazil subsalt opportunities SAO PAULO: The President of Statoil in Brazil said on Wednesday that the Norwegian oil producer is looking at opportunities in Brazil's offshore oil region known as the Subsalt Polygon. Brazil's government is seeking to end a requirement that state-run firm Petrobras operate all oil fields in the Subsalt Polygon and Statoil's P?l Eitrheim said on the sidelines of an event in Sao Paulo that the Norwegian company could be interested in becoming an operator ...

Markets - Energy - Europe

West Africa Crude-October cargoes weigh on Nigerian trade LONDON: The Angolan market was more active than the Nigerian, which has been weighed down by alternative light sweet grades and the return of Qua Iboe and Forcados exports in October.Nigeria's Sahara has put on hold a planned initial public offering and bond sale that was aimed at financing more oil asset purchases until the investment prospects for oil and gas improve. OPEC might still agree an oil output-limiting deal later this year as the ...

Markets - Energy - Europe

Diesel flows out of Europe, temporarily easing glut LONDON: Traders are rapidly emptying diesel tanks in Europe's storage hub as refinery maintenance lowers global production, offering a brief respite for the heavily oversupplied market. In a rare step, some 12 tankers have been chartered in recent days to carry nearly 400,000 tonnes of diesel out of the Amsterdam-Rotterdam-Antwerp (ARA) hub to Mediterranean ports over the next two weeks, according to shipping data. Northwest Europe is home to the global benchmark for diesel pricing ...

Markets - Energy - Americas

Biggest weekly US East Coast crude stock draw since 2004 NEW YORK: US East Coast crude oil stocks posted the biggest draw last week since May 2004, according to data released Wednesday from the US Energy Information Administration. Stocks fell 3.3 million barrels to 14.2 million barrels, data showed. Copyright Reuters, 2016

Markets - Energy - Asia

Oil climbs after industry data shows US inventory draw SINGAPORE: Oil prices rose in mixed trading on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in US crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains.Brent crude rose 24 cents to $46.21 a barrel as of 0502 GMT after settling down $1.38, or 2.9 percent.US West Texas Intermediate (WTI) crude was up 11 cents at $44.79 a ...