04302016Sat
Last update: Sat, 30 Apr 2016 06am

Markets - Energy

Markets - Energy - Asia

Oil hits fresh 5-1/2-year lows; Brent below $53 SINGAPORE: Oil extended losses on Tuesday to touch fresh 5-1/2-year lows, following a 5 percent plunge in the previous session as a slew of bearish factors added to supply woes. Worries about surplus oil supplies were fuelled by data showing output in Russia hit a post-Soviet-era high in 2014 and exports from Iraq, OPEC's second-largest producer, were the highest since 1980. Jitters over political uncertainty in Greece drove investors out of risk assets globally to safe-haven bonds."It's building on the recent bearish supply/demand outlook of oil, led originally by the OPEC meeting," said Mark Keenan, who heads Asia commodities research at Societe Generale. Brent crude touched a fresh low since May 2009 at $52.28 a barrel on Tuesday, although it recovered slightly to $52.83 by 0730 GMT, down 28 cents. US crude was at $49.63, down 41 cents, after earlier dropping to a new low since April 2009 at $49.32. ...

Markets - Energy - Middle East & Africa

Gulf markets fall after oil plunge; Dubai tumbles DUBAI: Gulf stock markets fell in early trade on Tuesday after Brent crude plunged 5 percent a day earlier and the threat of a fresh euro zone crisis in Greece also prompted investors to sell risk assets globally. Dubai's index tumbled 5.3 percent in a broad sell-off. Emaar Properties, Dubai's largest listed developer, topped trading volume as it lost 8.1 percent. However, shares in low-cost carrier Air Arabia bucked the trend and jumped 2.0 percent ...

Markets - Energy - Asia

Asian shares tumble as oil, Greek woes dim mood TOKYO: Asian shares tumbled on Tuesday as sliding oil prices and political uncertainty in Greece forced investors out of risk assets and into the safety of government bonds. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 percent while Japan's Nikkei dropped 2.0 percent. The unrelenting slide in oil prices showed little signs of slowing in the new year, plunging as much as 6 percent on Monday to hit their lowest since spring 2009, ...

Markets - Energy - Asia

US oil targets $48.38 SINGAPORE: US oil may break a support at $50.04 per barrel and fall further towards the next support at $48.38, as indicated by its wave pattern and a Fibonacci projection analysis.These two supports are identified respectively as the 138.2 percent and the 150 percent Fibonacci projection levels of downtrend that developed from the Dec. 1, 2014 high of $69.54.The trend is a part of a bigger trend falling from the Nov. 21 high of $77.83. ...

Markets - Energy - Asia

Brent oil may fall more to $51.73 SINGAPORE: Brent oil may slide more to $51.73 per barrel, as indicated by its wave pattern, a Fibonacci projection analysis and a falling channel.Due to the sharp fall on Monday, oil has left a channel within which it has been falling from the Dec. 22, 2014 high of $62.97.It has moved into a duplicated falling channel, the lower channel line of which points to a target at $51.73, the 223.6 percent Fibonacci projection level of ...

Markets - Energy - Asia

Oil prices edge up after 5pc plunge; Brent holds above $53 SINGAPORE: Oil edged up on Tuesday, recovering from a five percent plunge in the previous session that saw prices touch fresh 5-1/2 year lows in an oversupplied market. Growth in oil supplies showed no sign of abating, with output in Russia hitting a record high in 2014 and exports from OPEC's second largest producer Iraq the highest since 1980.Jitters over political uncertainty in Greece drove investors out of risk assets globally to safe haven bonds. ...

Markets - Energy - Asia

Asia-Pacific Crude-Condensate mixed; NWS weakens SINGAPORE: Spot differentials for Asia-Pacific condensate grades were mixed, while several crude cargoes remained unsold, traders said on Monday.Australia's Northwest Shelf (NWS) condensate weakened, partly due to low naphtha cracks. Shell sold a cargo of NWS loading on Feb. 14-18 at a discount of slightly less than $4 a barrel against dated Brent, traders said.The buyer was not known, but traders said it may have been sold to a South Korean company. The grade was ...