02082016Mon
Last update: Mon, 08 Feb 2016 09pm

Markets - Energy

Markets - Energy - Asia

Iraq crude price to Asia at widest discount to Saudi grade in 18 months SINGAPORE: Iraq has set the official selling price (OSP) for the flagship Basra Light grade it sells to Asia at the widest discount against a similar Saudi grade in 18 months, price announcements from the two largest OPEC producers showed. The wider discount was likely due to a change in the quality of the Basra Light crude, which has become heavier after new production from fields such as West Qurna was blended into its export stream, traders said. December Basra Light is 90 cents a barrel below Arab Medium, the widest discount since June 2013, Reuters data showed. Iraq raised Basra Light's OSP for December by 65 cents to $2.50 a barrel below Oman/Dubai quotes. Saudi Arabia had earlier hiked Arab Medium's OSP by 95 cents to a discount of $1.60 a barrel for the same month. To address the issue of Basra Light's quality, Iraq's State Oil Marketing Organization ...

Markets - Energy - Asia

Oil extend losses on dim prospects of OPEC output cut SINGAPORE: Crude prices extended losses in Asia Tuesday as the prospects of a production cut by the OPEC oil cartel dimmed, despite a global supply glut, analysts said. US benchmark West Texas Intermediate (WTI) for December delivery fell 11 cents to $77.29 while Brent crude for December eased 22 cents to $82.12 in mid-morning trade.WTI tumbled $1.25 in New York on Monday after Kuwait said the 12-nation Organisation of the Petroleum Exporting Countries is unlikely ...

Markets - Energy - Europe

Oil prices rally on Chinese data LONDON: World oil prices rose Monday, gaining strength from solid economic data in key consumer China, with extra support from the weaker US dollar, dealers said.Brent North Sea crude for delivery in December jumped $1.45 to trade at $84.84 a barrel around midday in London.US benchmark West Texas Intermediate for December rallied $1.06 to $79.71 a barrel compared with Friday's closing level."Brent ... futures rallied towards $85 per barrel, supported by solid Chinese economic data ...

Markets - Energy - Middle East & Africa

Kuwait oil minister says doesn't think OPEC will cut ABU DHABI: OPEC is unlikely to decide to cut its oil output ceiling at its next meeting on Nov. 27, Kuwait's oil minister Ali al-Omair told reporters on Monday."It's too early to decide, but I don't think so," he said in response to a question on the sidelines of a major energy industry conference in Abu Dhabi. "It will be a hard decision but I don't think there will be any cut."Omair also said he ...

Markets - Energy - Asia

Brent climbs towards $84 on Ukraine tensions, Libya disruptions SINGAPORE: Brent crude rose towards $84 a barrel on Monday, climbing for a second straight session amid heightened military activity in Ukraine and as chaos in Libya again threatened disruptions to the country's oil output and exports.A slew of weak economic data from China offered further evidence the world's second largest economy was cooling, opening the door for Beijing to implement stimulus measures that could spark demand in what is also the world's No.2 oil ...

Markets - Energy - Europe

Brent climbs above $84 on Libya disruptions, weaker dollar LONDON: Brent crude rose by $1 to above $84 a barrel on Monday, climbing for a second straight session as protests in Libya disrupted supply and the U.S. dollar fell away from four-year highs.Exports at the Hariga oil port in eastern Libya were halted on Saturday when state security guards began a sit-in protest over unpaid wages.The El Feel oil field in the south-west, also known as the Elephant field, was shut down on Sunday ...

Markets - Energy - Asia

Middle East crude steady ahead of January trade SINGAPORE: The Middle East crude market held steady on Monday as traders looked ahead to the al-Shaheen tender to kick start January trade.Tasweeq will close the tender on Wednesday to sell five cargoes of al-Shaheen with bids valid until Friday, a trader said. The cargoes will load on Jan. 20-21, 23-24 and 26-27 with the remaining two loading on Jan. 29-30.Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil ...