12032016Sat
Last update: Sat, 03 Dec 2016 05am

Markets - Energy

Markets - Energy - Middle East & Africa

Oil exports suspended from Libya oil terminal TRIPOLI: Libya's National Oil Corp announced Thursday it had imposed a state of "force majeure" on one of the country's main oil terminals after exports from it had been suspended.The measure clears the NOC of liability for failure to honour contracts.The Tripoli-based company said on its website the decision was taken because oil facility guards at Zueitina had halted exports and that force majeure was in effect since Tuesday.The guards took the action to prevent exports on behalf of the NOC based in the capital, according to the Lana news agency loyal to Libya's internationally recognised government.Since July 2014, the country has had two rival adminstrations -- the recognised government based in the eastern city of Tobruk, and its rival in Tripoli.At the same time, there are rival NOCs, which compete for contracts with foreign clients.Copyright AFP (Agence France-Presse), 2015

Markets - Energy - Europe

Oil falls, dented by signs of rising excess supply LONDON: Oil prices fell on Thursday, under pressure from rising supplies both in the United States, where inventories gained for a sixth straight week, and in Europe, where physical crude prices are nearing five-month lows.On Wednesday, oil dropped nearly 4 percent after the Energy Information Administration said U.S. crude inventories added 2.85 million barrels last week, in line with forecasts, despite a fall in imports to their lowest level since 1991.Brent crude futures were down ...

Markets - Energy - Americas

Oil cuts loss on Wall Street rebound; oversupply still weighs NEW YORK: US crude oil futures fell about half percent on Thursday while Brent steadied, tracking an oversupplied market and weak gasoline prices before rebounding on the improved sentiment on Wall Street.Crude prices fell nearly 4 percent on Wednesday after the U.S. government reported a 2.85 million-barrel crude inventory spike as higher domestic production made up for lower imports last week.In Thursday's session, U.S. crude's West Texas Intermediate (WTI) futures were down 30 cents at ...

Markets - Energy - Europe

Oil slips on supply glut jitters LONDON: World oil prices slipped Thursday after tanking in the previous session on intensifying worries over global crude oversupply, dealers said.In late afternoon deals in London, Brent North Sea crude for December shed three cents to stand at $48.55 per barrel.US benchmark West Texas Intermediate for delivery in December dipped 33 cents to $45.99 per barrel compared with the previous day's close. "We have seen few signs recently indicating a change of tack in the ...

Markets - Energy - Asia

Asia-Pacific Crude-Firm on robust Thai demand SINGAPORE: The Asia-Pacific crude market held firm on Wednesday as robust demand from Thailand helped soak up excess supplies.PTT bought several cargoes for delivery in early January including Labuan from Shell, Seria Light from Itochu and Kimanis from Lukoil, traders said. The Thai trader may have also bought a Kutubu cargo, they said, although details could not be independently verified.Pertamina will close a tender on Wednesday to buy sweet crude for January delivery. The Indonesian ...

Markets - Energy - Europe

Oil holds above $50 on Brazil supply worries LONDON: Oil prices held above $50 a barrel on Wednesday following a 3 percent jump a day earlier on the back of Brazilian and Libyan supply worries, a U.S. pipeline outage and a general rally in riskier assets on hopes of more economic stimulus measures.Brent and U.S. futures for December delivery traded little changed by 1025 GMT at $50.59 and $47.93 respectively. Brent ended the last session $1.75, or 3.6 percent, higher while U.S crude ...

Markets - Energy - Middle East & Africa

Kuwait oil minister says believes oil prices have bottomed out RIYADH: Kuwait's oil minister said on Wednesday he believed oil prices had bottomed out.Asked whether he agreed with recent remarks by Qatar's energy minister that oil prices had bottomed, Ali al-Omair told reporters on the sidelines of a carbon conference in Riyadh:"Yes I agree with him, because now for two to three months, the prices don't go down. So maybe yes, they are at the bottom." As he spoke, Brent oil was trading around $50.70 ...