02072016Sun
Last update: Sun, 07 Feb 2016 04am

Markets - Energy

Markets - Energy - Americas

Oil market ends turbulent month with tick higher NEW YORK: The oil market scored modest gains Friday, ending a turbulent January that drove prices sharply lower amid worries about the global crude oversupply.Speculation that Russia and the Organization of the Petroleum Exporting Countries will meet to discuss oil output cuts to push up prices supported sentiment for a second day, analysts said.US benchmark West Texas Intermediate for delivery in March rose 40 cents to $33.62 a barrel on the New York Mercantile Exchange, after advancing almost $3 over the three prior trading sessions.In London, Brent North Sea for March finished at $34.74, adding 85 cents from Thursday's settlement and about $2.50 over the week.The oil market managed a second straight week of advances after having sunk to 12-year lows early this month.Despite those gains, WTI finished the month down about nine percent and Brent nearly seven percent.Mike Lynch of Strategic Energy and Economic Research said there was "no ...

Markets - Energy - Americas

Venezuela oil minister to visit Russia on foreign tour CARACAS: Venezuelan Oil Minister Eulogio del Pino will visit Russia on a tour beginning on Saturday of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices, the government said."We will go to Russia, a non-OPEC country where we will discuss proposals to stabilize crude," said del Pino, who is also head of state oil company PDVSA, according to a tweet from the Oil Ministry.The Organization of ...

Markets - Energy - Americas

Alberta oil royalty review holds most rates steady; industry relieved CALGARY: Alberta's left-leaning government unveiled a new energy royalty framework on Friday that left rates unchanged on existing oil wells and oil sands projects, alleviating fears that costs would rise to punishing levels amid the worst crude price slump in decades.The western Canadian province, home to huge oil sands deposits, along with conventional and unconventional oil and natural gas, said the new framework would take effect in 2017, with existing royalty rates remaining in place ...

Markets - Energy - Americas

Oil market set for more volatility after turbulent week LONDON: World oil prices swung between sharp gains and losses this week as possible efforts to finally tackle a supply glut were offset by lingering concerns over weak global economic growth."This week's big story (for commodities) has, of course, been the rebound in oil prices on unconfirmed reports that Russia and OPEC may finally be willing to agree coordinated cuts in output," Capital Economics analyst Caroline Bain said on Friday. "We are sceptical that anything ...

Markets - Energy - Asia

Plunging China stocks see cruellest month since 2008 SHANGHAI: Chinese stocks slumped an astonishing 23 percent in January, their worst month since the depths of the global financial crisis in 2008 and making the Shanghai exchange the world's worst-performing major market.The confirmation of a multi-decade low in Chinese growth, questions over the government's ability to stave off a "hard landing" and capital flight have set a negative tone at the beginning of the year, analysts said.The Shanghai Composite Index closed at 2,737.60 on ...

Markets - Energy - Europe

Oil rises towards $34 on chance of production cut LONDON: Oil rose towards $34 per barrel on Thursday, hitting a three-week high and bouncing well off a 12-year low set this month, supported by the possibility that major producers may cooperate to cut production.Russian Energy Minister Alexander Novak said on Thursday that it was reasonable to discuss the situation on the oil market and that exporters group OPEC was trying to organise a meeting with other producers next month.Members of the Organization of the ...

Markets - Energy - Americas

Oil soars towards $34 on possible production cuts NEW YORK: Oil soared on Thursday after a Russian official said Saudi Arabia had proposed that oil-producing countries cut output by up to 5 percent each amid a massive supply glut in the world market that has depressed prices for a year and a half.The comments initially sent Brent crude up more than 8 percent to almost $36 a barrel and U.S. crude up nearly 8 percent, cresting just below $35.The price gains later moderated ...