08302016Tue
Last update: Tue, 30 Aug 2016 07pm

Markets - Energy

Markets - Energy - Europe

Oil prices drop as market tracks US supplies LONDON: Oil prices fell Wednesday, with Brent stuck below $50, after data showed an increase in US crude stockpiles, adding to supply glut concerns.Data from the American Petroleum Institute (API) Tuesday showed US crude inventories rose by 4.5 million barrels last week.Rising stocks indicate weaker demand in the world's top oil consuming nation and add to worries about a global crude supply glut.A similar decline when the US energy department releases official data on commercial crude inventories on Wednesday could see WTI "pull back to the $45 handle", said IG Markets analyst Angus Nicholson.Around 1115 GMT, US benchmark West Texas Intermediate (WTI) for delivery in October was down 84 cents at $47.26 a barrel.Brent North Sea crude for October delivery dropped 51 cents to $49.45 a barrel compared with the close on Tuesday.Oil prices had jumped Tuesday on a report that Iran could support an effort by OPEC and Russia ...

Markets - Energy - Europe

Oil falls on surprise build in US crude stocks LONDON: Oil prices fell on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.Global benchmark Brent crude was down 52 cents, or one percent, at $49.44 a barrel at 1010 GMT, after touching an intraday low of $49.07.U.S. West Texas Intermediate (WTI) crude was down 80 cents, or 1.7 percent, at $47.30 a barrel. Earlier in the session, the ...

Markets - Energy - Europe

US oil falls 2pc on surprise build in crude stocks LONDON: US oil prices fell more than 2 percent on Wednesday on an unexpected increase in US crude stocks that revived worries about the supply glut that has capped prices for the past two years.Industry data from the American Petroleum Institute (API) showed on Tuesday that US crude inventories had risen by 4.5 million barrels in the week ending Aug. 19.Analysts had expected a 455,000-barrel fall.This pushed US West Texas Intermediate (WTI) crude down more ...

Markets - Energy - Asia

Oil prices down in Asia, Brent stays below $50 SINGAPORE: Oil fell in Asia on Wednesday after industry data showing an increase in US crude stocks added to oversupply worries and traders took advantage of a recent rally to book profits.Prices had closed higher Tuesday on news that Iran was willing to join calls by OPEC and Russia for production curbs after scuttling previous efforts to reach a deal in April.But the gains were reversed in Asian trade after data from the American Petroleum ...

Markets - Energy - Americas

Oil prices jump on report Iran could support OPEC limits NEW YORK: Oil prices jumped on Tuesday after a new report that Iran could support an effort by OPEC and Russia to freeze production and firm up prices.The Reuters report, citing unnamed sources, said Tehran is sending "positive signals" that it might give its support to that effort, after having refused earlier this year to curb its own output to support the market.The news reversed an earlier fall in prices that was being driven by ...

Markets - Energy - Europe

W. Africa Crude-Angolan strong, Nigerian programmes trickle out LONDON: Angolan crude differentials stayed firm on Tuesday, supported by a combination of Chinese demand, tighter supplies and cheap freight. More Nigerian loading programmes appeared for October. Output could rise if a ceasefire promised by Nigerian rebels, who have claimed attacks on oil sites, holds. ANGOLADifferentials for October-loading barrels, in early trades, have been higher than those achieved by September cargoes. Sellers are asking dated Brent minus $1.70 for Hungo and the same for Pazflor, ...

Markets - Energy - Middle East & Africa

Egypt plans to end fuel subsidies within three years CAIRO: Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65 percent of their actual cost during the 2016/17 fiscal year, two government sources told Reuters on Tuesday. Struggling to revive its economy after an uprising in 2011 shook investor confidence and drove tourists and foreign investors away, Egypt has been trying to cut spending on subsidies because they eat into its state budget.Egypt has reached a ...