Markets - Energy
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NEW YORK: Brent crude oil closed up for the first time in four sessions on Wednesday, spurred by a rally in US stocks, but copper and gold extended their losses as the dollar's strength continued to weigh on various commodities priced in the currency.Raw sugar plumbed lows unseen in nearly three years while arabica coffee fell to a one-week low as traders feared more production in the two crops due to improving weather in top grower Brazil.In wheat, futures hit a two-week low in reaction to the stronger dollar, technical selling and lackluster exports. Soybean and corn prices fell too.The broad decline caused the 19-commodity Thomson Reuters-Jefferies CRB index to close down nearly half a percent for a second straight session. Fifteen of the CRB's 19 components ended in the red, with natural gas and gasoline bucking the trend by rising about 1 percent each.The dollar hit a six-week high ...
NEW YORK: US spot natural gas prices rose for a second straight day on Wednesday, boosted by warmer weather on tap for much of the nation after a cool start to the week in the Northeast.The Weather Channel's weather.com said temperatures in the Northeast would be much warmer on Thursday, climbing into the 80s and even 90s Fahrenheit (high 20s to 30s Celsius) in some mid-Atlantic regions, a far cry from frost conditions that hit ...
NEW YORK: Brent crude oil prices rose by more than $1 on Wednesday, reversing early losses to settle above $103 a barrel and increasing its premium over US crude to the largest in 13 sessions.The gain came as US equity markets rallied to record highs and signs of deadlock on nuclear talks with Iran lent support to the global oil benchmark.Data showing the euro zone was in its longest recession ever and an increase in ...
MILAN: Italian refiner Saras and Russian partner Rosneft are eying the petrol station network that oil major Royal Dutch Shell is mulling selling in Italy, a Saras executive said on Wednesday."I think they (Rosneft) are probably going to take a look and we hope to be able to cooperate with them," Saras Managing Director Dario Scaffardi said in a conference call after the company reported core earnings of 48.2 million euros ($62.56 million) in the ...
LONDON: Global oil prices slid on Wednesday as traders awaited the latest inventories report from leading world consumer the United States.In London early afternoon deals, Brent North Sea crude for delivery in June dipped 32 cents to $102.28 a barrel.New York's main contract, West Texas Intermediate (WTI) or light sweet crude for June, shed $1.19 to $93.02 a barrel.The US government's Energy Information Administration (EIA) will later publish its weekly snapshot of crude stockpiles.The oil ...
SEOUL: South Korea said it will scrap a diesel and gasoline import incentive from July as local refiners plan to join the online Korea Exchange trade for the oil products to recapture market share lost to cheaper foreign suppliers.Diesel and gasoline imported for trade on the online Korea Exchange is exempt from a 3 percent tariff, making it competitive with local supplies. South Korea's energy ministry said in a statement on Wednesday that this tax ...More Articles...
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