Markets - Energy
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SINGAPORE: Oil prices were lower in Asian trade Monday after OPEC kept its output ceiling unchanged and voiced concerns over weak global economic growth dragging crude demand.New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in July, was down 29 cents to $91.68 a barrel in the afternoon and Brent North Sea crude for July delivery shed 29 cents to $100.10."It is obvious that the OPEC announcement over the weekend has had a negative impact on oil prices," Jason Hughes, head of sales trading in CMC Markets, told AFP."The OPEC decision will have a greater downside on Brent than on the WTI in the US because of the supply glut there," he added.The Organization of Petroleum Exporting Countries (OPEC), which pumps about 35 percent of global oil supplies, on Friday said it would leave the output ceiling at 30 million barrels per day (mbpd), where it ...
SINGAPORE: Brent futures slipped below $100 a barrel for the first time in a month on demand growth concerns after factory activity data from China pointed to momentum slowing in the world's second-biggest oil consumer.The HSBC/Markit Purchasing Managers' Index (PMI) for China fell to 49.2 in May, shrinking for the first time in seven months as both domestic and external demand softened.The decline led oil to extend Friday's losses, when it came under pressure from ...
SHANGHAI: Explosions at a PetroChina refinery in northeastern China has left two people injured and another two missing, the official Xinhua news agency said on Sunday.The blasts occurred when two tanks containing residual diesel oil exploded on Sunday afternoon at the PetroChina Dalian refinery, Xinhua said. The refinery belongs to Dalian Petrochemical Corp, a unit of PetroChina.The injured were rushed to hospital for treatment and the fire was put out by the late afternoon, Xinhua ...
NEW YORK: US natural gas futures prices seesawed on either side of unchanged territory early Friday, with near-term heat blanketing consuming regions in the Northeast expected to limit more losses.Traders said the first real stretch of above-normal temperatures in the Northeast this spring has spurred early season cooling demand and served as a reminder that summer weather would arrive soon.As of 9:42 a.m. EDT (1342 GMT), front-month July natural gas futures on the New York ...
LONDON: World oil prices dropped on Friday as traders awaited the outcome of an OPEC output meeting.Brent North Sea crude for delivery in July fell 50 cents to stand at $101.69 a barrel in London midday trading.New York's main contract, light sweet crude for July decreased 53 cents to $93.08 a barrel.OPEC ministers said on Friday said that they expected to keep oil output levels unchanged at a meeting in the cartel's Vienna headquarters, despite ...
VIENNA: OPEC has agreed to maintain its collective output ceiling at 30 million barrels per day, Venezuelan Energy Minister Rafael Ramirez said after the conclusion of a key meeting in Vienna."Everybody has agreed to maintain the level of production and we are monitoring the market," Ramirez told reporters. The decision was in line with market expectations.Copyright AFP (Agence France-Presse), 2013 
MADRID: Spanish oil major Repsol wants to be paid for the loss of its YPF business in Argentina rather than accepting assets as compensation, Chairman Antonio Brufau told shareholders on Friday.Brufau said he was willing to negotiate with Argentina over the expropriation of its stake in YPF last year but that any agreement is still "very, very far away".Argentina is short on cash, making it difficult to pay Repsol the $10.5 billion at which YPF ...More Articles...
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