07292016Fri
Last update: Fri, 29 Jul 2016 05am

Markets - Energy

Markets - Energy - Europe

Oil prices rebound on US data LONDON: Oil prices on Wednesday recovered from two-month lows, as traders reacted to a drop in crude inventories in the United States.The US Department of Energy reported that crude stockpiles dropped by 2.3 million barrels last week, offsetting a surprise rise in gasoline inventories during the peak demand season for American motor fuel.Around 1630 GMT, Brent North Sea crude for delivery in September was up 67 cents at $47.33 a barrel.US benchmark West Texas Intermediate for September rose 41 cents to $45.86 compared with Tuesday's close. Earlier Wednesday and ahead of the data, WTI struck a 2.5-month low point at $43.69 a barrel.Prices had been hit by renewed strength in the dollar -- making the commodity more expensive for buyers holding weaker currencies.US oil prices already hit two-month lows Tuesday after the International Monetary Fund lowered its global growth forecasts, citing the impact of Britain's vote to leave the European ...

Markets - Energy - Americas

US crude hits 2-month low ahead of US inventory data NEW YORK: US crude oil futures hit 2-month lows on Wednesday on technical selling pressure and liquidation by investors fearing a supply glut despite impending government crude inventory data likely to show a drawdown.The front-month August contract for U.S. crude's West Texas Intermediate (WTI) futures was down 80 cents, or 1.8 percent, at $43.85 a barrel by 9:18 a.m. EDT (1318 GMT).The session low for the contract, which will expire after Wednesday's settlement, was $43.69. ...

Markets - Energy - Europe

Brent oil edges up in subdued trade before US stocks data LONDON: Brent oil prices edged higher on Wednesday in muted trading as investors awaited a clearer signal from weekly U.S. crude inventory data on whether a glut was easing in the world's largest oil-consuming nation.Global benchmark Brent crude prices were up 5 cents at $46.71 a barrel at 1225 GMT. On Tuesday, the contract settled down 30 cents, or 0.6 percent.In thin trading, U.S. West Texas Intermediate (WTI) crude was down 13 cents at $44.52 ...

Markets - Energy - Europe

Angola's LNG export plant shuts down for planned testing MILAN: Angola's liquefied natural gas (LNG) export facility has been shut down until mid- to late-August for a planned phase of testing and maintenance before ramping back up to full capacity, trade sources said. Angola's recently refurbished plant reopened in early June after it was shut down in April 2014 to fix design flaws.Since then it has exported four cargoes, while traders had expected it to pump out six to nine shipments before shutting down ...

Markets - Energy - Americas

Oil down, glut eyed as markets await US govt inventory report NEW YORK: Oil prices fell as much 1 percent for a second day in a row on Tuesday as a rallying dollar and a global fuel glut offset forecasts for lower US crude stockpiles that typically would have been bullish for the market. US crude stockpiles fell by 2.3 million barrels last week, trade group American Petroleum Institute (API) reported. That was just above a 2.1 million-barrels draw forecast in a Reuters poll. The US ...

Markets - Energy - Europe

Oil market extends losses LONDON: World oil prices pulled back Monday as the global glut returned to focus as worries eased about the effects of Turkey's failed coup on shipments.At about 1030 GMT, Brent North Sea crude for delivery in September was down 24 cents at $46.72 a barrel.US benchmark West Texas Intermediate for August shed 24 cents to $45.71 a barrel compared with Monday's close."The withdrawal of financial investors and an oversupply of oil products are putting prices ...

Markets - Energy - Americas

Oil market drifts lower as Turkey worries subside NEW YORK: World oil prices fell Monday on fading market jitters following the failed coup in Turkey over the weekend.In London Brent North Sea crude for September delivery finished off 65 cents at $46.96 a barrel.In New York trade, US benchmark West Texas Intermediate for delivery in August shed 71 cents from Friday at $45.24 a barrel."Brent climbed... late on Friday following the military coup in Turkey," said Commerzbank analyst Carsten Fritsch."Prices shed their gains ...