08302016Tue
Last update: Tue, 30 Aug 2016 12pm

Markets - Energy

Markets - Energy - Europe

Brent slides under $50 as supply glut woes resurface LONDON: World oil prices slid Monday on resurfacing supply glut concerns, slamming the brakes on last week's rally. By 1200 GMT, Brent North Sea crude for delivery in October had slumped $1.45 compared with Friday's close to trade at $49.43 a barrel.US benchmark West Texas Intermediate for September delivery shed $1.26 to $47.26 a barrel."The oil market is on course for its biggest daily loss in over a month," oil brokers PVM said in client note."Adding to global oil product glut woes are figures showing that Chinese exports of gasoline and diesel surged in July from a year ago," it said, adding that reports that Iraq will resume crude oil exports from its northern fields heaped further pressure on prices.In addition, a rebel group in Nigeria has announced a conditional ceasefire and agreed to hold talks with the country's government following months of attacks on key oil and gas facilities.In ...

Markets - Energy - Europe

Oil falls as China fuel exports jump, U.S. rigs rise LONDON: Oil prices fell nearly 3 percent on Monday as China ramped up exports of refined products, U.S. oil producers added rigs for an eighth consecutive week, and prospects emerged for increased exports from Iraq and Nigeria.Brent crude futures were trading at $49.39 per barrel at 1028 GMT, down $1.49 from their last close.U.S. West Texas Intermediate (WTI) crude was down $1.27 at $47.25 a barrel.China's July exports of diesel and gasoline soared by 181.8 ...

Markets - Energy - Asia

Oil down in Asia on Iraq export boost, stronger dollar SINGAPORE: Oil prices eased in Asia Monday, ending a seven-day run, following news that Iraq will boost crude exports, while the dollar strengthened on speculation the Federal Reserve could hike interest rates this year.The commodity entered a bull market last week -- after rising more than 20 percent from recent lows below $40 a barrel -- on hopes producers will take action to ease the supply glut.But gains were chipped in Asia after Bloomberg News ...

Markets - Energy - Europe

W. Africa Crude-Angolan offers underpinned LONDON: Brent crude oil was on track for a third weekly gain, trading above $50 per barrel, though it fell back from an eight-week high reached in early Friday trading. Nigeria increased its official selling prices on Thursday, setting Bonny at a premium of $1.08 per barrel and Qua Iboe at $1.35 per barrel, compared with 50 cent and $1.09 premiums in August, respectively. Iraq plans to double the volume of crude it pumps via ...

Markets - Energy - Asia

Brent holds firmly above $50 as oil returns to bull market SINGAPORE: Brent crude held firmly above $50 a barrel in Asian trade Friday as a bullish momentum continued, fuelled by hopes of an output freeze by key producers and data showing robust US demand.Prices have roared back to enter a bull market, rallying more than 20 percent from lows seen earlier this month when they pushed below $40 a barrel for the first time since April.Members of the Organization of the Petroleum Exporting Countries and ...

Markets - Energy - Americas

Oil rally continues as Brent tops $50/barrel NEW YORK: Oil prices continued to rally Thursday with Brent oil topping $50 a barrel following data showing lower US crude stockpiles.Brent North Sea crude for delivery in October rose $1.04 to $50.89 a barrel in London, its first close above $50 in nearly two months.US benchmark West Texas Intermediate for September delivery gained $1.43 to $48.22 a barrel on the New York Mercantile Exchange.Thursday's gains continued the upward trend in place for most of ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline cracks gain after large ARA, US draws LONDON: Gasoline refining margins in northwest Europe rose on Thursday after a 9 percent draw in ARA stocks that followed a large US draw boosted expectations that a recent glut was subsiding. ARA gasoline stocks independently held in the Amsterdam-Rotterdam-Antwerp dropped by 9 percent in the week to Thursday, Dutch consultancy PJK International said. This was the fourth consecutive week of stocks declines in the region, a result of continued exports and lower gasoline output ...