02142016Sun
Last update: Sun, 14 Feb 2016 04am

Markets - Energy

Markets - Energy - Asia

Oil prices extend losses in Asia SINGAPORE: World oil prices extended losses in Asia Tuesday on weak economic data from top energy consumer China and realisation that a hoped for deal among producers to cut output would not happen.Prices had been given a boost late last month by speculation that Russia and members of the Organization of the Petroleum Exporting Countries would reach agreement to slash output in the oversupplied petroleum market.But the upward momentum hit a snag after traders became increasingly sceptical about such a deal, and the latest news that manufacturing activity in China contracted at its fastest pace in more than three years in January dealt a further blow to sentiment.US benchmark West Texas Intermediate for delivery in March was down 50 cents, or 1.58 percent, at $31.12 and Brent crude for April dipped 45 cents, or 1.31 percent, to $33.79 a barrel by 0320 GMT. Both contracts settled lower on Monday.The rise ...

Markets - Energy - Americas

Oil drops 6pc on China data, slim chances of OPEC deal NEW YORK: US crude oil prices fell 6 percent on Monday as weak economic data from China, the world's largest energy consumer, reversed a four-day rally from last week and an OPEC source undermined chances of an emergency meeting to stem the decline.China's manufacturing sector contracted at the fastest pace since 2012 in January, adding to worries about demand from the world's second-biggest economy at a time when the market is already weighed down by ...

Markets - Energy - Americas

Oil sinks, pressured by China, OPEC and warmer US weather NEW YORK: US crude oil prices slid as much as 7 percent on Monday, pressured by weak economic data from China, a U.S. forecast for mild weather and growing doubts that OPEC and non-OPEC producers would come together to reduce the swelling global supply glut.Chinese manufacturing contracted in January at the fastest pace since 2012, adding to worries about energy demand from the world's largest energy consumer."China is the last standing consumer of oil outside ...

Markets - Energy - Europe

Oil prices slide as output cut hopes fade LONDON: Oil prices slumped Monday as traders took profits on receding prospects of an imminent cut to the global supply glut.Prices hit three-week highs earlier Monday, building on last week's strong gains driven by dollar weakness and after Russia said it could meet the OPEC producers' group for talks on possible output cuts.But they sharply reversed direction as analysts further doubted a looming reduction in the amount of oil being pumped out by leading producers.Around ...

Markets - Energy - Middle East & Africa

Gas from Israel's Leviathan could reach markets by late 2019 TEL AVIV: Partners in Israel's Leviathan natural gas field should reach a final investment decision by the end of 2016 if government and regulatory approvals are granted as hoped, an official of the companies involved said.That would enable the first gas from the field to reach markets by the last quarter of 2019, Bini Zomer, the Israel country manager for Noble Energy, said on Sunday.Holding estimated reserves of 622 billion cubic meters off Israel's Mediterranean ...

Markets - Energy - Americas

Oil market ends turbulent month with tick higher NEW YORK: The oil market scored modest gains Friday, ending a turbulent January that drove prices sharply lower amid worries about the global crude oversupply.Speculation that Russia and the Organization of the Petroleum Exporting Countries will meet to discuss oil output cuts to push up prices supported sentiment for a second day, analysts said.US benchmark West Texas Intermediate for delivery in March rose 40 cents to $33.62 a barrel on the New York Mercantile Exchange, ...

Markets - Energy - Americas

Venezuela oil minister to visit Russia on foreign tour CARACAS: Venezuelan Oil Minister Eulogio del Pino will visit Russia on a tour beginning on Saturday of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices, the government said."We will go to Russia, a non-OPEC country where we will discuss proposals to stabilize crude," said del Pino, who is also head of state oil company PDVSA, according to a tweet from the Oil Ministry.The Organization of ...