04292016Fri
Last update: Fri, 29 Apr 2016 04am

Markets - Energy

Markets - Energy - Europe

Oil extends rebound as Kuwait strike enters third day LONDON: Oil prices recovered further on Tuesday as a strike by Kuwaiti petroleum workers entered its third day, outweighing disappointment over the failure of weekend talks to freeze output.Prices had plunged early Monday soon after news that Sunday's long-awaited meeting of major producers in Doha had collapsed, fanning worries about a persistent global oversupply.However, the losses were pared through the day on news that thousands of workers in the Kuwaiti oil sector had started industrial action over planned wage cuts.Just before 1100 GMT on Tuesday, US benchmark West Texas Intermediate for delivery in May rose 62 cents to $40.40 per barrel.European benchmark Brent crude for June delivery won 75 cents to $43.66.Kuwait -- the fourth largest producer in the OPEC exporters' cartel -- revealed on Tuesday that it had managed to restore some affected production at its state oil firm.Kuwait Petroleum Corp's spokesman Sheikh Talal Khaled Al-Sabah said output was ...

Markets - Energy - Middle East & Africa

Iran's oil output to reach pre-sanctions level by June, official says DUBAI: Iran's crude oil production will reach pre-sanctions levels within two months, a deputy oil minister was quoted as saying on Tuesday, a signal the OPEC member might be willing to discuss an output freeze by the time when the exporting group meets next.Talks between OPEC and non-OPEC producers to freeze production unexpectedly broke down on Sunday when Saudi Arabia insisted that all OPEC members, including Iran, and non-OPEC oil exporters should join in the ...

Markets - Energy - Europe

Oil rises as Kuwaiti oil workers strike cuts output for third day LONDON: Oil rose around two percent on Tuesday as a strike by oil workers in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following Sunday's failure by producers to agree to freeze output levels.Thousands of Kuwaiti oil workers downed tools for a third day on Tuesday to protest against planned public sector pay reform, cutting crude output to 1.5 million barrels per day (bpd), according to an oil spokesman cited by ...

Markets - Energy - Asia

Asia-Pacific Crude-June ESPO premium hits six-month low SINGAPORE: Russian crude premiums remained weak in Asia after Surgutneftegaz sold two June-loading cargoes at the lowest premiums in about six months as unsold supplies from the previous month weighed on the market, trade sources said on Tuesday.For loading mostly in June, Surgut has sold two 730,000-barrel cargoes at $2-$2.20 a barrel above June Dubai quotes to Unipec, the sources said. The cargoes will load between May 31 and June 5, and between June 3 ...

Markets - Energy - Asia

Oil prices dip as freeze talks failure trumps Kuwait strike SINGAPORE: Oil prices extended their losses on Tuesday as disappointment over the failure of talks to freeze output outweighed the possible impact of a strike by oil workers in key producer Kuwait.Prices had plunged early Monday soon after news that the long-awaited meeting of major producers in Doha had collapsed, fanning worries about a persistent global oversupply.However, the losses were pared through the day on news that thousands of workers in the Kuwaiti oil sector ...

Markets - Energy - Americas

Oil falls after Qatar meeting disappoints; stocks up NEW YORK: Oil prices slumped on Monday after producers failed to agree on a plan to curb global supply at a meeting in Qatar, while world stock markets edged higher.Wall Street and European stocks rebounded modestly after earlier losses spurred by the failure of major oil-producing nations to agree on an output freeze in an oversupplied world market.Health care shares led the advance on the U.S. benchmark S&P 500 index, while shares of International Business ...

Markets - Energy - Americas

Oil steadies as Kuwait strike offsets scuttled output freeze NEW YORK: Oil prices steadied on Monday after a Kuwaiti workers' strike that slashed more than half the country's oil output offset worries about a scuttled major producers' freeze plan that sent the market tumbling earlier.The strike cut more than 60 percent Kuwait's crude output, lending support to price benchmarks such as Brent and Dubai, and tightened refined product supplies as the country scales back refinery runs and fuel exports.Brent had tumbled as much as ...