12042016Sun
Last update: Sun, 04 Dec 2016 02am

Markets - Energy

Markets - Energy - Europe

Oil prices rise to highest this month on hopes of OPEC deal LONDON: Oil prices rose on Tuesday to their highest this month as a growing consensus emerged in the market that OPEC would overcome internal disputes and scepticism to strike a deal that materially reduces crude output. Some warned a failure by the Organization of the Petroleum Exporting Countries to reach agreement at a Nov. 30 meeting, or, more importantly to implement it, would send prices crashing as a two-year glut of crude remained unabated.Many in the market think OPEC would harm its reputation if a deal were not struck and so focus has shifted to which countries would bear the brunt of the cuts, when exactly the global market could become balanced and how the cartel could raise prices without triggering a burst in US shale oil output. Brent crude oil futures were up 22 cents a barrel at $49.12 by 1212 GMT, having earlier risen $1 in a push ...

Markets - Energy - Asia

Oil prices hit highest since October on hopes of OPEC-led output cut SINGAPORE: Oil prices rose to their highest level since late October on Tuesday as the market priced in an expected output cut led by producer cartel OPEC, but analysts warned that a failure to agree a cut could lead to a depening supply glut by early 2017.International Brent crude oil futures rose as high as $49.63 a barrel on Tuesday, up 1.5 percent from the last settlement and the highest since Oct. 31. Brent was ...

Markets - Energy - Asia

Kashagan oil field starts commercial output ASTANA: The Kashagan oil field has started commercial output, Kazakhstan's energy minister said on Monday, marking a milestone for $55 billion project which is more than a decade behind its original production plan.The offshore field in the Caspian Sea has produced about 0.5 million tonnes (3.8 million barrels) of oil since test pumping began on Sept. 28, Kanat Bozumbayev told parliament, and daily output has exceeded 75,000 barrels since Nov. 1.Kashagan has recoverable oil reserves ...

Markets - Energy - Asia

Oil prices climb on expectation of OPEC-led production cut SINGAPORE: Oil prices rose around 1 percent on Monday as OPEC moved closer to an output cut to rein in oversupply that has pressured prices for over two years.Brent crude futures were trading at $47.31 per barrel at 0743 GMT, up 65 cents, or 0.96 percent, from their last settlement.U.S. West Texas Intermediate (WTI) was up 0.9 percent, or 41 cents, at $46.10 a barrel.Traders said that markets were being supported by advancing plans by ...

Markets - Energy - Asia

Oil may rise to $55 if all producers cooperate DUBAI: Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. "We are receiving positive signals that increase the likelihood of agreement at the meeting ... and I'm optimistic about the situation," Zanganeh told state television by telephone, after meeting OPEC Secretary-General Mohammed Barkindo in Tehran ahead of the Nov. 30 meeting."I ...

Markets - Energy - Asia

Asia Fuel Oil-180-cst complex strengthens on ample high-vis supplies SINGAPORE: Asia's benchmark 180-cst fuel oil complex strengthened on Friday after a wave of high viscosity fuel oil arriving in Singapore stoked concerns of cutter stock availability, industry sources said."There's lots of high-vis fuel around which needs to be blended," said a Singapore-based fuel oil trader adding that cutter stocks, including the 180-cst fuel oil, were in relatively narrow supplies.The December visco-spread rose 50 cents a tonne on Friday to $8.50 a tonne. The front ...

Markets - Energy - Europe

Oil set for first weekly gain in five on OPEC deal optimism LONDON: Brent crude oil prices were headed for their first weekly gain in five on Friday buoyed by renewed hopes that OPEC might agree production cuts, but a stronger US dollar capped gains.Brent crude oil futures were flat at $46.49 per barrel at 1101 GMT. US West Texas Intermediate (WTI) crude oil futures were down 7 cents at $45.35 a barrel and were on track for a their first weekly gain in four. OPEC member ...