08252016Thu
Last update: Thu, 25 Aug 2016 12am

Markets - Energy

Markets - Energy - Europe

W. Africa Crude-Angola's Oct exports to drop, IOC tenders to buy LONDON: Angola's oil exports are set to hit a 10-year low of 1.43 million barrels per day (bpd) in October, according to a provisional loading programme and Reuters data, as Dalia cargoes were missing due to planned maintenance. Nigeria's Energy Minister Emmanuel Ibe Kachikwu said in an interview published on his Twitter account that oil production had averaged at around 1.5 million barrels per day (bpd) in 2016, the government was putting "a lot of energy" into talks with militants who have attacked its energy infrastructure. Brent's premium over US crude for December delivery widened by the most in eight months on Monday as traders anticipated a pick up in imports later this year due to the start of a major US crude pipeline. The widening, driven in part by expectations that East and West Coast refiners would import more barrels from overseas later this year, could in the near ...

Markets - Energy - Americas

Oil at 5-week high as OPEC sources, Russia, talk of cooperation NEW YORK: Crude futures hit five-week highs for a second straight day on Tuesday as sources at OPEC spoke of Saudi Arabia's apparent desire for higher oil prices while Russia met the producer group to discuss the market. Focus on production losses in Nigeria, where more than 700,000 barrels per day (bpd) have been lost to militant attacks and pipeline problems, also supported crude prices. The Organization of the Petroleum Exporting Countries will probably revive ...

Markets - Energy - Middle East & Africa

Ghana's GNPC says prepared to sell oil from new field to local refinery ACCRA: State-owned Ghana National Petroleum Corporation (GNPC) is prepared to sell crude from the new TEN field to the country's sole oil refinery in a bid to boost national supply, its chief executive Alex Mould told Reuters on Tuesday. Ghana holds a 20 percent stake in the Tweneboa, Enyenra and Ntomme offshore field, which is due to produce its first oil on Thursday and aims for average production of 80,000 barrels per day. Copyright Reuters, ...

Markets - Energy - Europe

Oil prices extend gains LONDON: Oil prices rose Tuesday extending the previous session's gains, as markets assess the likelihood of producers reaching a deal to limit output.Around 1230 GMT, Brent North Sea crude for delivery in October was up 33 cents at $48.68 a barrel.US benchmark West Texas Intermediate for September delivery gained 28 cents to $46.02 compared with Monday's close.Traders are speculating on whether Saudi Arabia and other major oil producing nations will reach an agreement at a ...

Markets - Energy - Europe

Oil trades at fresh August high on hopes producer action LONDON: Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market.Oil production losses in Nigeria, where more than 700,000 barrels per day (bpd) was missing due to militant attacks and pipeline problems, were also helping to support prices in the Atlantic Basin.Brent crude futures hit a high of $48.74 per barrel, their highest since July 7, in morning ...

Markets - Energy - Asia

Oil halts rally as market weighs chance of output freeze SINGAPORE: Oil prices eased in Asia trade Tuesday but held above $45 a barrel as the market weighed the possibility of major producers reaching an agreement to freeze output during a meeting next month.Members of the Organization of Petroleum Exporting Countries (OPEC) as well as non-members are scheduled to meet informally in Algeria in September, and Saudi Arabia's oil minister Khalid al-Falih has hinted that discussions could include actions to stabilise prices.His remarks last week ...

Markets - Energy - Americas

Oil extends rally to 5-week highs on talk of producer action NEW YORK: Oil prices hit five-week highs on Monday, gaining about 10 percent in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm Genscape estimating a draw of more than 350,000 barrels at the Cushing, Oklahoma delivery point for US crude futures last week added to the bullish sentiment, said traders who saw the data. Brent crude rose $1.08, or 2.3 percent, ...