05012016Sun
Last update: Sun, 01 May 2016 01am

Markets - Energy

Markets - Energy - Asia

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Oil prices rise in Asia as output meeting approaches SINGAPORE: Oil prices bounced Friday, with Brent climbing back above $40, as the market digested falling US output ahead of a producers' meeting this month to discuss a proposed output freeze.US production fell for the 10th time in 11 weeks, to 9.0 million barrels per day in the week through April 1, the lowest level since November 2014, according to data from the US Energy Information Administration.Commercial crude stockpiles in the world's top oil consumer also dropped, indicating stronger demand.At around 0420 GMT, US benchmark West Texas Intermediate for May delivery climbed 76 cents, or 2.04 percent, to $38.02 and Brent crude for June was up 62 cents, or 1.57 percent, at $40.05.Prices retreated Thursday following a five percent rally on Wednesday in reaction to the decline in US crude inventories.But traders are setting their sights on the April 17 meeting in Doha among crude producers led by Russia and ...

Markets - Energy - Europe

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Shell's top Brent trader leaving job LONDON: The head of European oil trading at Royal Dutch Shell, Stany Schrans, will leave his position later this year to become an adviser to the company, industry sources told Reuters. Shell declined to comment. Bloomberg was first to report the departure.The sources said Schrans, who has worked for Shell for more than 15 years, was leaving due to personal reasons. Shell has one of the biggest oil trading desks in the world and is ...

Markets - Energy - Europe

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Oil dip after bumper gains LONDON: World oil prices nudged lower Thursday after rallying sharply the previous day following the first drop in US inventories for seven weeks.Around 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May slid four cents to $37.71 a barrel.Brent North Sea crude for June delivery shed five cents to $39.79 a barrel compared with Wednesday's close.Prices had rallied Wednesday after the US government's Energy Information Administraion (EIA) reported that commercial crude inventories ...

Markets - Energy - Middle East & Africa

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Iraq to lower oil price forecast to $32 a barrel in 2016 budget BAGHDAD: Iraq plans to lower the oil price forecast in its 2016 budget to about $32 a barrel from $45, widening its fiscal deficit by several billion dollars, the International Monetary Fund (IMF) and a senior government official told Reuters.The new price estimate is based on the continued low level of global oil prices in recent months, said Marwa al-Nasaa, Amman-based IMF resident representative for Iraq."We're setting it closer to $30 based on the climate ...

Markets - Energy - Asia

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Asia-Pacific Crude-Under pressure as China demand weakens  SINGAPORE: Asia-Pacific crude stayed under pressure on Thursday as sellers were still trying to offload unsold May-loading cargoes in the market hit by weak demand from China.High oil inventories and a tanker logjam at Shandong's key port Qingdao have curbed independent Chinese refiners' demand for crude.Grades from Malaysia, Australia, Vietnam and Russia were still available for loading in May even as most buyers are shifting their focus to cargoes to be lifted in June.BHP has ...

Markets - Energy - Europe

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Oil steady as Iraqi exports up, offsetting US inventories drop LONDON: Oil steadied at around $40 per barrel on Thursday as a surprise fall in U.S. inventories the previous day was offset by an increase in exports from Iraq, underlining global oversupply.Brent futures were at $39.87 at 1009 GMT, up 3 cents from the last close.U.S. crude futures were at $37.79 per barrel, up 4 cents from their last close.Oil exports from Iraq's southern ports have risen to an average of 3.494 million barrels per ...

Markets - Energy - Asia

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China urges power firms to sign long term contracts with coal miners SHANGHAI: China has asked state-owned power plants to negotiate long-term supply contracts with coal producers in a bid to stabilise the market and ease pressure on the country's loss-making miners, according to a draft document seen by Reuters. The document was sent to major coal buyers in the power sector and coal producers by State-Owned Asset Supervision and Administration Commission (SASAC) in advance of a meeting due to take place on Thursday between both sides.The ...