01202017Fri
Last update: Fri, 20 Jan 2017 12pm

Markets - Energy

Markets - Energy - Europe

Oil declines on selling spree, signs of output compliance cap loss LONDON: Oil edged lower on Friday as some traders locked in recent gains by selling out of long positions, but prices remained close to 14-month highs as producers showed signs of adhering to a global supply cut. Brent crude futures were trading at $53.82 per barrel at 1027 GMT, down 20 cents on the previous day's close. US West Texas Intermediate (WTI) crude was down 27 cents at $50.63 per barrel. "It is just some long liquidation, but it won't continue. The market has faith in the OPEC deal and should trade higher in the near future," said Tamas Varga, lead oil analyst at London brokerage PVM Oil Associates. The Organization of the Petroleum Exporting Countries has agreed to reduce output by 1.2 million barrels per day (bpd) from Jan. 1, its first such deal since 2008. Russia and other non-OPEC producers plan to cut about half as much. Those ...

Markets - Energy - Asia

Russia's Gazprom Neft sees 2017 oil output 'slightly' higher TOKYO: Russian oil producer Gazprom Neft said on Friday its average output next year would be slightly higher than in 2016 despite Russia's deal with OPEC to cut production. This is compared to initial plans which had called for oil output growth of between 5 and 6 percent next year. The company's CEO Alexander Dyukov said Russian oil firms would be able to swap quotas between themselves to achieve the collective reduction in Russian output ...

Markets - Energy - Middle East & Africa

Kuwait expects oil to climb to $60 a barrel KUWAIT CITY: Kuwait's new oil minister said Thursday he expects crude prices to climb to $60 a barrel as output cuts agreed by OPEC and non-OPEC producers take hold next year.Essam al-Marzouk gave no timeframe for his projection, saying only that he was optimistic producers would comply with the agreed cuts and end a longstanding supply glut."We expect oil prices to range between $50 and $60 a barrel when the agreed cuts start" in January, ...

Markets - Energy - Asia

Oil prices stabilise after Fed hike as tighter market looms SINGAPORE: Oil prices stabilized on Thursday as a tighter market looms in 2017 due to planned output cuts led by OPEC and Russia, after sharp declines earlier following Wednesday's U.S. interest rate increase that drove investors out of commodities.International Brent crude oil futures were trading at $53.93 a barrel at 0649 GMT, up 3 cents from their last close.U.S. West Texas Intermediate (WTI) crude oil futures were at $50.96 per barrel, down 8 cents from ...

Markets - Energy - Europe

Med crude-Urals differentials soften in northwest Europe MOSCOW: Urals discounts to dated Brent widened further in northwest Europe on Wednesday partly in response to additional supplies being added to the December loading plan from Baltic ports. On Tuesday Gazpromneft has added an additional cargo to the Ust-Luga port loading plan on Dec. 28-29. Some traders said that a cargo of crude from small independent producers loading from Primorsk on Dec. 27-28 could be cancelled, but this was not confirmed. In the Platts ...

Markets - Energy - Middle East & Africa

Kenya fuel price cap review to mid-January NAIROBI: Kenya's Energy Regulatory Commission (ERC) set on Wednesday the following maximum retail prices for diesel, petrol and kerosene for the month to Jan. 14.Kenya has set an upper limit on prices of petrol, diesel and kerosene since 2010 and lists the prices for various areas of the country at mid-month which remain valid for a month. Copyright Reuters, 2016

Markets - Energy - Europe

Oil prices fall on rising US crude stocks, 2017 overhang LONDON: Oil prices fell on Wednesday following a reported rise in US crude inventories and as OPEC signalled a growing crude surplus next year unless production cuts are implemented. International Brent crude futures were down 82 cents at $54.90 per barrel at 1334 GMT, while US West Texas Intermediate (WTI) crude oil futures were down 92 cents at $52.06 a barrel. Traders said the price falls followed an industry report of surprise increases in US ...