09292016Thu
Last update: Thu, 29 Sep 2016 01am

Markets - Energy

Markets - Energy - Americas

Petrobras cuts spending, raises asset sales goal in five-year plan RIO DE JANEIRO/SAO PAULO: Brazil's state-controlled oil company Petrobras cut planned investment by 25 percent under a five-year plan to reduce its massive debt, the largest among global oil firms, and revive investor confidence after a sweeping corruption scandal. Petr?leo Brasileiro SA,, as the company is formally known, pledged as much as $74.1 billion in capital spending for the 2017-2021 period, according to a Tuesday securities filing.The total of planned investments, which is Petrobras' smallest since 2006, compares with the previous 2015-2019 plan at $98.4 billion.The new spending blueprint also came fell short of $82.7 billion predicted on average by eight analysts surveyed by Thomson Reuters.The company reaffirmed it would complete the sale of $15.1 billion assets for 2015-2016 period and said it plans to sell an additional $19.5 billion in assets in the 2017-2018 period.The spending cuts are part of Chief Executive Officer Pedro Parente's drive to reduce the ...

Markets - Energy - Europe

W. Africa Crude-Angolan offered for November, Nigerian may weaken LONDON: Sellers pitched initial offers of Angolan crude for November loading on Tuesday, at levels seen as on the high side by some buyers. Rising freight rates and ample supply of competing grades look bearish for Nigerian differentials, traders said. Nigerian state oil firm NNPC is expected to release its October official selling prices later this week, and November loading dates should emerge soon after. ANGOLA The loading programme for Angolan crude in November emerged ...

Markets - Energy - Europe

Oil at six-week low as oversupply outweighs output freeze talks LONDON: Oil prices fell to the lowest in nearly six weeks on Tuesday as concerns over a potential rise in US crude stocks, adding to swelling oversupply, outweighed OPEC comments that a possible production freeze agreement could last longer than expected. Global benchmark Brent crude oil futures were trading at $45.20 per barrel at 1338 GMT, down 75 cents day on day and the weakest since Aug. 11.US West Texas Intermediate (WTI) crude futures were ...

Markets - Energy - Europe

Oil drops with producers' meeting, US data on horizon LONDON: Oil prices dipped Tuesday with analysts expecting volatility in the run-up to a producers' meeting next week, while traders are also awaiting the release of US stockpiles data.Around 1130 GMT, Brent North Sea crude for delivery in November was down 48 cents at $45.46 a barrel compared with Monday's close.US benchmark West Texas Intermediate for October shed 35 cents to $42.95 a barrel.The commodity plunged last week on supply glut worries but bounced slightly ...

Markets - Energy - Europe

Oil falls on US crude stock rise, Venezuela warning LONDON: Oil prices edged lower on Tuesday ahead of an expected build in U.S. crude oil stocks and on Venezuelan comments that the oil market remains oversupplied by 10 percent.Analysts polled by Reuters expect U.S. commercial crude oil inventories to have risen 2.3 million barrels in the week to Sept. 16, paving the way for a bearish market reaction because a rise in stocks indicates growing oversupply.The American Petroleum Institute (API) is scheduled to release ...

Markets - Energy - Asia

Oil prices down ahead producers' meeting, US data SINGAPORE: Oil prices eased in Asia Tuesday with analysts expecting volatility in the run up to a producers' meeting next week, while traders are also awaiting the release of US stockpiles data.The commodity plunged last week on supply glut worries but bounced slightly Monday after OPEC member Venezuela said a deal to limit output was close. Unrest in key producers Libya and Nigeria also raised the prospect their exports would be hit.Venezuelan President Nicholas Maduro ...

Markets - Energy - Asia

Oil slips as Venezuela says market is 10pc oversupplied SINGAPORE: Oil prices fell on Tuesday after Venezuela said that global supplies needed to fall by 10 percent in order to bring production down to consumption levels, and technical indicators also pointed to cheaper crude futures.Global oil supply of 94 million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela's Oil Minister Eulogio Del Pino said on Monday.International benchmark Brent crude oil futures were trading at $45.81 ...