07272016Wed
Last update: Wed, 27 Jul 2016 02am

Markets - Energy

Markets - Energy - Asia

Oil rises as market seen in balance, but slow Asian demand hurts TOKYO/SINGAPORE: Oil prices rose on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.Brent crude futures were trading at $50.60 per barrel at 0643 GMT, up 25 cents from their last settlement. U.S. crude was up 22 cents at $49.21.U.S. markets are closed on Monday for the U.S. Independence Day holiday."The bulls are seemingly once again on their relentless march to keep this market above $50," said Matt Stanley of oil brokerage Freight Investor Services (FIS) in Dubai.The energy minister of Saudi Arabia, the world's top crude exporter, and the secretary general of producer club OPEC agreed that global oil markets were heading towards balance, and that prices reflect this.However, Stanley said there were also signs that prices could fall again soon, pointing at stalling gasoline demand and improving output in Canada and Nigeria.Attacks in the ...

Markets - Energy - Asia

Oil stable as market seen in balance, but slow Asian demand hurts TOKYO/SINGAPORE: Oil futures were steady on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.Brent crude futures were trading at $50.31 per barrel at 0441 GMT, almost unchanged from their last settlement. U.S. crude were down 5 cents at $48.94.There will be no West Texas Intermediate crude settlement on Monday as U.S. financial and commodity markets are closed for the U.S. ...

Markets - Energy - Asia

Oil prices edge up as Brent pushes further above $50 SINGAPORE: Crude prices edged up in Asia on Monday, building on recent gains with Brent holding above $50 after Nigerian militants claimed fresh attacks on the country's oil infrastructure.Prices see-sawed last week, plunging in the immediate aftermath of Britain's shock decision to leave the European Union but rallying after central banks worldwide vowed support to financial markets.At about 0325 GMT, US benchmark West Texas Intermediate was up four cents at $49.03, while Brent rose seven ...

Markets - Energy - Americas

Venezuela's 2015 oil revenues plunge 40 percent CARACAS: Venezuela's oil revenues plummeted 40.7 percent in 2015 due to sinking global oil prices, the country's state-owned PDVSA said in its annual report released Sunday.PDVSA -- the world's fifth-largest oil company -- earned $72.2 billion in revenues last year, a sharp drop from 2014's $121.9 billion.Meanwhile, its net profit fell 19 percent to $7.3 billion.The South American OPEC country relies heavily on its oil and gas reserves -- which account for 96 percent of ...

Markets - Energy - Middle East & Africa

Nigerian oil militants claim new attacks LAGOS: Nigerian oil militant group the Niger Delta Avengers on Sunday claimed five attacks on the country's oil and gas infrastructure in a revival of their sabotage campaign after a recent lull. Since early this year, the Avengers have been bombing pipelines as they fight to win the Niger delta region a bigger share of crude revenue and greater political autonomy. The sabotage is hitting the economy -- the central bank governor has warned a ...

Markets - Energy - Middle East & Africa

Kuwait to strengthen security at oil sites DOHA: Kuwait National Petroleum Company (KNPC) will reinforce security measures at oil installations in coordination with the country's interior ministry, a KNPC official spokesman said on Sunday. "Intensive security plans to protect oil installations and facilities will be supported by the military and taken up after coordinating with the Ministry of Interior and its subsidiary bodies," Khaled Al-Asousi was quoted as saying by state news agency KUNA on Sunday. He did not provide further details. ...

Markets - Energy - Europe

Asian buying of West African crude to edge higher in July LONDON: Loadings of West Africa oil heading for Asia are set to edge higher in July, supported by firm demand for Angolan oil from China and India, a Reuters survey of shipping fixtures and traders showed.The roughly 1.7 million barrels per day (bpd) scheduled to sail east in July as of now could well move higher, shipping sources said, as some buyers are waiting to book vessels amid weakening freight costs.Already, the volume for July ...