Markets - Energy
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NEW YORK: Brent crude oil edged lower on Tuesday in reaction to weak manufacturing data in China and Europe, but it closed above $100 a barrel for a second straight day as it drew some support from strong gains in US equity markets. The flash HSBC Purchasing Managers' Index fell to 50.5 in April from 51.6 a month earlier as new export orders shrank in China.The PMI's 50-point level divides growth from contraction from the month before. The data followed lower-than-expected GDP growth for China in the first quarter, which helped spark a sharp sell-off last week.There was also a surprise decline in business activity among German companies, although the overall euro zone services PMI rose slightly and met economists' forecasts."People are worried about a slowdown in China and Europe, but I think with the stock market going higher today, Brent is going to rebound a bit," said Mark ...
BAGHDAD: Iraq's overall oil exports, which account for the lion's share of government income, were up in March but average daily exports fell, oil ministry spokesman Assem Jihad said on Tuesday.Iraq exported 74.9 million barrels of oil in March, an average of about 2.4 million barrels per day, compared to 71 million barrels in February, or about 2.54 million bpd, Jihad said.Sales brought in $7.772 billion, up from $7.644 billion in February.Baghdad is almost entirely ...
NEW YORK: Oil prices rebounded from an early fall to finish almost flat Tuesday after weak economic news in China and Europe.US benchmark West Texas Intermediate for June delivery gave up 1 cent to close at $89.18 per barrel.European oil benchmark Brent futures dipped 8 cents to $100.31 per barrel.The decline in oil came after preliminary data showed manufacturing activity in China slowed in April due to sluggish foreign demand. The HSBC purchasing managers' index ...
SINGAPORE: Brent crude fell below $100 a barrel on Tuesday after manufacturing data from China pointed to a lukewarm recovery in the second quarter, denting the outlook for fuel demand in the world's second largest oil consumer.The flash HSBC Purchasing Managers' Index for April fell to 50.5 in April from 51.6 the month before as new export orders shrank in China, suggesting the country faces considerable headwinds.June Brent crude dropped 65 cents to $99.74 a ...
NEW YORK: US natural gas futures lost ground on Monday for the first time in five sessions, pressured by milder weather forecasts for later this week and next week that should finally allow homeowners and businesses to turn down their heaters.Cold late-winter weather, a chilly spring and above-average nuclear plant outages put a huge dent in what were record high gas inventories in November and prompted higher price expectations for this year.The front contract, which ...
HOUSTON: Gasoline production was cut over the weekend at Motiva Enterprises' 600,000 barrel-per-day (bpd) Port Arthur, Texas, refinery due to reduced hydrogen supply, sources familiar with refinery operations said on Monday. The lower hydrogen supply has delayed the refinery's return to full production following an April 14 citywide power outage that shut the Motiva refinery and affected two others in Port Arthur. "Everything's not back up," one of the sources said on Monday.A Motiva representative ...
PARIS: The European Union was set Monday to ease its embargo on Syria's oil production, which has dwindled to just a third of the level before the conflict erupted in March 2011. Following is a rundown of the current state of Syria's oil sector:PRODUCTION AND EXPORTS: From around 400,000 barrels of oil a day in early 2011 -- ranking the country as the world's 30th biggest oil producer -- the International Energy Agency (IEA) estimates ...More Articles...
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