04302016Sat
Last update: Sat, 30 Apr 2016 11pm

Markets - Energy

Markets - Energy - Europe

Oil price rally peters out, as OPEC warns over supply LONDON: Oil prices retreated on Wednesday as a rally fuelled by reports Saudi Arabia and Russia had agreed to an output freeze petered out.Prices shot to 2016 highs on Tuesday, as reports that two of the world's biggest crude producers had reached a consensus boosted expectations of a wider deal could be struck at a key meeting in Doha on Sunday.But the market faded on Wednesday with traders booking profits ahead of US inventory data and as OPEC warned about the consequences of a global supply glut that has massively depressed profits over the past couple of years.Around 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May was down 60 cents at $41.57 a barrel. Brent North Sea crude for June delivery fell 47 cents to $44.22 a barrel compared with Tuesday's close.WTI and Brent had jumped around two dollars to $42.25 and $44.81 on Tuesday -- ...

Markets - Energy - Asia

Oil falls after rally fuelled by output freeze hopes SINGAPORE: Oil prices fell on Wednesday, taking a breather after a rally fuelled by reports Saudi Arabia and Russia had agreed to freeze output ahead of a key producers' meeting.Prices climbed to their highest levels this year on Tuesday, as reports the two oil majors had reached a consensus boosted expectations a wider deal will be forged at a meeting in Doha.Sunday's talks will bring together OPEC members led by Saudi Arabia and non-OPEC producers, ...

Markets - Energy - Asia

US oil may retrace to $41.28 before rising SINGAPORE: US oil may retrace a bit further to $41.28 per barrel, before rising again, as suggested by its wave pattern and a Fibonacci projection analysis.The contract is riding on a wave 3, the third wave of a five-wave cycle from the April 5 low of $35.24. It has travelled briefly above a resistance at $42.09, the 176.4 percent level. Chances are it may extend into a range of $43.98-$44.70, formed by the 238.2 percent ...

Markets - Energy - Australia

France's Total CEO: priority in getting back into Iran is gas PERTH: The chief executive of France's Total SA said on Wednesday that the company's priority on getting back into Iran's energy sector was gas and petrochemicals "Gas is our priority for us there, and petrochemicals," Total Chief Executive Patrick Pouyann? told reporters at an international liquefied natural gas conference.He said the company has not signed any deals in Iran yet. Copyright Reuters, 2016

Markets - Energy - Asia

Oil prices fall on profit-taking, oversupply worries SINGAPORE: Oil futures fell in Asian trade on Wednesday as profit-taking and concern over a larger-than-expected build in US crude stocks outweighed a report that Russia and Saudi Arabia had reached consensus on an oil output cap. Brent crude had dropped 27 cents to $44.42 a barrel as of 0207 GMT, after hitting a four-month high in the previous session, when it settled up $1.86, or 4.3 percent. US crude dropped 37 cents to $41.80 ...

Markets - Energy - Americas

Oil surges to 2016 highs on reported Saudi-Russian deal NEW YORK: Oil prices surged Tuesday to 2016 highs on reports of an agreement between Saudi Arabia and Russia on freezing output.US benchmark West Texas Intermediate for delivery in May gained $1.81 at $42.17 a barrel on the New York Mercantile Exchange. That was the highest close since November.In London, Brent crude for June delivery, the European benchmark, finished at $44.69 a barrel, up $1.86 from Monday's close.Oil extended a week of gains amid speculation ...

Markets - Energy - Europe

Russia's Sechin sees oil price recovery as global investments drop LAUSANNE: Oil prices cannot remain low for a long time as the drop in investments in the industry has already exceeded $250 billion and will start taking a toll on many high-cost projects around the world, the head of Kremlin oil major Rosneft said on Tuesday. Igor Sechin told the FT Global Commodities Summit he believed the US shale oil project needed an oil price of at least $45-$50 per barrel to continue growing production.Copyright ...