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Last update: Sat, 01 Oct 2016 11pm

Americas

Markets - Energy - Americas

Oil rises in New York, buoyed by OPEC cheer NEW YORK: Oil prices finished higher in New York on Friday, two days after producing countries reached the consensus needed for a production cut.However prices edged lower in London, failing to break the threshold of $50 a barrel.On the New York Mercantile Exchange, a barrel of West Texas Intermediate for November delivery gained 41 cents to close at $48.24.In London, North Sea Brent fell 18 cents to settle at $49.06 on the Intercontinental Exchange.After weeks of trading driven by speculation, the Organization of the Oil Producing Countries on Wednesday reached a surprise agreement to boost prices by cutting daily production by about 750,000 barrels to between 32.5 million and 33 million barrels.It came as welcome news to markets that had fretted all summer about the seemingly gloomy prospects of emerging from a global supply glut. Prices spiked more than five percent on the news.Bob Yawger of Mizuho Securities said Friday's ...

Markets - Energy - Americas

Med Crude-Urals differentials steady in quiet trade MOSCOW: Urals differentials to dated Brent were little changed on Friday amid limited trading activity after a busy week in spot tenders and in the Platts window, Reuters sources said. Urals supplies from the Baltic Sea ports in October were set to reach a record high 7.5 million tonnes, while the arbitrage window to the Mediterranean closed after opening for a short time."There's no arbitrage (to the South) from the North, only one cargo (is ...

Markets - Energy - Americas

Oil gains, Deutsche Bank weighs on stocks; yen cuts losses NEW YORK: Crude oil futures rose on Thursday, adding to the previous session's rally on optimism over an OPEC plan to curb output, while stocks fell as Deutsche Bank tumbled after a report said trading clients have withdrawn excess cash and positions held in the largest German lender. Energy stocks fared better than the rest of the market as oil prices rose. The Organization of the Petroleum Exporting Countries agreed to cut output to a ...

Markets - Energy - Americas

Oil rises close to $50/bbl; doubts on OPEC plan cap gains NEW YORK: Oil jumped more than 1 percent on Thursday, with Brent nearing $50 a barrel on optimism over OPEC's first planned output cut in eight years, although gains were limited by doubts the reduction would make a substantial dent in the global crude glut. The Organization of the Petroleum Exporting Countries agreed on Wednesday to cut output to 32.5-33.0 million barrels per day (bpd) from around 33.5 million bpd, estimated by Reuters to be ...

Markets - Energy - Americas

US oil industry skeptical over OPEC deal WASHINGTON: US oil industry analysts were hopeful but still skeptical Thursday that OPEC would be able to boost oil prices with an agreement to limit output.After seeing the crash in oil prices force a cutback of US domestic production of more than one million barrels a day, the tentative OPEC pact could deliver some relief to US drillers."OPEC's news might create a short-term price increase, but such prices would have to be sustainable for the ...

Markets - Energy - Americas

OPEC agrees surprise oil output cut ALGIERS: The Organization of Petroleum Exporting Countries (OPEC) agreed Wednesday to cut oil production, ministers said, in a surprise move aimed at boosting persistently weak crude prices. The news triggered an immediate spike of more than 5 percent in crude prices, as markets had expected the Algiers meeting to end without agreement.In London benchmark Brent North Sea crude for November delivery rose $2.72 to $48.69, while in New York a barrel of West Texas Intermediate ...

Markets - Energy - Americas

Los Angeles gasoline jumps on refinery issues HOUSTON: PBF Energy's 151,300 barrel per day Torrance refinery near Los Angeles, California, was running at 75 percent capacity on Wednesday, according to a source familiar with the matter.The facility experienced a breakdown last week following problems with a local utility's electrical system. PBF Energy on Tuesday warned of planned flaring at its Torrance refinery from Sept. 29 to Oct. 2, according to a filing with the South Coast Air Quality Management District. A spokesman ...