02082016Mon
Last update: Mon, 08 Feb 2016 07pm

Americas

Markets - Energy - Americas

Oil market heads lower NEW YORK: Oil prices fell Thursday on resurgent supply glut worries as traders discounted the odds of a near-term deal by major petroleum producers to cut output.US benchmark West Texas Intermediate for March delivery fell 56 cents to $31.72 a barrel on the New York Mercantile Exchange. Brent North Sea oil for April delivery shed 58 cents at $34.46 a barrel in London. Oil prices had risen sharply on Wednesday on weakness in the dollar and speculation of a potential deal by major producers to cut output.On Thursday, the dollar fell again but "fundamentally the picture remains weak," said Gene McGillian of Tradition Energy."For a real rally to take hold, I think we need to see some kind of change, either in the fundamental picture or some kind of sign that some of the fears about the economic conditions are basically unwarranted," McGillian said. "And right now, I am not ...

Markets - Energy - Americas

Oil rises above $35 on weak dollar, potential producer meeting NEW YORK: Oil prices rose for a second straight day on Thursday, with Brent trading above $35 a barrel on signs of possible talks aimed at a cut in global production, while a weaker dollar offset concern about ample supply and record-high U.S. inventories.Crude added to the previous session's 7 percent jump after an Iranian official was quoted as saying Tehran supported a meeting between OPEC and other oil producers. That raised hopes they could ...

Markets - Energy - Americas

Oil falls in volatile trade amid weak dollar, producer meet uncertainty NEW YORK: Oil prices were volatile on Thursday, reversing earlier gains as scepticism that cash-strapped OPEC member Venezuela's effort to lobby crude producers for output cuts would succeed offset a weakening dollar.The dollar extended its drop for a second day, making greenback-denominated commodities cheaper for holders of other currencies, with the dollar index hitting its lowest level in more than 3-1/2 months on continued skepticism that the Federal Reserve would be able to hike interest ...

Markets - Energy - Americas

Oil prices surge on fresh talk of OPEC meeting on glut NEW YORK: Oil prices surged Wednesday on renewed speculation about a potential cut in global production that overshadowed another rise in US crude inventories.US benchmark West Texas Intermediate for delivery in March leaped $2.40 (8.0 percent) to $32.28 a barrel on the New York Mercantile Exchange.Brent North Sea crude for April, the European standard, finished at $35.04 a barrel in London, advancing $2.32 (7.1 percent) from Tuesday's settlement.After two straight days of sharp losses, the ...

Markets - Energy - Americas

Oil bounces 6 percent as dollar tumbles after US data NEW YORK: Oil prices jumped 6 percent on Wednesday, snapping a two-day rout, after investors took advantage of a weaker US dollar and shrugged off data showing a unexpected large surge in US crude inventories to record highs.Comments by Russia's Foreign Minister reiterating the major producer's willingness to meet if there was consensus among the OPEC and non-OPEC members, also reignited hopes of a deal to trim output and helped to boost prices as much ...

Markets - Energy - Americas

US Gulf Coast crude, gasoline stocks jump to highest on record NEW YORK, Feb 3 (Reuters) - US Gulf Coast crude oil stocks rose to the highest level on record last week, according to data from the US Energy Information Administration on Wednesday. Gulf Coast stocks rose 3.6 million barrels to 252.9 million barrels, according to EIA records dating back to 1990. Meanwhile, US gasoline stocks also rose to the highest level on record, rising 5.9 million barrels to 254.4 million barrels. Much of that rise ...

Markets - Energy - Americas

Marathon Petroleum sees more sour, less light crude runs HOUSTON: Marathon Petroleum Corp expects to run less light sweet crude and more sour because heavy and sour crudes are showing wider discounts to light crudes, an executive told analysts on Wednesday. "We're seeing very good values on the sour side of the barrel. You'll probably see less sweet runs and a shift to sour," Mike Palmer, senior vice president of supply, distribution and planning, said on a quarterly earnings call. Copyright Reuters, 2016 ...