01242017Tue
Last update: Tue, 24 Jan 2017 03am

Americas

Markets - Energy - Americas

Oil edges up on weak U.S. dollar, Saudi OPEC compliance talk NEW YORK: Oil prices edged higher on Tuesday propped up by a decline in the U.S. dollar and comments by Saudi Arabia that it would adhere to OPEC's commitment to cut output.The dollar fell to a near six-week low against a basket of currencies after U.S. President-elect Donald Trump said that the strong greenback was hurting U.S. competitiveness.A weaker greenback makes dollar-denominated crude less expensive for users of other currencies."The oil market is actually weaker than it looks because it is being propped up by the weak dollar," said Phil Davis, managing partner at PSW Investments in Woodland Park, New Jersey.Brent futures were up 15 cents, or 0.3 percent, at $56.01 a barrel by 1:49 p.m. EST (1849 GMT), while U.S. West Texas Intermediate (WTI) crude rose 52 cents, or 1 percent, to $52.89 per barrel. Both contracts were up by $1 earlier Tuesday.U.S. crude's discount to Brent <WTCLc1-LCOc1> widened ...

Markets - Energy - Americas

U.S. shale output set to rise in February as prices rise NEW YORK: U.S. shale oil production is expected to rise by 41,000 barrels per day in February to 4.748 million bpd as energy firms boost drilling with crude prices near 18-month highs, according to data from the U.S. Energy Information Administration on Tuesday.Permian output in West Texas and eastern New Mexico is set to rise by 53,000 bpd to 2.180 million bpd, according to the EIA's drilling productivity report.North Dakota's Bakken oil production was set ...

Markets - Energy - Americas

Oil steady; record high Russian output forecast offsets weak dollar NEW YORK: Oil prices were little changed on Tuesday as forecasts for record production out of Russia in 2017 helped offset earlier gains related to a decline in the U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output.Brent futures were up 5 cents, or 0.1 percent, at $55.91 a barrel by 11:26 a.m. EST (1626 GMT), while U.S. West Texas Intermediate crude rose 32 cents, or 0.6 percent, to ...

Markets - Energy - Americas

Oil up on Saudi commitment to cut; US output seen rising CALGARY: Oil prices settled up on Monday, as Saudi Arabia's commitments to reducing production offset a report forecasting US output would again rise this year. The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut production by 1.2 million barrels per day (bpd) to 32.5 million bpd from Jan. 1 in an attempt to clear a global oversupply that has depressed prices for more than two years. Russia and other key exporters outside ...

Markets - Energy - Americas

Oil rises about 2pc on supply cuts, record China demand forecast LONDON/NEW YORK: Oil prices rose nearly 2 percent on Thursday on news that key crude exporters, including Saudi Arabia and Russia, were cutting production as promised in a deal to reduce a global glut and on forecasts of record demand in China.Brent crude oil hit a high of $56.43 a barrel before easing slightly, and it was up 95 cents at $56.05 by 1:00 p.m. ET (1800 GMT). US crude rose 78 cents to $53.03 ...

Markets - Energy - Americas

Oil down 3pc on concerns over rising Iraqi exports, US output NEW YORK: Oil prices tumbled by 3 percent on Monday on concern that record Iraqi crude exports and rising US output would undermine OPEC's efforts to curb global oversupply. US crude futures were trading at $52.36 a barrel, down $1.63 at 11:47 a.m. ET (1646 GMT).Brent futures were down $1.68 a barrel at $55.42. In Iraq, OPEC's second-biggest producer, oil exports from the southern Basra ports reached a record high of 3.51 million barrels per ...

Markets - Energy - Americas

Oil prices fall on big build in US gasoline, distillate stocks NEW YORK: Oil prices slipped on Thursday after a surprisingly large increase in US inventories of gasoline and distillates, slamming the brakes on an early rally on news that Saudi Arabia had started talks with customers about reducing crude sales.US crude stocks fell sharply to end the year, the Energy Information Administration said, with a draw of 7 million barrels, but stocks of gasoline and distillates surged as refiners ramped up production to reduce crude ...