05042016Wed
Last update: Wed, 04 May 2016 06pm

Americas

Markets - Energy - Americas

Oil up as smaller US crude build offsets end of Kuwait strike NEW YORK: Oil prices rebounded on Wednesday after a smaller-than-expected U.S. crude build offset glut worries stirred by the end of a Kuwaiti oil workers strike.The U.S. government's Energy Information Administration said crude stockpiles rose 2.1 million barrels last week.Analysts polled by Reuters had expected a 2.4 million-barrel build for the period, while industry group American Petroleum Institute had called for a 3.1 million-barrel rise."It's overall mixed and slightly supportive, with total stocks of refined products and crude oil combined declining slightly," Dominick Chirichella, senior partner at the Energy Management Institute in New York said, commenting on the EIA data.Brent's front-month contract was up 45 cents at $44.48 a barrel by 11:40 a.m. EDT (1540 GMT). It had fallen to a session low of $42.81 earlier.U.S. crude's front-month contract, May, due to expire on Wednesday, was up 28 cents at $41.36 a barrel. The session low was $39.85.Prices of ultra-low ...

Markets - Energy - Americas

US oil output continues to fall WASHINGTON: US oil production continued to fall last week as weak prices and brimming stockpiles hit domestic producers, government data showed Wednesday.The Department of Energy's report for the week to April 15 showed a 24,000-barrel fall in production to 8.95 million barrels a day. It was the second straight week below the nine million barrel a day threshold and more than 600,000 barrels below the mid-2015 peak of just over 9.6 million barrels a day.The ...

Markets - Energy - Americas

Oil rises 3pc as Kuwaiti strike cuts output for third day NEW YORK: Oil prices jumped more than 3 percent on Tuesday after a strike by workers in Kuwait nearly halved the OPEC member's crude production, overshadowing bearish sentiment after Sunday's failure by producers to agree to freeze output levels.Thousands of Kuwaiti oil workers downed tools for a third day on Tuesday to protest against planned public sector pay reform, cutting crude output to 1.5 million barrels per day (bpd), according to an oil spokesman cited ...

Markets - Energy - Americas

Oil falls after Qatar meeting disappoints; stocks up NEW YORK: Oil prices slumped on Monday after producers failed to agree on a plan to curb global supply at a meeting in Qatar, while world stock markets edged higher.Wall Street and European stocks rebounded modestly after earlier losses spurred by the failure of major oil-producing nations to agree on an output freeze in an oversupplied world market.Health care shares led the advance on the U.S. benchmark S&P 500 index, while shares of International Business ...

Markets - Energy - Americas

Oil steadies as Kuwait strike offsets scuttled output freeze NEW YORK: Oil prices steadied on Monday after a Kuwaiti workers' strike that slashed more than half the country's oil output offset worries about a scuttled major producers' freeze plan that sent the market tumbling earlier.The strike cut more than 60 percent Kuwait's crude output, lending support to price benchmarks such as Brent and Dubai, and tightened refined product supplies as the country scales back refinery runs and fuel exports.Brent had tumbled as much as ...

Markets - Energy - Americas

Oil down ahead of producer meeting; dollar slips NEW YORK: Crude oil prices fell on Friday ahead of a weekend meeting that could yield an output freeze by major producers, while the U.S. dollar and stocks across the globe edged lower but posted weekly gains.On Wall Street, energy stocks led the market slightly lower as oil fell, and Apple shares also weighed after Nikkei business daily reported Apple will continue its reduced production of iPhones in light of sluggish sales.The S&P 500, however, ...

Markets - Energy - Americas

Exxon aims for weekend restart of Baytown crude unit HOUSTON: Exxon Mobil hopes to restart the second-largest crude distillation unit at its 560,500 barrel per day (bpd) Baytown, Texas, refinery over the weekend, sources familiar with plant operations said on Wednesday. The 135,000 bpd CDU, called Pipe Still 7, shut down on Wednesday morning due to a malfunction on a feed pump, the sources said. Energy industry intelligence service Genscape said a furnace stack on the unit was shut at 7:19 a.m. CDT (1219 ...