Wednesday, 24 April 2013 01:39
Posted by Imaduddin
NEW YORK: Oil prices rebounded from an early fall to finish almost flat Tuesday after weak economic news in China and Europe.US benchmark West Texas Intermediate for June delivery gave up 1 cent to close at $89.18 per barrel.European oil benchmark Brent futures dipped 8 cents to $100.31 per barrel.The decline in oil came after preliminary data showed manufacturing activity in China slowed in April due to sluggish foreign demand. The HSBC purchasing managers' index (PMI) for the month came in at 50.5, from 51.6 in March. A reading above 50 indicates growth and anything below points to contraction.In another piece of gloomy news, a key survey showed that private sector business activity remained weak across the Eurozone in April, underscoring a gloomy medium-term outlook for the 17-state economy.The Markit Eurozone Composite Purchasing Managers Index (PMI) registered 46.5 points, the same reading as March.The weak figures go "right into the ...
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NEW YORK: Oil prices rebounded from an early fall to finish almost flat Tuesday after weak economic news in China and Europe.US benchmark West Texas Intermediate for June delivery gave up 1 cent to close at $89.18 per barrel.European oil benchmark Brent futures dipped 8 cents to $100.31 per barrel.The decline in oil came after preliminary data showed manufacturing activity in China slowed in April due to sluggish foreign demand. The HSBC purchasing managers' index (PMI) for the month came in at 50.5, from 51.6 in March. A reading above 50 indicates growth and anything below points to contraction.In another piece of gloomy news, a key survey showed that private sector business activity remained weak across the Eurozone in April, underscoring a gloomy medium-term outlook for the 17-state economy.The Markit Eurozone Composite Purchasing Managers Index (PMI) registered 46.5 points, the same reading as March.The weak figures go "right into the ...
NEW YORK: US natural gas futures lost ground on Monday for the first time in five sessions, pressured by milder weather forecasts for later this week and next week that should finally allow homeowners and businesses to turn down their heaters.Cold late-winter weather, a chilly spring and above-average nuclear plant outages put a huge dent in what were record high gas inventories in November and prompted higher price expectations for this year.The front contract, which ...
HOUSTON: Gasoline production was cut over the weekend at Motiva Enterprises' 600,000 barrel-per-day (bpd) Port Arthur, Texas, refinery due to reduced hydrogen supply, sources familiar with refinery operations said on Monday. The lower hydrogen supply has delayed the refinery's return to full production following an April 14 citywide power outage that shut the Motiva refinery and affected two others in Port Arthur. "Everything's not back up," one of the sources said on Monday.A Motiva representative ...
SAO PAULO: Brazilian magnate Eike Batista's troubled OGX oil company is in rescue talks with Russian and Malaysian energy giants as well as state-owned Petrobras, press reports said Sunday.OGX, whose shares have dropped 90 percent over the past 12 months, is in advanced negotiations to sell Russia's cash-rich Lukoil a 40 percent stake, the daily Folha de Sao Paulo reported.It said a deal could be sealed early next month in time for the 11th round ...
NEW YORK: Oil and copper prices hit multimonth lows on Wednesday, pulling part of the commodities complex back into bearish territory even as some markets gained ground after one of the worst two-day routs in the sector.Oil prices fell further. Brent crude in London plumbed a nine-month bottom below $98 a barrel and US crude in New York matched Tuesday's four-month low near $86.In copper, London's key three-month contract headed toward the $7,000 a tonne ...
HOUSTON: Royald Dutch Shell Plc said on Friday that the company will expand capacity of its reversed Houma-to-Houston crude oil pipeline, given sufficient shipper interest. In February Shell Pipeline Co launched a supplemental open season to gauge shipper interest in adding up to 75,000 barrels per day of capacity on the pipeline, which is in the process of being reversed to ship oil from Texas to Louisiana. Shell said it will move ahead with adding ...
