01182017Wed
Last update: Wed, 18 Jan 2017 11pm

Americas

Markets - Energy - Americas

Oil falls on production cut skepticism, OPEC and Russia output rise      NEW YORK: Oil prices on Tuesday fell for the first session since OPEC agreed to cut output last week after data showed crude production rose in most major export regions and on growing skepticism that the cartel would be able to reduce production.  After rising over 15 percent over the four sessions since the Nov. 30 OPEC meeting, Brent futures were down $1.25, or 2.3 percent, to $53.69 a barrel at 10:13 a.m. EST (1513 GMT). US crude fell $1.36, or 2.6 percent, to $50.43 a barrel.  The Brent front-month has outperformed the US contract since the OPEC meeting, with its premium over WTI reaching $2.29 a barrel earlier on Tuesday, its highest since August. Analysts said the boon from last week's Organization of the Petroleum Exporting Countries decision has faded as they now look to factors that may undermine the cartel's promise such as record production, Russia's plans and the reaction of US shale producers.  "Adherence to assigned OPEC quotas ...

Markets - Energy - Americas

Med Crude-Urals diffs rise on expected drop in Baltic loadings MOSCOW: Urals crude differentials to dated Brent rose further on Monday in a spot tender, supported by healthy demand and limited supply of the grade in the second half of December, traders said. Oil loadings from the Baltic Sea ports for the Dec. 13-31 period will fall to 4 million tonnes, against the 4.4 million tonnes expected for Nov. 13-30, the final loading plan showed on Friday.In northwest Europe, BP bid for 100,000 tonnes of ...

Markets - Energy - Americas

GLOBAL MARKETS-Oil rallies in choppy trade; dollar, stocks dip NEW YORK: Crude futures rallied in choppy trading on Monday ahead of an OPEC meeting later in the week that could reap production cuts, while the US dollar recovered from earlier losses but was still slightly lower.The dollar index dipped 0.08 percent after having fallen as much as 0.8 percent. The US currency sank as much as 1.6 percent against the yen, going as low as 111.32 yen before recovering to 112.3. Most analysts said ...

Markets - Energy - Americas

Venezuela 'optimistic' ahead of OPEC output cut talks ALGIERS: Venezuelan Oil Minister Eulogio del Pino said Monday he was "optimistic" that an OPEC meeting this week in Vienna will reach agreement on oil production cuts to boost prices."I am optimistic" ahead of "this very important meeting", he said, quoted by the Algerian news agency APS, on his arrival in Algiers where he met his counterpart Noureddine Boutarfa.The two ministers were to travel on to Moscow before Wednesday's meeting in Vienna on a mission ...

Markets - Energy - Americas

Uncertainty ahead of crucial OPEC meeting VIENNA: Mixed signals from OPEC ministers caused fresh volatility on oil markets Monday ahead of a meeting in Vienna meant to nail down a deal reducing the cartel's output by up to a million barrels per day.Saudi Arabia's energy minister appeared to suggest on Sunday that Riyadh could live with OPEC failing to agree its first cut in output in eight years, saying recovering demand would "stabilise" prices next year anyway."We don't have a single ...

Markets - Energy - Americas

Poland's JSW says expects coking coal prices to fall in 2017 KATOWICE: The chief executive at Poland's state-run JSW said on Friday that he expects coking coal prices to fall next year as new production capacity is launched globally. Prices of coking coal used to make steel have surged this year because of Chinese demand and output reductions. Shares in JSW have increased by almost 700 percent since the start of the year. "The current prices are temporary and there will be a revision next year," ...

Markets - Energy - Americas

Oil prices edge higher despite doubts on OPEC-led cuts NEW YORK: Oil prices turned positive on Wednesday despite investor doubts that OPEC will agree to a production cut large enough to make a significant dent in the global glut of crude. Members of the Organization of the Petroleum Exporting Countries (OPEC) will meet next week on Nov. 30 in Vienna to decide on the details of an agreement to cut output that the group has been trying to hammer out since September. Oil prices ...