06252016Sat
Last update: Sat, 25 Jun 2016 08pm

Americas

Markets - Energy - Americas

Oil down, declines cut by report OPEC mulling output cap NEW YORK: Oil settled down on Wednesday on technical resistance at around the $50 a barrel mark, with the market retracing most earlier declines after OPEC sources said the group will likely consider a production curb at its forthcoming meeting. Reuters cited four OPEC sources as saying the Organization of the Petroleum Exporting Countries was likely to discuss an output ceiling at its meeting in Vienna on Thursday.Three sources said the ceiling needs to be set substantially above 30 million barrels per day and lengthy discussions may be required. A lower output ceiling would represent a major compromise for OPEC, which failed to agree on a production cap for the first time in years at its last meeting, in December.Many market participants remain doubtful there will be such a deal since OPEC member Iran is determined to restore crude exports to pre-sanction levels. Analysts instead expect OPEC members to focus ...

Markets - Energy - Americas

US March oil demand rises 2 percent year-on-year NEW YORK: US total oil demand rose for the second consecutive month in March, fueled in part by the continued strength in demand for gasoline, federal data released on Tuesday showed. US oil demand rose by 2 percent, or 378,000 barrels per day, from a year ago to 19.61 million bpd, data from the US Energy Information Administration showed. The March figures mark the fourth year-over-year increase in total oil demand in the last nine ...

Markets - Energy - Americas

US Cash Products-Chicago gasoline rises, as rest of cash markets little-changed NEW YORK: Chicago gasoline gained more than 3 cents per gallon Friday on a sleepy trading day in US cash products markets ahead of a holiday weekend.In the second day of trading for cycle 1 versus the July contract, Chicago CBOB and RBOB gasoline were both seen stronger, traders said. Diesel in the region traded flat.Strength in the Chicago market in the past week has driven the Gulf Coast values higher, with 62-grade gasoline for ...

Markets - Energy - Americas

Oil prices slip from $50 level NEW YORK: World oil prices dipped Friday, with traders taking profits after crude rose above the psychological $50 level this week on evidence of a fall in supplies.In the United States, trader caution was high ahead of the long Memorial Day holiday weekend, when markets will be closed Monday."It's a holiday weekend here and a lot of people are already out," said Carl Larry at Frost & Sullivan.US benchmark West Texas Intermediate for delivery in ...

Markets - Energy - Americas

Oil slips for 2nd day as $50 level sparks new output fears NEW YORK: Oil prices dipped for a second day in a row on Friday as some investors took profit on a surge to seven-month highs while others worried about higher production with the market hovering near $50 a barrel.A stronger dollar also weighed on demand for dollar-denominated oil from holders of other currencies.The dollar spiked after Federal Reserve Chair Janet Yellen said a US rate hike was probably appropriate in coming months. A three-day weekend ...

Markets - Energy - Americas

Oil rally faces resistance above $50 a barrel NEW YORK: The strong rally in oil prices that sent Brent and US crude above $50 a barrel for awhile on Thursday faces technical barriers in the next three to five weeks.Unexpected oil supply outages, along with technical buy signals, have helped lift Brent and US crude prices nearly 90 percent above 12-year lows hit earlier this year.Analysts believe the market has now factored in most supply cuts. Two technical analysts on Thursday said oil's ...

Markets - Energy - Americas

Oil dips after hitting $50/bbl; US stocks steady NEW YORK: Oil prices eased on Thursday after topping $50 a barrel for the first time in about seven months, while US stocks ended near flat after two days of strong gains. Concern that robust oil price gains could encourage more output weighed on the energy market. Oil futures have risen nearly 90 percent from 12-year lows hit this winter. "The global surplus still exists and there is still a possibility that oil prices could ...