01192017Thu
Last update: Thu, 19 Jan 2017 05am

Americas

Markets - Energy - Americas

Oil prices little changed after early gains on OPEC deal hopes NEW YORK: Oil prices were little changed on Tuesday after earlier rising to their highest levels this month as a growing consensus emerged in the market that OPEC would overcome internal disputes and strike a deal to reduce crude output.But the market remained sensitive to comments from officials attending a technical meeting of the Organization of the Petroleum Exporting Countries (OPEC) which was trying to hammer out the details of an agreement before the formal meeting on Nov. 30. Brent futures were up 27 cents, or 0.6 percent, at $49.17 a barrel by 10:51 a.m. EST (1551 GMT).US crude, meanwhile, were down 6 cents, or 0.1 percent, at $48.18 per barrel. Brent came within 4 cents of $50 earlier in the session, its highest since Oct. 28. The premium of US futures for the second month over the front-month climbed to 91 cents, its highest since April, as OPEC rhetoric ...

Markets - Energy - Americas

Oil rises on optimism over OPEC deal; stronger dollar caps gains NEW YORK: Oil prices rose on Thursday, with US crude briefly rising as much as $1 a barrel, as expectations of an OPEC deal to limit production outweighed oversupply concerns, but a rallying dollar capped gains. Saudi Energy Minister Khalid al-Falih said he was optimistic the Organization of the Petroleum Exporting Countries would formalise a preliminary oil output deal reached in Algeria in September. "I'm still optimistic that the consensus reached in Algeria for capping ...

Markets - Energy - Americas

Oil edges lower on higher US crude inventories, strong dollar NEW YORK: Oil prices edged lower on Wednesday before the US releases its weekly petroleum inventory report after an industry group said weekly US crude stockpiles rose beyond expectations and a strong dollar weighed on commodities. Brent futures were down 28 cents, or 0.6 percent, at $46.67 a barrel by 10:09 a.m. EST (1509 GMT). US crude fell 32 cents, or 0.7 percent, to $45.49 per barrel. Both contracts gained almost 6 percent on Tuesday ...

Markets - Energy - Americas

Oil prices soar on renewed hopes of OPEC output deal NEW YORK: Oil prices jumped 4 percent on Tuesday, bouncing back from multi-month lows on expectations that OPEC will agree later this month to cut production to reduce a supply glut.Saudi Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum, sources familiar with the matter told Reuters. The Organization of the Petroleum Exporting Countries is due to ...

Markets - Energy - Americas

Brazil unlocks Petrobras 'pre-salt' oil fields BRASÍLIA: Brazil's Congress voted Wednesday to allow state oil company Petrobras to sell off its massive "pre-salt" oil fields, opening the door for the struggling company to raise much-needed cash.After weeks of opposition maneuvers to block the legislation in the lower house, lawmakers pushed it through in a late-night session by voting down two amendments proposed by the leftist Workers' Party, 251 to 22.The bill -- which had already passed the lower house in October ...

Markets - Energy - Americas

Oil price recovers from initial fall after US election result LONDON: Oil reversed most of its early losses of almost 4 percent to trade around $46 a barrel on Wednesday, as the market recovered from an initial Brexit-like reaction to Donald Trump's surprise victory in the US presidential election. The result caused an initial flight from risky assets in a move analysts compared with the reaction of markets in June to the news that Britons had voted to leave the European Union. But the dollar ...

Markets - Energy - Americas

Petrobras says imports by competitors cut its market share SAO PAULO: Brazilian state-controlled oil company Petroleo Brasileiro SA said on Wednesday that increasing volumes of diesel and gasoline imports by competitors have reduced its market share in the local fuel market. Petrobras Refining Director Jorge Celestino told reporters during a press conference in Rio de Janeiro that the increase in fuel imports by other companies in Brazil in September and October forced it to reduce its refining operations. The oil company controls all the ...