01172017Tue
Last update: Tue, 17 Jan 2017 03pm

Americas

Markets - Energy - Americas

Oil prices tumble 3pc on record US crude build NEW YORK: Oil prices tumbled 3 percent on Wednesday after a record weekly build in US crude inventories stoked investor worries about a global supply glut, days after analysts estimated higher monthly OPEC crude output. The US Energy Information Administration (EIA) said crude inventories rose 14.4 million barrels for the week ended Oct. 28, far more than the 1.0 million barrels analysts had expected. It was the biggest weekly rise in US crude stocks since records began in 1982, and exceeded the American Petroleum Institute's report on Tuesday of a 9.3 million-barrel build. "This is very, very, very bearish. Nothing else in the report matters," said James L. Williams, energy economist at WTRG Economics in London, Arkansas. US West Texas Intermediate (WTI) crude settled down by $1.33, or 2.9 percent, at $45.34 a barrel. It broke the $45 support earlier, sinking to a five-week low of $44.96. Brent fell $1.28, ...

Markets - Energy - Americas

Oil down for 4th day on chance of huge US crude build NEW YORK/LONDON: Oil prices fell for a fourth straight day on Wednesday, hitting five-week lows, as jittery investors awaited US government data on crude stockpiles after a stunning build reported by a trade group that underlined the market's oversupply. The American Petroleum Institute (API) said after Tuesday's market settlement that crude stockpiles rose by 9.3 million barrels in the week to Oct. 28, more than nine times the amount expected by analysts polled by Reuters. ...

Markets - Energy - Americas

US weekly crude inventory build largest on record NEW YORK: US crude inventories rose by 14.4 million barrels last week, the largest one-week build on record, according to new data released Wednesday by US Energy Information Administration, which began tracking data in 1982. US commercial imports rose to 8.99 million barrels per day last week, the highest weekly volumes since September of 2012, according to EIA data. US Gulf Coast inventories dropped to 37.08 million barrels, the lowest levels for this time of ...

Markets - Energy - Americas

Oil down 3pc after record US crude build NEW YORK: Oil prices tumbled 3 percent on Wednesday after a record weekly build in US crude stocks added to worries of all-time highs in OPEC production that suggested little could be done to rein in a global glut. The US government's Energy Information Administration (EIA) said crude inventories rose by 14.4 million barrels for the week ended Oct. 28, versus analysts' expectations for a build of 1.0 million barrels. It was the biggest ever ...

Markets - Energy - Americas

Oil prices slip, OPEC doubts weigh ahead of US rig count data NEW YORK: Oil prices fell below $50 on Friday, on track for their biggest weekly loss in six weeks, on doubts about OPEC's planned output cut and ahead of US rig count data that has steadily increased in the last few months. Organization of the Petroleum Exporting Countries experts and counterparts from non-member producers such as Russia started two-day negotiations on Friday in Vienna on limiting output to curb a global glut that has weighed ...

Markets - Energy - Americas

Pemex posts narrower 3rd-qtr loss despite falling prices, output MEXICO CITY: Mexico's state-run oil company Pemex reported a narrower 118.36 billion peso ($6.1 billion) third-quarter net loss on Friday, even as it continues to grapple with low prices and declining crude production.It marked Pemex's 16th consecutive quarter in the red, and compared with a loss of 167.5 billion pesos in the same period last year."Financially there is still much to be done. However, we have stable finances at the moment and have clear signs ...

Markets - Energy - Americas

Low oil prices hit ExxonMobil, Chevron earnings NEW YORK: Low crude prices and weak refining margins weighed on third-quarter profits at US oil giants ExxonMobil and Chevron in reports Friday, but earnings rose compared with the prior two quarters.The results were the latest sign of pain for the industry in the wake of a two-year slump in oil prices, with ExxonMobil notching a 37.5 percent decline in profits to $2.7 billion and Chevron disclosing a 36.8 percent fall to $1.3 billion.At the ...