05242016Tue
Last update: Tue, 24 May 2016 01pm

Americas

Markets - Energy - Americas

Oil jumps as Canada fire, Libya violence unleash supply fears NEW YORK: Oil prices jumped about 2 percent on Thursday, resuming their rally from last week, as a raging wildfire cut production from Canada's oil sands region and escalating Libyan violence raised more worries about immediate oil supplies than a longer-term glut. While the oil sands facilities are not in the fire's path, the wildfire that raged unchecked in the city of Fort McMurray in Alberta knocked out as much as a third of the nation's daily crude capacity and closed some major pipelines.At least 640,000 barrels per day of capacity was offline as part of precautionary measures on Thursday, according to Reuters' calculations.In Libya, the state's already crippled oil production was at further risk from a stand-off between eastern and western political factions that prevented a Glencore cargo from loading.The combined outages appeared to give oil a new lease of life after crude prices lost steam earlier this week ...

Markets - Energy - Americas

US crude production sinks to 17 month low WASHINGTON: US oil output sank last week by more than 100,000 barrels a day to its lowest level since September 2014 as producers cut back in the face of low prices.But a rise in imported crude helped drive commercial stockpiles higher, the US Energy Department reported Wednesday, sending crude prices tumbling. US domestic production dropped to 8.83 million barrels a day in the week to April 29, compared to 8.94 million a week earlier, department ...

Markets - Energy - Americas

Oil prices drift as US crude output falls NEW YORK: Oil prices drifted sideways Wednesday with US futures slightly higher but London slipping amid news that US oil output fell by another 100,000 barrels a day last week.US crude and gasoline stockpiles also increased significantly -- a bearish signal for the market -- but US prices were supported by a major wildfire in Alberta, Canada, which has threatened production from the oil sands region.US benchmark WTI crude for delivery in June finished the ...

Markets - Energy - Americas

Venezuelan crude sales to United States fell 8pc in April HOUSTON: Venezuelan crude sales to the United States declined 8.3 percent in April to 734,700 barrels per day (bpd) compared with the same month of 2015, amid delays at PDVSA's main ports, according to Thomson Reuters trade flows and vessel tracking data.State-run oil firm PDVSA and its joint ventures sent a total of 45 crude cargoes to customers in the United States last month versus 54 cargoes in April of 2015 and 52 in March.Equipment ...

Markets - Energy - Americas

Oil turns lower after bigger-than-forecast US crude build NEW YORK: A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets lower on Wednesday after an early rally over concerns about production cuts in Canada's oil sands region due to a wildfire.U.S. crude stocks, which have been setting record highs since January, grew 2.8 million barrels last week, government data showed, about a million barrels more than analysts' expectations. Gasoline stocks also posted a surprise increase.The data overshadowed concerns over ...

Markets - Energy - Americas

Oil down 2pc as OPEC output hike sparks profit-taking NEW YORK: Oil prices fell about 2 percent on Monday as production from the Organization of the Petroleum Exporting Countries was close to all time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month's outsized rally. OPEC's crude production climbed in April to 32.64 million barrels per day, close to the highest level in recent history, a Reuters survey showed. Iraq's April exports from southern fields increased, as did seaborne ...

Markets - Energy - Americas

Mexico's Pemex posts narrower first quarter loss MEXICO CITY: Mexican national oil company Pemex on Thursday reported a 62 billion peso ($3.6 billion) loss in the first quarter, hit hard by slumping crude prices and falling oil output. It marked Pemex's 14th consecutive quarterly loss, though it was 38 percent smaller than the 100.5 billion peso loss the company made in the same quarter a year earlier. Revenue in the January-March period was 225 billion pesos, down from nearly 280 billion pesos ...