02082016Mon
Last update: Mon, 08 Feb 2016 09pm

Americas

Markets - Energy - Americas

Oil rebounds on record Chinese demand, oversupply caps gains NEW YORK: Brent crude oil prices rebounded on Tuesday from 12-years lows after data showed Chinese oil demand likely hit a record high in 2015, but the recovery was not expected to last amid warnings that the market would stay oversupplied this year. Analysts also attributed much of the bounce from under $28 a barrel to a brief short-covering rally after oil prices crashed over 20 percent this year, triggering a record volume of short positions in the week through Jan. 12."It seems to be a healthy upside correction in an otherwise downtrending market," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. The Brent contract for March delivery rose 69 cents to $29.24 a barrel, up 2.4 percent, by 1:04 p.m. EST (1804 GMT). It traded as high as $30.24, rebounding from $27.67 on Monday, its lowest since 2003. US crude fell 49 cents to $28.93 per ...

Markets - Energy - Americas

Oil rebounds on record Chinese demand, oversupply caps gains NEW YORK: Brent crude oil prices rebounded about 3 percent on Tuesday from 12-years lows after data showed Chinese oil demand likely hit a record high in 2015, but the recovery was not expected to last amid warnings that the market would stay oversupplied this year.Analysts also attributed much of the bounce from under $28 a barrel to a brief short covering rally after oil prices crashed over 20 percent this year, triggering a record ...

Markets - Energy - Americas

Oil collapse drags on Citigroup, Wells Fargo earnings NEW YORK: Earnings from US banking giants Citigroup and Wells Fargo showed an increased drag from the oil rout that investors fear will worsen.Both banks lifted their reserves in case of defaults from energy companies, a sign of how months of low oil prices have pinched clients in the petroleum business.Highlighting the threat, oil prices sank again on Friday to well below $30 a barrel for the US benchmark WTI crude, sending shares of oil ...

Markets - Energy - Americas

North Dakota oil output defies calls for a decline NEW YORK: North Dakota's oil production once again defied expectations for a decline in November, even seeing a slight uptick for the second consecutive month, as unusually warm weather helped offset the deepening decline in fracking activity.Production in the second-largest U.S. oil producing state rose by 5,000 barrels per day (bpd) to 1.18 million barrels, monthly data from the Department of Mineral Resources showed. Last month, it also rose 5,000 bpd.Output in North Dakota's Bakken ...

Markets - Energy - Americas

Bets against energy stocks hit decade high as oil gets crushed SAN FRANCISCO: Short selling in energy stocks in December hit levels not seen in more than a decade as a global glut in oil crushed the commodity's prices to 12-year lows and deepened fears of bankruptcies.Among stocks in the S&P 500 energy sector, short interest on average increased to 7.28 percent at the end of December from 6.59 percent at mid-month, the highest level since at least 2003, according to FactSet Research Systems.Since the end ...

Markets - Energy - Americas

Oil prices bounce, boosting energy shares, US stocks NEW YORK: The energy sector led the beaten-up US stock market higher on Thursday as oil prices rebounded from 12-year lows. Major US indexes climbed about 2 percent after dropping to 3-1/2 month lows on Wednesday. Gains in stocks and oil also helped push the US dollar higher, while the increases in risk assets reduced demand for safe-haven gold and US government debt. Equity markets have tumbled to start the year as volatility in Chinese ...

Markets - Energy - Americas

Oil up after 8-day rout; worries remain Iran will add to glut NEW YORK: Oil rebounded on Thursday, snapping an eight-day rout, as investors covered short positions but the market settled not far from 12-year lows on worries Iran may add barrels to a glutted global market sooner than expected. Global crude benchmark Brent broke below $30 a barrel, its lowest since 2004, for a second straight day before rebounding.It also settled off the day's highs, after the US State Department indicated a key Iranian nuclear reactor ...