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Last update: Thu, 25 Aug 2016 04pm

Americas

Markets - Energy - Americas

Oil down 2pc; July to be worst month in a year for US crude NEW YORK: Oil prices settled down nearly 2 percent on Thursday, hitting April lows and with US crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.Surplus barrels of gasoline already have made the glut developing in oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices. US Gulf Coast gasoline stocks hit record highs last week for the month of July while East Coast inventories reached all-time peaks, government data showed on Wednesday. Market intelligence firm Genscape added to the bearish sentiment on Thursday, reporting a build of nearly 328,000 barrels at the Cushing, Oklahoma, delivery hub for US crude futures during the week to July 26, traders who saw the data told Reuters.US crude's West Texas Intermediate (WTI) futures settled down 78 cents, or 1.9 percent, ...

Markets - Energy - Americas

Mexico's Pemex losses narrow slightly in second quarter MEXICO CITY: Mexican national oil company Pemex said on Thursday its losses narrowed in the second quarter, marking its 15th straight quarter in the red. The loss at Pemex shrunk more than 1 percent to 83.5 billion pesos ($4.6 billion) from 84.6 billion pesos in the year-ago quarter, helped by lower costs and taxes. Revenue in the April-June period fell more than 17 percent to 255.7 billion pesos from 308.9 billion pesos a year earlier, ...

Markets - Energy - Americas

US crude hits 3-month low again on reported Cushing build NEW YORK: Oil prices fell again on Thursday, with US crude hitting three-month lows after a fresh stock build at the delivery hub for US crude futures added to concerns that producers were pumping more than needed. Surplus barrels of gasoline have already made the glut developing across oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices. US Gulf Coast gasoline stocks hit record ...

Markets - Energy - Americas

Brazil to sell oil rights near areas Petrobras seeks to sell RIO DE JANEIRO: Brazil plans to sell rights to new oil exploration and production areas at an auction in 2017 adjacent to existing blocks where state-led Petroleo Brasileiro SA seeks to sell all or part of its stake, regulator ANP said on Thursday. Magda Chambriard, director-general of the ANP, said her agency plans to revise rules regarding the amount and nature of Brazilian goods and services owners of exploration and production blocks must buy as ...

Markets - Energy - Americas

Oil down 3pc after surprise US crude, gasoline builds NEW YORK: Oil prices tumbled 3 percent on Wednesday, with US crude futures hitting three-month lows, as US crude and gasoline stocks surged on weak demand during the peak summer driving season. The US Energy Information Administration (EIA) said crude stockpiles soared 1.7 million barrels last week, instead of falling 2.3 million barrels as forecast. Gasoline inventories rose 452,000 barrels, compared with analysts' expectations for a 40,000-barrel increase.Oil extended losses as the dollar rallied after ...

Markets - Energy - Americas

Oil prices hit three-month low as US stockpiles mount NEW YORK: Oil prices retreated to the lowest level in three months Wednesday after US data showed an unexpected increase in commercial stockpiles of oil and gasoline.With the latest increases, commercial oil inventories now stand 13.4 percent above year-ago levels, while gasoline stocks are 11.8 percent higher, according to US Department of Energy data."Oil is down on the back of very disappointing inventories statistics," said energy consultant Andy Lipow."The market is very concerned we're going ...

Markets - Energy - Americas

Oil tumbles 2pc after unexpected US crude, gasoline stock build NEW YORK: Oil prices tumbled more than 2 percent on Wednesday, hitting a two-month low, after the U.S. government reported a surprise build in crude and gasoline inventories during the peak summer driving season.The U.S. Energy Information Administration said domestic crude stockpiles rose 1.7 million barrels, against analysts' forecasts for a drawdown of 2.3 million barrels. Brent was down $1.03, or 2.4 percent, at $43.83 a barrel by 11:04 a.m. EDT (1504 GMT) after hitting ...