09262016Mon
Last update: Mon, 26 Sep 2016 03pm

Americas

Markets - Energy - Americas

Oil up 2pc, Brent over $50/bbl on OPEC freeze talk NEW YORK: Oil prices rose on Thursday for a sixth straight day, with Brent crude rising above $50 for the first time in six weeks as the world's biggest producers prepared to discuss a possible freeze in production levels.Brent traded at $50.77 a barrel, a 1.9 percent gain, by 12:32 p.m. ET (1632 GMT). The session high of $50.87 was its highest since June 23. US crude rose $1.09 to $47.88 per barrel, a 2.3 percent gain. The session high of $48.24 was its highest since July 7. Both benchmarks have risen more than 20 percent from a low in early August on news the Organization of the Petroleum Exporting Countries (OPEC) and other key exporters will probably revive talks on freezing output levels when they meet in Algeria next month. The rapid rise puts the oil market, technically, in a bull market. The rally has also been driven by ...

Markets - Energy - Americas

First Suezmax oil tanker passes through expanded Panama Canal HOUSTON: The first Suezmax crude oil tanker began transit through the newly expanded Panama Canal on Thursday, an official confirmed to Reuters. The Aegean Unity, a Greece-flagged Suezmax vessel coming from the US West Coast, entered the Canal Thursday morning. Suezmax-sized vessels, which can carry some 1 million barrels of oil, were unable to pass through the canal prior its expansion, which was inaugurated at the end of June. Copyright Reuters, 2016 ...

Markets - Energy - Americas

Oil up, Brent over $50/bbl at 6-week high on OPEC freeze talk NEW YORK: Oil prices rose for a sixth straight day, with Brent crude touching a six-week high above $50 a barrel on Thursday as the world's biggest producers prepared to discuss a possible freeze in production levels.Brent traded at 50.46 a barrel, a 1.2 percent gain, by 10:56 a.m. ET (1456 GMT) after touching its highest since July 4 at $50.50.U.S. light crude oil rose $1.09 to $47.88 per barrel, a 2.3 percent gain. The ...

Markets - Energy - Americas

US oil may break strong resistance at $46.90 SINGAPORE: US oil may break a strong resistance at $46.90 per barrel and then rise towards the next resistance at $48.72, as indicated by its wave pattern and a Fibonacci retracement analysis.These resistances are identified respectively as the 61.8 percent and the 76.4 percent Fibonacci retracements on the downtrend from the June 9 high of $51.67 to the Aug. 3 low of $39.19.Oil is riding on a wave 5, the final wave of a five-wave ...

Markets - Energy - Americas

Exxon Baton Rouge refinery shuts CDU due to flooding HOUSTON: ExxonMobil Corp shut a crude distillation unit at its 502,500 barrel per day (bpd) Baton Rouge refinery on Tuesday as flooding disrupted operations at a liquefied petroleum gas (LPG) storage facility, sources familiar with plant operations said. An Exxon spokeswoman declined on Tuesday to discuss operations at the Baton Rouge, Louisiana refinery. "We continue to meet our contractual commitments," said Exxon's Lana Venable.Continued disruption of operations at the Sorrento, Louisiana Storage Facility by the ...

Markets - Energy - Americas

Oil rally under pressure; record Saudi output offsets US drawdown NEW YORK: Oil's near week-long rally sputtered on Wednesday as players weighed up the market after a surprise drawdown in US crude and gasoline inventories was offset by worries Saudi Arabia was cranking output to record highs even as OPEC talked of ways to ease a glut. Reports of refinery outages in the United States, including that of a crude unit at Exxon Mobil Corp's 502,500 barrel per day (bpd) plant at Baton Rouge in ...

Markets - Energy - Americas

Oil up as US inventory draws offset record Saudi output concerns NEW YORK: Oil prices gained modestly on Wednesday after a drawdown in US crude and gasoline stocks offset signs that Saudi Arabia was cranking production to record highs, adding to a global glut.US crude inventories fell 2.5 million barrels last week, the Energy Information Administration (EIA) announced, surprising analysts who had expected a build of 522,000 barrels.Gasoline stockpiles also fell 2.7 million barrels, more than expectations for a 1.6 million-barrel drop, the EIA data showed.US ...