01182017Wed
Last update: Wed, 18 Jan 2017 10am

Americas

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 on markets for two years. As of late Friday in Vienna, officials had yet to agree on details on the plan to reduce output to between 32.5 million and 33 million barrels per day, with Iran opposing, sources said.Russia, which has postponed its own domestic production-cut meeting, expects a quick recovery in US shale oil activity so that an output freeze could be short-lived, Interfax news agency reported. Brent crude futures were down 48 cents ...

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 ...

Markets - Energy - Americas

Exxon Mobil profit drops 38 percent but beats estimates HOUSTON: Exxon Mobil Corp, the world's largest publicly traded oil company, on Friday reported a 38 percent drop in quarterly profit that still beat Wall Street's expectations as cost cuts partly offset declining crude prices. Shares of Exxon were down 1.4 percent at 85.73 in premarket trading. The company reported third-quarter net income of $2.65 billion, or 63 cents per share, compared with $4.24 billion, or $1.01 per share, a year earlier. Analysts on average ...

Markets - Energy - Americas

Oil ends up, OPEC cut commitments assuage lingering doubts NEW YORK: Oil settled higher on Thursday, as commitments from Gulf OPEC members to cut production assuaged some lingering doubts in the market about cooperation from other producers. The international benchmark Brent crude was up 49 cents, or 1 percent, at $50.47 a barrel. US West Texas Intermediate crude gained 54 cents, or 1.1 percent, to $49.72. "Another day, another market being pushed and prodded around by OPEC rhetoric," said Matt Smith, director of commodity ...

Markets - Energy - Americas

Oil down 1 pct on OPEC worry, offsetting U.S. inventory fall NEW YORK: Oil settled down more than 1 percent on Wednesday even after a surprise drawdown in U.S. crude inventories, as traders remained cautious that OPEC would be able to cut production come late November.U.S. crude stockpiles fell 553,000 barrels last week, the U.S. Energy Information Administration (EIA) said, compared with the 1.7 million-barrel build analysts polled by Reuters forecast.Crude inventories in the world's largest oil producer have fallen unexpectedly in seven of the past ...

Markets - Energy - Americas

Oil down; US crude below $50 ahead of inventory data NEW YORK: Oil prices fell more than 1 percent on Tuesday, with US crude breaking below $50 per barrel for a second straight day ahead of weekly data that could show a build in domestic inventories. Producers' verbal jockeying about the Organization of the Petroleum Exporting Countries' (OPEC) planned output cut weighed further on the market, analysts said, noting Iraq's resistance to the plan and its rising output for October. Brent crude futures fell 64 ...