01202017Fri
Last update: Fri, 20 Jan 2017 12pm

Americas

Markets - Energy - Americas

Oil drops on US distillate build as crude draw shrugged off NEW YORK: Oil prices fell on Wednesday after the market ignored an unexpected drawdown in U.S. crude stockpiles to focus on a build in distillates, including diesel, that was twice as big than expected.U.S. crude inventories fell 3.6 million barrels last week, the first drawdown after 10 straight weeks of builds, bucking a 300,000-barrel build forecast in a Reuters poll, the Energy Information Administration (EIA) said.Brent and U.S. crude's West Texas Intermediate (WTI) futures were up more than $1 a barrel in an immediate reaction to the data, before turning negative as the market's attention turned to the bearish distillate numbers.Distillate inventories soared 5 million barrels, double the forecast and the sharpest rise since January, while demand for the fuels fell to its lowest level seasonally since 1998, the EIA said."The large rise in distillate fuels will likely work to make the report bearish by day's end," said John Kilduff, ...

Markets - Energy - Americas

Oil dips as US distillate build offsets crude draw NEW YORK: Oil prices fell for a fourth day in a row on Wednesday after the market ignored an unexpected drawdown in U.S. crude stockpiles to focus on a build in distillates, including diesel, that came in twice as large than expected.A weaker dollar, however, limited oil's downside, making commodities denominated in the greenback more affordable to holders of the euro and other currencies.Brent crude settled down 15 cents at $40.11 a barrel, after hitting ...

Markets - Energy - Americas

Oil dips as US distillate build offsets crude draw NEW YORK: Oil prices fell for a fourth day in a row on Wednesday after the market ignored an unexpected drawdown in U.S. crude stockpiles to focus on a build in distillates, including diesel, that came in twice as large than expected.A weaker dollar, however, limited oil's downside, making commodities denominated in the greenback more affordable to holders of the euro and other currencies.Brent crude settled down 15 cents at $40.11 a barrel, after hitting ...

Markets - Energy - Americas

Oil prices end down despite lower US inventories NEW YORK: Oil prices fell to a fresh-multi year low Wednesday as worries about a longstanding supply glut offset news of a surprise decline in US petroleum inventories.US benchmark West Texas Intermediate for January delivery fell 35 cents to $37.16 a barrel on the New York Mercantile Exchange, the lowest close since February 2009.European benchmark Brent oil for January delivery shed 15 cents to $40.11 a barrel in London. Wednesday was the fourth straight day ...

Markets - Energy - Americas

Oil down 1 percent after hitting 2009 lows NEW YORK: Oil futures ended lower with Brent down over 1 percent on Tuesday after plumbing near seven-year lows on fears global oil producers will pump even more crude in battle for share in a saturated market.Both Brent and U.S. crude's West Texas Intermediate (WTI) sunk beneath $40 a barrel in early trade, hitting February 2009 levels and extending Monday's 6 percent rout, before paring losses toward the close.Brent finished the session down 47 cents ...

Markets - Energy - Americas

US crude oil output to decline by 570,000 bpd in 2016: EIA NEW YORK: The US government on Tuesday raised its projected decline rate for crude oil production next year, furthering a year-long rout that has pressured benchmark prices to near a seven-year low.In its short term energy outlook, the U.S. Energy Information Administration said that production in 2016 would fall by 570,000 barrels per day (bpd) to 8.76 million bpd. A month ago, the cut was expected to be 520,000 bpd.The cuts come after U.S. energy ...

Markets - Energy - Americas

Brazil's Petrobras offers to sell up to 10pc of coveted offshore oil field LONDON/RIO DE JANEIRO: Brazil's state-run oil company Petrobras is offering up to a quarter of its 40 percent stake in the huge Libra offshore oil prospect as its seeks to reduce the largest debt in the global oil industry, two industry sources said on Tuesday.The stake could fetch up to $1.5 billion, according to analysts at Macquarie, and is likely to attract international oil companies keen to expand in one of the world's fastest-developing oil ...