05282016Sat
Last update: Sat, 28 May 2016 02pm

Americas

Markets - Energy - Americas

Oil tumbles on revived oversupply worries NEW YORK: World oil prices fell sharply Thursday as the market appeared to do a double-take on the US oil inventories report showing US crude stockpiles hit a fresh record.The US benchmark, West Texas Intermediate for April, dived $2.82 to close at $48.17 a barrel on the New York Mercantile Exchange, more than wiping out the prior day's rebound.European benchmark Brent North Sea crude for April delivery sank $1.58 to $60.05 a barrel in London.Both futures contracts had surged Wednesday after the US Department of Energy reported that US crude inventories had increased by a much-bigger-than-expected 8.4 million barrels in the week ending February 20, to a record 434.1 million barrels.For analysts, the market rally was due to traders focusing on the DoE report's positive elements for demand: falling gasoline and distillates stockpiles.But Thursday the market was back to weighing the basic fundamentals of global oversupply, made worse by high ...

Markets - Energy - Americas

Oil falls as rising US inventories continue to weigh NEW YORK: Crude oil futures fell on Thursday, as rising inventories in the United States pressured both Brent and U.S. contracts and countered expectations for recovering demand.Brent losses were tempered by those expectations for improving global demand and geopolitical concerns about energy supplies from Libya and Russia.Brent April crude was down 65 cents at $60.98 at 12:19 EST (1719 GMT), off a $62.63 intraday peak. On Wednesday, Brent surged 5 percent.U.S. April crude was down ...

Markets - Energy - Americas

US crude futures extend losses as ample supply pressures NEW YORK: US crude futures extended losses to more than 6 percent and fell more than $3 a barrel on Thursday in the last hour of trading ahead of settlement.Ample global supply and increasing U.S. commercial inventories weighed on prices after expectations for better demand going forward lifted prices on Wednesday, traders and analysts said.U.S. April crude was down $2.71, or 5.3 percent at $48.28 a barrel at 2:25 p.m. EST (1925 GMT), having slumped ...

Markets - Energy - Americas

US Gulf Coast crude stock at highest seasonal record last week NEW YORK: US Gulf Coast crude stockpiles rose to 214.4 million barrels last week, the highest seasonal total on record, according to figures released Wednesday by the US Energy Information Administration. US East Coast distillate stockpiles fell to 31.8 million barrels last week, the lowest seasonal figure since last year, EIA data shows. Copyright Reuters, 2015 ...

Markets - Energy - Americas

Lower gasoline prices dampen US consumer inflation WASHINGTON: US consumer prices in January posted their biggest drop since 2008 as gasoline prices continued to tumble and underlying inflation rose modestly, which could allow a cautious Federal Reserve more room to hold off on raising interest rates.Other data on Thursday showed a rebound in business investment spending plans, but probably not enough to change expectations of moderate economic growth in the first quarter. "It will be some time before the Fed gets the ...

Markets - Energy - Americas

Brent crude up 5pc as Saudi sees improved demand for oil NEW YORK: Brent crude oil futures surged 5 percent on Wednesday, after Saudi Arabia's oil minister said oil demand was growing and data showed Chinese factories were producing more than expected.Falling refined products inventories reported by the government helped lift U.S. crude and countered data showing a larger-than-expected U.S. crude inventory build.Brent April crude rose $2.97 to settle at at $61.63 a barrel. U.S. April crude rose $1.71 to settle at $50.99."The report is relatively ...

Markets - Energy - Americas

Oil slips as traders expect new rise in US inventories NEW YORK: Oil prices slipped Tuesday as traders estimated a key report will show another increase in US crude inventories that already are at record levels, exacerbating the global oversupply.US benchmark West Texas Intermediate for April delivery fell 17 cents, closing at $49.28 a barrel.In London, Brent North Sea crude for April, the global benchmark, closed at $58.66 a barrel, down 24 cents from Monday's closing level.Both futures contract had fallen sharply on Monday and ...