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Last update: Tue, 03 May 2016 02am

Americas

Markets - Energy - Americas

Oil up 4pc as OPEC firms up meet, US gasoline demand soars NEW YORK: Oil prices rose about 4 percent on Wednesday, resuming their rally from a two-day slide, after major oil producers firmed up plans to meet in Qatar to discuss an output freeze and as US crude stockpiles grew less than expected and gasoline demand soared. The oil market rebounded after a 5 percent slide this week after Qatari oil minister Mohammed Bin Saleh Al-Sada said producers from within and outside the Organization of the Petroleum Exporting Countries will meet in Doha on April 17 to discuss output freeze plans.Around 15 OPEC and non-OPEC producers, accounting for about 73 percent of global oil output, support the initiative, the minister said. Since the freeze was first proposed last month, prices have recovered about 50 percent from decade low levels but been volatile without a firm meeting date. Oil prices gained further on data from the Energy Information Administration (EIA) that showed ...

Markets - Energy - Americas

US crude oil inventories hit record high for fifth week: EIA NEW YORK: US crude oil stocks rose last week rose to record highs for a fifth straight week while gasoline inventories fell amid strong demand for the motor fuel, data from the Energy Information Administration showed on Wednesday.Crude inventories increased 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts.It was also lower than the 1.5 million-barrel build reported on Tuesday ...

Markets - Energy - Americas

Oil up 4pc on smaller US crude build, OPEC meeting plan NEW YORK: Crude prices rose about 4 percent on Wednesday, resuming their rally from a two-day slide, as U.S. stockpiles grew by less than half the levels expected while major oil producers readied to meet in Qatar next month on output freeze plan.The market is also the lookout for a Federal Reserve policy statement due later in the day to glean direction on U.S. interest rates.Brent crude was up 1.45, or 3.7 percent, at $40.18 ...

Markets - Energy - Americas

Oil ends down 2pc on technical pressure, stockpiles worry NEW YORK: Oil settled 2 percent lower on Tuesday, extending losses for a second straight day, as the market yielded to technical resistance after running above $40 a barrel and worry that US crude stockpiles were rising despite falling production. Uncertainty over how the US Federal Reserve will word its policy statement on Wednesday also fed jitters in financial markets. The oil market will be on the look out later on Tuesday for preliminary data ...

Markets - Energy - Americas

Oil falls as worry over growing stockpile cuts short rally NEW YORK: Oil prices fell about 3 percent on Monday on concerns that a six-week market recovery has gone beyond fundamentals as US crude stockpiles continue to build and Iran maintains little interest in joining major producers in freezing production. Crude inventories across the United States likely hit record highs for a fifth straight week last week, rising 3.3 million barrels, a Reuters poll of analysts said.Stockpiles at the Cushing, Oklahoma grew almost 850,000 barrels ...

Markets - Energy - Americas

Oil tumbles as stockpile worry overshadows rally NEW YORK: Global oil prices fell as much as 4 percent on Monday on concerns a six-week market recovery has gone beyond fundamentals, as US crude stockpiles continue to mount and Iran maintains little interest in a global production freeze. Market intelligence firm Genscape reported an inventory build of 585,854 barrels in Cushing, Oklahoma, taking the delivery hub for US crude futures closer to capacity, traders who saw the data said.Russia said OPEC's meeting on ...

Markets - Energy - Americas

Oil tumbles up to 4pc, stockpile worry cuts short rally NEW YORK: Global oil prices fell as much as 4 percent on Monday on concerns a six-week market recovery has gone beyond fundamentals, as U.S. crude stockpiles continue to mount and Iran maintains little interest in a global production freeze.Market intelligence firm Genscape reported an inventory build of 585,854 barrels in Cushing, Oklahoma, taking the delivery hub for U.S. crude futures closer to capacity, traders who saw the data said.The Organization of the Petroleum Exporting ...