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Americas

Markets - Energy - Americas

Oil down 3pc on worry over OPEC output, US rig count NEW YORK: Oil prices fell more than 3 percent on Monday, with US crude hitting April lows, weighed by a survey showing output in OPEC reached record highs last month amid the biggest addition of US oil rigs in two years. Production in July by the Organization of the Petroleum Exporting Countries likely rose to its highest in recent history, a Reuters survey found on Friday, as Iraq pumped more and Nigeria squeezed out additional crude exports despite militant attacks on oil installations. Top OPEC exporter Saudi Arabia also kept output close to a record high, the survey found, as it met seasonally higher domestic demand and focused on maintaining market share instead of trimming supply to boost prices. US oil drillers, meanwhile, added 44 rigs in July, the most in a month since April 2014, data from oil services company Baker Hughes showed. US West Texas intermediate (WTI) crude ...

Markets - Energy - Americas

US WCoast Products-Gasoline differentials tumble HOUSTON: Gasoline in Los Angeles and San Francisco extended losses on Thursday as a supply glut weighed on the market.Jet fuel and CARB diesel in Los Angeles also weakened.August CARBOB in Los Angeles fell by 2 cents, trading at an 11.5-cent-a-gallon to 12.5-cent-a-gallon discount to NYMEX RBOB futures.In San Francisco, August CARBOB traded at a 14-cent-a-gallon discount to the NYMEX RBOB futures contract.August Los Angeles CARB diesel edged lower by 0.75 cent, pegged around a ...

Markets - Energy - Americas

Oil down 2pc; July to be worst month in a year for US crude NEW YORK: Oil prices settled down nearly 2 percent on Thursday, hitting April lows and with US crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.Surplus barrels of gasoline already have made the glut developing in oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices. US Gulf Coast gasoline stocks hit ...

Markets - Energy - Americas

Mexico's Pemex losses narrow slightly in second quarter MEXICO CITY: Mexican national oil company Pemex said on Thursday its losses narrowed in the second quarter, marking its 15th straight quarter in the red. The loss at Pemex shrunk more than 1 percent to 83.5 billion pesos ($4.6 billion) from 84.6 billion pesos in the year-ago quarter, helped by lower costs and taxes. Revenue in the April-June period fell more than 17 percent to 255.7 billion pesos from 308.9 billion pesos a year earlier, ...

Markets - Energy - Americas

US crude hits 3-month low again on reported Cushing build NEW YORK: Oil prices fell again on Thursday, with US crude hitting three-month lows after a fresh stock build at the delivery hub for US crude futures added to concerns that producers were pumping more than needed. Surplus barrels of gasoline have already made the glut developing across oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices. US Gulf Coast gasoline stocks hit record ...

Markets - Energy - Americas

Brazil to sell oil rights near areas Petrobras seeks to sell RIO DE JANEIRO: Brazil plans to sell rights to new oil exploration and production areas at an auction in 2017 adjacent to existing blocks where state-led Petroleo Brasileiro SA seeks to sell all or part of its stake, regulator ANP said on Thursday. Magda Chambriard, director-general of the ANP, said her agency plans to revise rules regarding the amount and nature of Brazilian goods and services owners of exploration and production blocks must buy as ...

Markets - Energy - Americas

Oil down 3pc after surprise US crude, gasoline builds NEW YORK: Oil prices tumbled 3 percent on Wednesday, with US crude futures hitting three-month lows, as US crude and gasoline stocks surged on weak demand during the peak summer driving season. The US Energy Information Administration (EIA) said crude stockpiles soared 1.7 million barrels last week, instead of falling 2.3 million barrels as forecast. Gasoline inventories rose 452,000 barrels, compared with analysts' expectations for a 40,000-barrel increase.Oil extended losses as the dollar rallied after ...