02142016Sun
Last update: Sun, 14 Feb 2016 08am

Americas

Markets - Energy - Americas

Brent hits near 12-year low as market wrestles with weak demand NEW YORK: Brent crude ended 2 percent lower on Wednesday after falling below $30 a barrel for the first time since April 2004 as a growing stocks of oil in the United States stoked market fears about demand.Both Brent and U.S. crude futures saw highs early in the day of more than $1 above Tuesday's closing price on upbeat Chinese economic data earlier in the session.But U.S. government data showing builds in crude, gasoline and diesel supplies augmented fears that demand will stagnate as global markets contend with oversupply.Concerns about U.S. economic uncertainty also amplified the declines, the Standard and Poors 500 index dipped below 1900 for the first time since early October.Brent fell to a new 12-year low at $29.96 a barrel before settling at $30.31 a barrel, down 55 cents or 1.8 percent.U.S. crude settled at $30.48, up 4 cents or 0.1 percent after dropping as low as ...

Markets - Energy - Americas

Oil slump nears $30 a barrel mark on unabated output NEW YORK: Crude oil prices lost more than 2 percent on Tuesday, extending a relentless selloff to trade within cents of $30 a barrel for the first time in 12 years on concerns about fragile Chinese demand and the absence of restraint in global production.Shaking off early firmness, crude extended a nearly 7 percent drop from Monday. Losses for the year of almost 17 percent have been driven by too much supply, the weakening economy ...

Markets - Energy - Americas

Tumbling oil trades below $30 a barrel for first time in 12 years NEW YORK: Oil fell briefly below $30 a barrel on Tuesday, extending a relentless selloff that has wiped almost 20 percent off prices this year amid deepening concerns about fragile Chinese demand and the absence of output restraint.The day's near 4 percent drop marks a seventh day of losses for oil. Traders have all but given up attempting to predict where the new-year rout will end, with momentum-driven dealing and overwhelmingly bearish sentiment engulfing the ...

Markets - Energy - Americas

Oil plunges, Wall Street drops, China woes deepen NEW YORK: Wall Street and European stock markets fell on Monday, worsening a brutal start to 2016, as a plunge in beaten-down oil prices and a fresh tumble for Chinese shares gave investors more reasons to sell.After rising in morning trading, the major U.S. indexes reversed course and were set for another down day after the S&P 500 and the Dow last week posted their worst five-day start to the year in history.The pan-European FTSEurofirst ...

Markets - Energy - Americas

Oil tumbles nearly 5pc to new lows; analysts warn of $20s NEW YORK/LONDON: A brutal new year selloff in oil markets deepened on Monday, with prices plunging as much as 5 percent to new 12-year lows as further ructions in the Chinese stock market threatened to knock crude into the $20s.On Monday, China's blue-chip stocks fell by another 5 percent and overnight interest rates for the yuan outside of China soared to nearly 40 percent, their highest since the launch of the offshore market.Morgan Stanley warned ...

Markets - Energy - Americas

US shale output to fall by 638,000 bpd in Feb. from March peak: EIA NEW YORK: US shale oil production is expected to fall for a seventh month in a row in February by 638,000 barrels per day (bpd) below the March 2015 peak, according to a U.S. government forecast on Monday, on the back of a global glut that has slashed oil prices to a near 13-year low.Total output is set to decline by 116,000 bpd to 4.8 million bpd in February compared with January, according to the ...

Markets - Energy - Americas

Oil down 10 pct after 5-day drop; Goldman says more losses needed NEW YORK: Oil fell for a fifth straight day on Friday, losing 10 percent on the week, and Goldman Sachs said more losses were needed to force producers to cut supplies adequately to balance the glut and bleak demand outlook in the market.Futures of global oil benchmark Brent and U.S. West Texas Intermediate (WTI) crude seesawed through the day, settling slightly lower after stock prices on Wall Street gave up their earlier strength. The two ...