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Americas

Markets - Energy - Americas

Oil falls in volatile trade on supply worries, dollar and Iran NEW YORK: Oil closed lower on Thursday in volatile trade, as a soaring dollar and the U.S. pursuit of an Iranian nuclear deal offset earlier gains from supply concerns in Libya and Iraq.Libya's declaration of force majeure on nearly a dozen of its oilfields due to security concerns and arson attacks by Islamic State militants on Iraqi oil wells helped prices climb during the European session.In New York trade, the market came off its highs after the dollar hit 11-1/2 year highs against the euro, weighing on oil prices denominated in the greenback.Washington's pursuit of a nuclear agreement with Tehran, which could end sanctions against Iran and bring more oil from the OPEC member into an already flooded market further dragged on prices.Even so, market bulls convinced oil had hit a bottom after the June-January selloff that had knocked 60 percent off prices stepped in to prevent a sharp slide ...

Markets - Energy - Americas

Global supply glut weighs on oil prices NEW YORK: Persistent worries about a global oversupply of crude oil weighed on the oil market Thursday after US inventories leaped to another record high this week.US benchmark West Texas Intermediate for delivery in April fell 77 cents to $50.76 a barrel on the New York Mercantile Exchange at the end of a volatile session in which WTI spent some time in positive territory.In London, Brent North Sea crude for April, the international benchmark, dipped ...

Markets - Energy - Americas

Oil up despite strong dollar, US stance on Iran NEW YORK: Oil rose in volatile trade on Thursday but analysts said the gains may not hold in the face of a strong dollar and the U.S. commitment to forge a nuclear deal with Iran.Concerns about deteriorating oil supplies from Libya and Iraq boosted crude prices even before the New York session.Without new bullish factors apparent in U.S. trading hours, the market stayed afloat on buying from those convinced it had hit bottom since the ...

Markets - Energy - Americas

US oil rises, Brent pares losses on Iran news NEW YORK: US oil futures rose on Wednesday and benchmark Brent pared losses as OPEC member Iran stressed that it opposed a timeline for a freeze on nuclear activities, news that helped crude rebound from an early slide tied to swelling U.S. stockpiles.Comments from Saudi Arabia's oil minister that prices ought to stabilize from the selloff of recent months also helped put a floor under prices, dealers said.Some drew encouragement from the Federal Reserve's Beige ...

Markets - Energy - Americas

US oil prices shrug off jump in crude stocks NEW YORK: US oil prices rallied Wednesday despite a larger-than expected jump in the country's crude stockpiles last week, which hit a new record high.US benchmark West Texas Intermediate (WTI) for delivery in April climbed $1.01 to $51.53 a barrel on the New York Mercantile Exchange.But in London Brent North Sea crude for April slipped 47 cents to $60.55 a barrel.The US Department of Energy (DoE) said commercial crude inventories jumped by 10.3 million barrels ...

Markets - Energy - Americas

Oil down as US supply jumps; Saudi remarks keep prices off lows NEW YORK: Oil prices fell on Wednesday after U.S. crude stock builds were more than twice levels forecast, although prices held off recent lows after Saudi Arabia's oil minister said he expected prices to recover soon from the selloff of recent months.U.S. crude stocks jumped by 10.3 million barrels last week, the government said, versus a Reuters poll calling for a build of just 4 million barrels. While the Cushing, Oklahoma hub for U.S. crude ...

Markets - Energy - Americas

Mexico preparing for low oil prices; crude output fall LONDON: Falling oil production remains the most important risk to Mexico's economy this year and may force the government to tighten spending further into 2016, Finance Minister Luis Videgaray said on Tuesday.Speaking to journalists at the London Stock Exchange Videgaray said the risk was oil production could fall further, following January's output decline which sent production to the lowest since mid-1990s."We need to prepare for a scenario where the price of oil remains low and ...