02142016Sun
Last update: Sun, 14 Feb 2016 07pm

Americas

Markets - Energy - Americas

US oil rigs dive to lowest since 2010, more cuts seen US oil drillers began the year by slashing the number of rigs to the lowest in over five years, data showed on Friday, with analysts saying further reductions are almost certain as producers respond to a deepening oil price rout.Drillers cut 20 oil rigs in the week ended Jan. 8, the third-largest one-week decline since May, oil services company Baker Hughes Inc said in its closely followed report. The reductions occurred across every major shale patch, from the Permian to the Bakken. <RIG-OL-USA-BHI>The remaining 516 rigs were the fewest since April 2010, according to the data, but few expect the slump to end there. Oil prices have dropped more than $10 a barrel over the past two months, about half of that in the past week. Lower prices are likely to be reflected in more idled rigs over the coming month or two."So long as the price for oil stays ...

Markets - Energy - Americas

TSX slightly higher as jobs data helps, oil hurts TORONTO: Canada's main stock index advanced tentatively in early trade on Thursday after seven days of losses as financial and industrial stocks rose, although weak oil prices kept the pressure on energy stocks. In a boost for sentiment, the country added more jobs than anticipated in December, including modest gains in the struggling manufacturing and natural resources sectors. US jobs data also produced a positive surprise. The Toronto Stock Exchange's S&P/TSX composite index technically entered ...

Markets - Energy - Americas

Oil price hits 12-year low NEW YORK: World oil prices fell to their lowest levels in 12 years Thursday as China's market turmoil heightened worries about the state of the world's second-largest consumer of crude oil.US benchmark West Texas Intermediate for February delivery fell 70 cents, or 2.1 percent, to finish $33.27 a barrel on the New York Stock Exchange. WTI had hit a low of $32.10 in early European trading, a level last seen in December 2003.In London, European ...

Markets - Energy - Americas

Oil down again to 12-year low; $30 handle looks more likely NEW YORK/LONDON: Oil prices fell for a fourth day on Thursday, lurching again to 12-year lows as new financial market tumult in China brought a $30 per barrel handle within view.Oil has fallen every day this year, losing nearly 10 percent in a sudden dive that makes last year's Goldman Sachs warning of sub-$30 crude seem not so outlandish after all."Can we go down another $3 a barrel? In percent terms, that's another 10 percent ...

Markets - Energy - Americas

Oil dives as US petroleum products stockpiles rise NEW YORK: Oil prices dived about six percent Wednesday after US stockpiles of petroleum products rose, pointing to a continued glut on the market.US benchmark West Texas Intermediate for February delivery shed $2.00, or 5.6 percent, to finish at $33.97 a barrel on the New York Mercantile Exchange. That marked the lowest WTI close since December 2008, during the financial crisis.In London, Brent oil for February delivery, the European benchmark, closed below $35 for the ...

Markets - Energy - Americas

Crude oil slides by 5pc as gasoline spike paints bleak outlook NEW YORK: Crude oil prices were more than 5 percent lower on Wednesday after tumbling below $35 per barrel for the first time since 2004, as a sharp rise in U.S. gasoline stocks reinforced a bleak picture that the market was awash with plenty of oil.U.S. government data showing an unexpected 5.1 million-barrel fall in crude stocks last week was overshadowed by a 10.6 million-barrel surge in gasoline supplies, the biggest build since 1993. Demand ...

Markets - Energy - Americas

US production a &#39;game changer&#39; in oil market: API WASHINGTON: The top US oil lobby said Tuesday that the oil market's muted response to the escalating crisis between Saudi Arabia and Iran shows US production has been a "game changer."The United States now is the world's number one crude-oil producer and is "poised to remain a dominant global player, something that was unseen just a decade ago," said Jack Gerard, president and chief executive of the American Petroleum Institute, in an annual speech outlining ...