06272016Mon
Last update: Mon, 27 Jun 2016 08am

Americas

Markets - Energy - Americas

US oil hits 7-month high as inventory drop seen; caution over Libya NEW YORK: US crude prices hit seven-month highs on Tuesday on expectations of lower U.S. stockpiles and after wildfires threatened anew Canadian oil supplies, but pared some gains due to the potential for higher Libyan output.U.S. crude inventories likely fell a second straight week last week, declining by around 3.2 million barrels, a Reuters poll of analysts said.In Canada, energy producers were hit with fresh disruptions after a massive wildfire burning around the oil sands hub of Fort McMurray, Alberta, shifted north, forcing the evacuation of about 4,000 people from work camps.The combined factors drove U.S. crude's West Texas Intermediate (WTI) futures to mid-October highs. Brent crude futures reprised November peaks reached on Monday.Prices came off their highs after a deal struck in Vienna between rival Libyan oil factions indicated the first step towards restoring crude production mostly shut down in the North African country. Traders were also eyeing the ...

Markets - Energy - Americas

Oil hits 6-month highs on supply outages, Goldman forecast NEW YORK/LONDON: Oil prices hit six-month highs on Monday on worries about supply outages in Nigeria and Venezuela and as long-time bear Goldman Sachs sounded more positive on the market, although a stockpile build at the U.S. storage hub for crude futures pared gains.Crude futures have rallied for most of the past two weeks from a combination of non-OPEC supply outages, declining U.S. production and virtually frozen inflows of Canadian crude after wildfires in Alberta's ...

Markets - Energy - Americas

Oil up 1pc after swing on mixed data; US crude at Nov highs NEW YORK: Oil prices rose 1 percent in volatile trade on Thursday, with US crude hitting six-month highs as investors weighed a forecast for tighter global supplies against signs of another storage build at the hub for US crude futures.Worries of a major outage in Nigerian crude also boosted the market, some traders said."It was a mixed bag, with both longs and shorts trying to defend positions based on the data that appealed most to ...

Markets - Energy - Americas

Oil jumps on first US drawdown since March; Brent up 4pc NEW YORK: Oil jumped on Wednesday, with Brent up more than 4 percent for a second day in a row, after the U.S. government unexpectedly said crude inventories fell the first time since March, adding to concerns over supply outages in Canada and Nigeria.The U.S. Energy Information Administration (EIA) said crude inventories fell 3.4 million barrels last week, compared with analysts' expectations for an increase of 714,000 barrels and the American Petroleum Institute's (API) build ...

Markets - Energy - Americas

US oil hits 2016 peak on surprise rise in inventories NEW YORK: Oil prices rallied Wednesday, with US crude finishing at a new 2016 high after official data showed a surprise drop in the country's commercial crude inventories.The Department of Energy said that crude stocks slid by 3.4 million barrels last week. Analysts' consensus had been for a rise of 750,000 barrels.And supplies of gasoline and distillates such as diesel and heating fuel fell more than expected, according to the department data.Matt Smith of ClipperData ...

Markets - Energy - Americas

Oil jumps 3pc after first US crude draw in 6 weeks NEW YORK: Oil prices jumped about 3 percent on Wednesday after the US government reported crude inventories fell unexpectedly for the first time since March, adding to concerns over supply disruptions in Canada and Nigeria. The US Energy Information Administration (EIA) said crude inventories fell 3.4 million barrels last week, compared with analysts' expectations for an increase of 714,000 barrels and the American Petroleum Institute's (API) build of 3.5 million barrels in preliminary data issued ...

Markets - Energy - Americas

Oil surge, improved Chinese data boost Wall Street NEW YORK: US shares got a solid boost on Tuesday from an upturn in Chinese inflation and a possible deal on the next stage of Greece's bailout to avert a looming crisis.Markets also got a boost from a rebound in commodities led by oil prices.Banks, industrial firms like Caterpillar and Boeing and other blue-chips led the rally, while Amazon was the best gainer among large-cap stocks after it laid out a challenge to Google-owned YouTube ...