04292016Fri
Last update: Fri, 29 Apr 2016 06am

Americas

Markets - Energy - Americas

Oil up on bullish US gasoline draw, OPEC speculation NEW YORK: Oil prices jumped 3 percent on Wednesday after a huge draw in U.S. gasoline inventories last week convinced the market that energy demand was improving despite U.S. crude stockpiles hitting record highs for a fourth week.Crude prices also gained support on speculation that top oil producers might agree soon to an output freeze.Brent was up $1.15, or 2.9 percent, at $40.80 a barrel by 11:10 a.m. EST (1610 GMT), after touching a session high at $41.11.U.S. crude was up $1.27 at $37.77.The U.S. Energy Information Administration said crude stockpiles rose 3.9 million barrels to nearly 522 million barrels, as predicted by analysts in a Reuters poll.But gasoline inventories fell 4.5 million barrels, much more than the polled number of 1.4 million barrels."Gasoline is the star of the show today. Ongoing strength in demand has yielded a large draw to gasoline inventories despite a rebound in refinery runs," said ...

Markets - Energy - Americas

Oil jumps on bullish US gasoline draw, OPEC speculation NEW YORK: Oil prices surged as much as 4 percent on Wednesday, with Brent back above $40 a barrel, after a big draw in U.S. gasoline convinced the market that energy demand was improving despite U.S. crude stockpiles at record highs.Crude oil prices also rose on speculation that top producers might agree soon to an output freeze.Brent futures were up $1.30, or 3.2 percent, at $40.95 a barrel by 12:03 p.m. EST (1703 GMT). U.S. ...

Markets - Energy - Americas

Oil up again on OPEC meeting anticipation, awaits US inventory data NEW YORK: Oil rose on Wednesday, with Brent crude perched above $40 a barrel as hopes for a meeting of top producers that could cap output upstaged forecasts that US data due later in the day would show record high inventories for the fourth straight week.Producers in and outside the Organization of the Petroleum Exporting Countries plan to meet in Moscow on March 20 to discuss an output freeze, an Iraqi oil official told state ...

Markets - Energy - Americas

US crude oil stockpiles reach new record: EIA NEW YORK: US crude stockpiles rose by 3.8 million barrels to 521.9 million barrels, the highest level on record, according to data released Wednesday by the US Energy Information Administration. US Gulf Coast crude stockpiles rose by 2.4 million barrels to 266.8 million barrels, the highest level on record, EIA data shows. US crude stockpiles at oil storage hub in Cushing, Oklahoma, rose by 690,000 barrels to 66.9 million barrels, the highest level on record, ...

Markets - Energy - Americas

Oil prices drop on weak China data, high supplies NEW YORK: Oil prices fell Tuesday on weak Chinese trade data and skepticism about the prospects of major petroleum producers agreeing to limit output.US benchmark West Texas Intermediate for April delivery shed $1.40 at $36.50 a barrel on the New York Mercantile Exchange.In London, Brent North Sea oil for May delivery lost $1.19 at $39.65 a barrel.The declines came after Chinese customs data showed exports sank 25.4 percent in February, the largest decline since May ...

Markets - Energy - Americas

US 2017 crude oil output to fall by 480,000 bpd: EIA NEW YORK: The US government said on Tuesday that U.S. crude oil production next year is forecast to fall by more than double what it predicted just a month ago, the latest sign that a 19-month price rout is taking a deeper toll on drillers.In its short term energy outlook, the U.S. Energy Information Administration said that 2017 oil production would fall by 480,000 barrels per day to 8.19 million bpd. Last month, 2017 oil ...

Markets - Energy - Americas

Oil slumps on new worries about supply, Goldman caution NEW YORK: Oil prices fell about 3 percent on Tuesday, retreating after six days of gains for benchmark Brent crude, as Goldman Sachs suggested the rally was unsustainable and analysts expected data likely to show another record high in U.S. stockpiles.Differing views on a plan to limit oil output also put the market on the defensive. Kuwait, producing 3 million barrels per day (bpd), said it will freeze output only if all major producers participate, ...