08252016Thu
Last update: Thu, 25 Aug 2016 04pm

Americas

Markets - Energy - Americas

Oil market drifts lower as Turkey worries subside NEW YORK: World oil prices fell Monday on fading market jitters following the failed coup in Turkey over the weekend.In London Brent North Sea crude for September delivery finished off 65 cents at $46.96 a barrel.In New York trade, US benchmark West Texas Intermediate for delivery in August shed 71 cents from Friday at $45.24 a barrel."Brent climbed... late on Friday following the military coup in Turkey," said Commerzbank analyst Carsten Fritsch."Prices shed their gains again after the coup was quashed at the weekend."While a sense of calm has returned to Turkey following the failed coup attempt, analysts said the situation remains volatile as authorities press on with a ruthless crackdown against the plotters, detaining over 7,500 people.Turkey is of major importance to the oil market because the country is a crucial oil transit hub -- and a major global consumer of crude."Oil pipelines with a daily throughput capacity of ...

Markets - Energy - Americas

Oil down over 1pc amid rise in crude and fuel supplies NEW YORK: Oil prices settled down more than 1 percent on Monday after rising stockpiles of crude and refined fuel intensified fears another major glut was building up. Market intelligence firm Genscape reported that the Cushing, Oklahoma delivery hub for US crude futures saw a supply build of 26,460 barrels in the week to July 15, traders who saw the data said. Morgan Stanley said it still expected a supply-demand rebalancing in oil by mid-2017 ...

Markets - Energy - Americas

Oil prices slide amid rise in crude, fuel supplies NEW YORK: Oil prices fell more than 1 percent on Monday as rising stockpiles of crude and refined fuel intensified fears of another major glut building.Market intelligence firm Genscape reported that the Cushing, Oklahoma delivery hub for U.S. crude futures saw a supply build of 26,460 barrels in the week to July 15, traders who saw the data said.Morgan Stanley said in a report that demand for fuels such as diesel and gasoline were lagging ...

Markets - Energy - Americas

Oil climbs after big losses on Wednesday; glut fears linger NEW YORK: Oil prices rose as much as 2 percent on Thursday, extending early gains as traders covered short positions a day after crude futures were hammered by weak US demand for fuel during the traditionally busy summer driving season. Key crude benchmarks Brent and US West Texas Intermediate (WTI) lost about 4 percent on Wednesday as a raft of bearish US inventory data heightened concerns about a global glut. Oil was also helped higher ...

Markets - Energy - Americas

Ecuador boosts oil reserves in ITT field to 1.7bn barrels QUITO: Ecuador's government said on Thursday that the oil bloc known as ITT holds 750 million barrels more than originally estimated, boosting the field's reserves to 1.67 billion barrels. The increase followed the drilling of an exploratory well in the Ishpingo, Tambococha and Tiputini (ITT) field located in a national park in the Amazon.The government of President Rafael Correa in 2013 opened ITT to oilfield development despite criticism by environmentalists. "This means that national oil ...

Markets - Energy - Americas

Oil down 3pc after smaller-than-expected US drawdown NEW YORK: Oil prices fell nearly 3 percent on Wednesday, extending losses and hitting session lows, after the US government reported a smaller-than-expected crude inventory draw for last week. Crude futures had fallen earlier after the International Energy Agency (IEA) cautioned that a global supply glut was threatening market recovery.Brent crude was down $1.33, or 2.9 percent, at $47.12 a barrel by 10:37 a.m. EDT (1437 GMT).US crude fell $1.20, or 2.7 percent, to $45.60.The ...

Markets - Energy - Americas

Oil up 4pc in technical rally after 2-month lows NEW YORK: Oil prices surged as much as 4 percent on Tuesday in a technical correction and on short covering after a two-month lows hit in the previous session, traders said. Anticipation that data later on Tuesday would show an eighth straight week of declines in US crude stockpiles also boosted the market.Brent crude futures were up $1.95, or 4.2 percent, at $48.20 per barrel by 12:09 p.m. EDT (1609 GMT).US crude's West Texas Intermediate ...