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Markets - Energy - Americas

Oil turns negative on strong dollar after hitting 18-mth highs NEW YORK: Oil prices turned negative after earlier hitting 18-month highs on Tuesday, the first trading day of 2017, as the U.S. dollar rallied to its highest since 2002.Traders said crude prices were buoyed earlier in the day by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut.Brent futures were down 95 cents, or 1.7 percent, at $55.87 a barrel by 12:05 p.m. EST (1705 GMT). U.S. West Texas Intermediate (WTI) crude fell 95 cents, or 1.8 percent, to $52.77 per barrel.Earlier in the session, both oil contracts hit their highest levels since July 2015 with Brent reaching $58.37 and U.S. $55.24, before paring gains on the strong U.S. dollar."The dollar strength is certainly weighing on oil prices," said Andrew Lipow, president of energy consulting firm Lipow Oil Associates in Houston, noting U.S. stock ...

Markets - Energy - Americas

US crude output jumps 232,000 bpd to 8.81m bpd in Oct NEW YORK: US crude oil output rose 232,000 barrels per day in October to 8.81 million bpd, data from the US Energy Information Administration showed on Friday. The September production number was revised down by some 5,000 bpd to 8.58 million bpd, the EIA added in its monthly 914 production report. In North Dakota, oil output jumped 72,000 bpd in October, while in Texas, output rose by 23,000 bpd. In the offshore US Gulf, output ...

Markets - Energy - Americas

Mexico gasoline prices to rise as much as 20.1pc in Jan MEXICO CITY: Mexican gasoline prices will rise by as much as 20.1 percent next month compared to the highest recorded prices in December, the government said on Tuesday, as part of a program to end years of government-set prices at the pump. In a statement, the finance ministry said the widely used Magna gasoline brand will rise 14.2 percent and will sell at an average price of 15.99 pesos (78 cents) per liter at retail, ...

Markets - Energy - Americas

Mexico fuel prices to begin gradual liberalization at end March MEXICO CITY: A staggered fuel price liberalization in Mexico will begin at the end of March, the head of the country's energy regulatory commission (CRE) said on Wednesday. Guillermo Garcia, president of the commission, told a news conference market prices for gasoline and diesel will be rolled out gradually by regions, beginning with the northwestern states of Baja California and Sonora on March 30. Copyright Reuters, 2016 ...

Markets - Energy - Americas

GLOBAL LNG-Cold snaps, Australian outage spur spot price to two-year high MILAN: Asian spot liquefied natural gas (LNG) prices hit new 2016 highs this week as Japanese utilities braving cold weather snapped up shipments in a Russian tender, potentially to substitute lost Australian deliveries.Spot prices for Asian LNG in February jumped to $9.30 per million British thermal units (mmBtu), the highest since January 2015, corresponding to Tohoku Electric's purchase price of a cargo from Russia's Sakhalin II plant. Low temperatures are spurring gas demand for heating ...

Markets - Energy - Americas

Oil up $1 a barrel on signs producers to comply with cuts NEW YORK: Oil rose on Friday, edging closer to new 17-month highs, as producers showed signs of adhering to a global deal to reduce output. Brent futures rose $1.07, or 2 percent, to $55.09 a barrel by 11:34 a.m. EST (1634 GMT).US West Texas Intermediate (WTI) crude rose 91 cents, or 1.8 percent, to $51.81 per barrel. That put both contracts on track to rise around 1 percent for the week, after easing less than ...

Markets - Energy - Americas

Oil prices edge off earlier gains, awaiting supply figures NEW YORK: Oil prices edged off earlier gains to end Tuesday nearly unchanged, as the support from OPEC's plan to limit production were undercut by an energy watchdog's assessment of how much those nations are currently producing. US crude futures, which hit a high of $53.41 a barrel in early trading, settled up just 15 cents to $52.98 a barrel, losing ground late in the session. Brent crude ended up three cents to $55.72 a ...