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

Americas

Markets - Energy - Americas

Oil down 2pc as rally snaps on rising crude, China fuel exports NEW YORK: Oil prices fell more than 2 percent on Monday, retreating from last week's two-month highs, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. China's July diesel and gasoline exports soared 181.8 percent and 145.2 percent respectively from the same month last year, putting pressure on refined product margins. US drillers added 10 oil rigs in the week to Aug. 19, the eight straight week of rig additions, as crude rebounded towards the $50 a barrel mark that makes drilling viable. Iraq's plans this week to increase exports of Kirkuk crude by 150,000 bpd from northern fields weighed on prices, traders said. Also hitting sentiment was an announcement by a Nigerian militant group that it was ready for a ceasefire and dialogue with the government. The group had in the past claimed a wave of attacks on ...

Markets - Energy - Americas

Oil rally continues as Brent tops $50/barrel NEW YORK: Oil prices continued to rally Thursday with Brent oil topping $50 a barrel following data showing lower US crude stockpiles.Brent North Sea crude for delivery in October rose $1.04 to $50.89 a barrel in London, its first close above $50 in nearly two months.US benchmark West Texas Intermediate for September delivery gained $1.43 to $48.22 a barrel on the New York Mercantile Exchange.Thursday's gains continued the upward trend in place for most of ...

Markets - Energy - Americas

Oil up 2pc, Brent over $50/bbl on OPEC freeze talk NEW YORK: Oil prices rose on Thursday for a sixth straight day, with Brent crude rising above $50 for the first time in six weeks as the world's biggest producers prepared to discuss a possible freeze in production levels.Brent traded at $50.77 a barrel, a 1.9 percent gain, by 12:32 p.m. ET (1632 GMT). The session high of $50.87 was its highest since June 23. US crude rose $1.09 to $47.88 per barrel, a 2.3 ...

Markets - Energy - Americas

First Suezmax oil tanker passes through expanded Panama Canal HOUSTON: The first Suezmax crude oil tanker began transit through the newly expanded Panama Canal on Thursday, an official confirmed to Reuters. The Aegean Unity, a Greece-flagged Suezmax vessel coming from the US West Coast, entered the Canal Thursday morning. Suezmax-sized vessels, which can carry some 1 million barrels of oil, were unable to pass through the canal prior its expansion, which was inaugurated at the end of June. Copyright Reuters, 2016 ...

Markets - Energy - Americas

Oil up, Brent over $50/bbl at 6-week high on OPEC freeze talk NEW YORK: Oil prices rose for a sixth straight day, with Brent crude touching a six-week high above $50 a barrel on Thursday as the world's biggest producers prepared to discuss a possible freeze in production levels.Brent traded at 50.46 a barrel, a 1.2 percent gain, by 10:56 a.m. ET (1456 GMT) after touching its highest since July 4 at $50.50.U.S. light crude oil rose $1.09 to $47.88 per barrel, a 2.3 percent gain. The ...

Markets - Energy - Americas

US oil may break strong resistance at $46.90 SINGAPORE: US oil may break a strong resistance at $46.90 per barrel and then rise towards the next resistance at $48.72, as indicated by its wave pattern and a Fibonacci retracement analysis.These resistances are identified respectively as the 61.8 percent and the 76.4 percent Fibonacci retracements on the downtrend from the June 9 high of $51.67 to the Aug. 3 low of $39.19.Oil is riding on a wave 5, the final wave of a five-wave ...

Markets - Energy - Americas

Exxon Baton Rouge refinery shuts CDU due to flooding HOUSTON: ExxonMobil Corp shut a crude distillation unit at its 502,500 barrel per day (bpd) Baton Rouge refinery on Tuesday as flooding disrupted operations at a liquefied petroleum gas (LPG) storage facility, sources familiar with plant operations said. An Exxon spokeswoman declined on Tuesday to discuss operations at the Baton Rouge, Louisiana refinery. "We continue to meet our contractual commitments," said Exxon's Lana Venable.Continued disruption of operations at the Sorrento, Louisiana Storage Facility by the ...