05052016Thu
Last update: Thu, 05 May 2016 12am

Americas

Markets - Energy - Americas

Oil up 2pc on weak dollar; threat of supply hikes linger NEW YORK: Oil prices rose 2 percent on Tuesday, resuming their rally after a one-day pause, as a weaker dollar boosted commodities denominated in the greenback.BP Chief Executive Officer Bob Dudley said oil demand could grow enough this year to match supply, remarks that boosted sentiment. Still, analysts warned of possible price wars and excessive supply as Saudi Arabia and Iran tussle for market share.Brent crude futures' front-month contract was up 90 cents, or 2 percent, at $45.38 a barrel by 10:59 a.m. EDT (1459 GMT).The front-month contract in U.S. crude's West Texas Intermediate (WTI) futures rose 89 cents to $43.53.The dollar was down about half a percent against a basket of currencies, on track for its sharpest slide in a week, ahead of a Federal Reserve meeting on Wednesday expected to leave U.S. interest rates unchanged. The dollar rallied earlier this year, weighing on oil, as investors braced for ...

Markets - Energy - Americas

Oil dips as Saudi nears completion of oilfield expansion NEW YORK: Oil prices fell Monday amid concerns about elevated US inventories and Saudi Arabia's reported imminent completion of a key oilfield expansion project, potentially adding to abundant global supplies.US benchmark West Texas Intermediate (WTI) for delivery in June fell $1.09 (2.5 percent) to $42.64 a barrel on the New York Mercantile Exchange.In London, Brent North Sea crude for June, the European benchmark, closed at $44.48 a barrel, down 63 cents (1.4 percent) from Friday's ...

Markets - Energy - Americas

Oil slips on Cushing build report, weak dollar limits downside NEW YORK: Oil prices fell in choppy trading on Monday after an inventory spike at a key storage base for U.S. crude although a weaker dollar limited the market's downside, keeping it not far from five-month highs.Market intelligence firm Genscape reported that stockpiles at the Cushing, Oklahoma delivery point for U.S. crude futures rose 1,549,705 barrels in the week to April 22, traders said.The front-month contract in U.S. crude's West Texas Intermediate (WTI) futures was ...

Markets - Energy - Americas

US natgas futures hit 10-wk high on power sector demand US natural gas futures climbed over 3 percent on Friday to a 10-week high on rising power sector usage and production declines.Front-month gas futures for May delivery on the New York Mercantile Exchange settled up 7.2 cents, or 3.5 percent, at $2.14 per million British thermal units. The contract rose about 12 percent for the week, the biggest weekly percent increase since Jan. 1.With stockpiles at record highs after a warm winter, analysts said prices ...

Markets - Energy - Americas

GE profit tops estimates but organic revenue falls 1 percent NEW YORK: General Electric Co reported a higher-than-expected first-quarter profit on Friday, but a closely watched revenue measure declined, raising questions about the company's full-year target. The industrial conglomerate said organic revenue, which excludes foreign exchange and discontinued operations, fell 1 percent, but it affirmed its forecast of 2 percent to 4 percent growth for 2016. Some analysts had said the top end of that range appeared difficult to achieve due to sluggish demand for ...

Markets - Energy - Americas

Oil slides as dollar rebounds; glut worry grows after rally NEW YORK/LONDON: Oil prices slid on Thursday, reversing early gains as a rebounding dollar weighed on commodities denominated in the U.S. currency.Prices were already lower when market intelligence firm Genscape reported a build of more than 840,000 barrels in U.S. crude in the four days to April 19 at the Cushing, Oklahoma delivery point, traders who saw the data said.The Genscape data further weighed on sentiment. Market players already were concerned that this month's 14 ...

Markets - Energy - Americas

US crude stockpiles rise, distillates post surprise drawdown: EIA NEW YORK: US crude oil inventories rose slightly less than expected last week, while distillate stockpiles posted an unexpected and huge drawdown, data from the Energy Information Administration showed on Wednesday.Crude inventories rose 2.1 million barrels in the week to April 15, compared with analysts' expectations for an increase of 2.4 million barrels.Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell 248,000 barrels, EIA said.Brent and U.S. crude futures both rose ...