12042016Sun
Last update: Sun, 04 Dec 2016 07pm

Asia

Markets - Energy - Asia

Oil resumes rise after OPEC cut      SINGAPORE: Oil prices resumed their rise Thursday and held above the $50 barrier following OPEC's decision to carry out its first output cut in eight years.The Organization of the Petroleum Exporting Countries at a meeting in Vienna on Wednesday agreed on specific targets to enact a preliminary deal struck in September designed to ease a global crude supply glut and boost prices. Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting. Crude futures prices surged more than 10 percent immediately after the OPEC deal. At 0630 GMT Thursday, after a brief dip in early Asian trade, US benchmark West Texas Intermediate for January delivery was up 70 cents or 1.42 percent at $50.14, while Brent crude for February was 81 cents or 1.6 percent higher at $52.65."Not only had hopes of higher prices been realised, the reputation of the OPEC has also ...

Markets - Energy - Asia

Oil eases in Asian trade after OPEC cut SINGAPORE: Oil eased in Asian trade Thursday, taking a breather after soaring nearly 10 percent on the wings of OPEC's decision to carry out its first output cut in eight years.The Organization of the Petroleum Exporting Countries at a meeting in Vienna Wednesday agreed on specific targets to enact a preliminary deal struck in September designed to ease a global crude supply glut and boost prices.Many analysts had expected the producers' cartel to fail to reach a deal as major players ...

Markets - Energy - Asia

Oil prices edge up in nervous trading ahead of OPEC meeting SINGAPORE: Oil markets edged up in nervous trading on Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014.International Brent crude was trading at $46.80 per barrel at 0311 GMT, up 42 cents, or 0.91 percent, from its last close.U.S. West Texas Intermediate (WTI) crude was up 23 cents, or 0.51 percent, at $45.46 a barrel.Traders ...

Markets - Energy - Asia

OPEC seeks to nail down oil output cut         VIENNA: OPEC will seek Wednesday to defy expectations and finalise a deal in Vienna reducing its oil output for the first time in eight years in an effort to boost painfully low crude prices.It remained to be seen however whether the cartel's big guns Saudi Arabia, Iraq and Iran can overcome their fierce rivalries and agree who will do most of the heavy lifting.If they fail to agree a deal, experts expect oil prices, at under $50 per barrel already ...

Markets - Energy - Asia

China's end October fuel inventory falls to 12-month low; crude stocks drop BEIJING: China's October fuel inventory fell almost 2 percent from the previous month to 15.83 million tonnes, the lowest level since October 2015, while crude oil stocks declined 1.9 percent to 30.36 million tonnes, data from the official Xinhua news agency showed on Monday.Kerosene led the decline with a drop of 5.7 percent to 1.99 million tonnes, Reuters calculation based on historical figures showed. Diesel supplies fell 2.88 percent to 6.19 million tonnes, the lowest ...

Markets - Energy - Asia

Oil prices fall over doubts of planned crude output cut SINGAPORE: Oil prices fell on Monday, adding to Friday's steep losses as doubts re-emerged over the ability of major producers to agree output cuts at a planned meeting on Wednesday aimed at reining in global oversupply.Brent crude futures fell 2 percent at one point but regained ground to be trading down 24 cents, or half a percentage point, at $47 per barrel at 0439 GMT.U.S. West Texas Intermediate (WTI) crude futures also retraced early loses ...

Markets - Energy - Asia

GLOBAL LNG-Asian spot LNG prices fall from near one-year high SINGAPORE: Asian spot liquefied natural gas prices retreated this week from a near one-year high with demand easing after North Asian utilities had mostly covered their requirements for winter. The price of LNG for January delivery dipped 20 cents to $7.10 per million British thermal units (mmBtu), trading sources said. Spot LNG prices in Asia had been in a bull market since September, rising 37.7 percent and posting continuous week-on-week gains. But the momentum in ...