02062016Sat
Last update: Sat, 06 Feb 2016 01pm

Asia

Markets - Energy - Asia

Middle East Crude-Steady; Saudi raises prices for heavy grades SINGAPORE: The Middle East crude market held steady on Friday amid subdued activity ahead of the Lunar New year.In line with expectations, Saudi Arabia made relatively modest changes to its official selling prices (OSP) for Asian buyer in March, lowering the price differentials for light grades, while raising those for heavier grades.Saudi Aramco cut its March official selling prices (OSP) for Arab Light and Arab Extra Light to Asia by 20 cents and 40 cents a barrel, respectively, against the Oman/Dubai average.The differential for Arab Medium was raised by 10 cents a barrel and that of Arab Heavy by 70 cents. The gap between lighter and heavier grades narrowed due to an increase in the value of fuel oil relative to lighter oil products like gasoil during January.April spot values of Russian Sokol crude were steady to slightly lower, after ONGC sold an April 9-15 cargo at $4.50-$5 a barrel ...

Markets - Energy - Asia

Oil gives up gains as weak dollar offsets supply concerns SINGAPORE: Crude prices were mixed Friday in Asia despite a weaker US dollar as concerns over a global supply glut persisted and hopes diminished of a near-term deal by major petroleum producers to cut output.At around 0545 GMT, US benchmark West Texas Intermediate for delivery in March was seven cents or 0.22 percent higher at $31.79, while Brent crude for April was six cents or 0.17 percent down at $34.40.Both hit higher levels earlier in ...

Markets - Energy - Asia

Oil prices extend rebound in Asia SINGAPORE: Oil prices extended their rebound in Asia Thursday, buoyed by a weaker dollar, bargain buying and fresh speculation of a possible output cut by the OPEC producers' group.Traders brushed aside bearish data showing another increase in US commercial crude inventories, but analysts said any rally in a market awash with barrels of oil is bound to be short-lived.At around 0300 GMT, US benchmark West Texas Intermediate for delivery in March was up 36 cents, ...

Markets - Energy - Asia

Oil producers struggle to plug budget holes torn by price collapse PARIS: Oil producing countries are scrambling to fill gaping holes in their budgets torn by crashing petroleum prices, with some turning to international lenders for help and others slashing spending.Austerity measures, loan negotiations and state asset sales are all on the menu of moves deployed to counter the brutal nosedive in the oil price, with West Texas Intermediate currently below $30 a barrel and Brent just above -- a drop of about 70 percent since ...

Markets - Energy - Asia

Oil prices extend losses in Asia SINGAPORE: World oil prices extended losses in Asia Tuesday on weak economic data from top energy consumer China and realisation that a hoped for deal among producers to cut output would not happen.Prices had been given a boost late last month by speculation that Russia and members of the Organization of the Petroleum Exporting Countries would reach agreement to slash output in the oversupplied petroleum market.But the upward momentum hit a snag after traders became ...

Markets - Energy - Asia

Plunging China stocks see cruellest month since 2008 SHANGHAI: Chinese stocks slumped an astonishing 23 percent in January, their worst month since the depths of the global financial crisis in 2008 and making the Shanghai exchange the world's worst-performing major market.The confirmation of a multi-decade low in Chinese growth, questions over the government's ability to stave off a "hard landing" and capital flight have set a negative tone at the beginning of the year, analysts said.The Shanghai Composite Index closed at 2,737.60 on ...

Markets - Energy - Asia

Middle East Crude-Steady; Chinaoil gets another Upper Zakum  SINGAPORE: The Middle East crude benchmarks held steady on Thursday with Chinaoil's purchases underpinning Dubai.Chinaoil bought two Dubai partials from Reliance during the Platts MoC process, which led to the delivery of an Upper Zakum cargo, traders said.The trading arm of PetroChina has so far taken deliveries of 14 cargoes, nine Upper Zakum and five al-Shaheen, during the MoC.Traders are looking ahead to a new round of official selling prices (OSPs) from producers next week.Strong ...