02082016Mon
Last update: Mon, 08 Feb 2016 03pm

Asia

Markets - Energy - Asia

Oil prices dip as supply fears offset Saudi-Venezuela talks TOKYO: Crude prices edged down in Asia on Monday as worries about the ongoing supply glut offset news that the oil ministers of Saudi Arabia and Venezuela had held talks on stabilising the beleaguered market.A pick-up in the dollar also weighed on the commodity, with a drop in US unemployment and improving wage growth fuelling talk that the Federal Reserve could lift interest rates again next month.At around 0300 GMT, US benchmark West Texas Intermediate for delivery in March was four cents, or 0.13 percent, higher at $30.85, while Brent crude for April was seven cents, or 0.21 percent, down at $33.99.Crude swung in and out of positive territory after major exporter Saudi Arabia announced discussions between Ali al-Naimi and his Venezuelan opposite Sunday to discuss the South American country's talks with other producers to boost prices.The plunge in oil prices to 12-year lows -- owing to a severe supply ...

Markets - Energy - Asia

Iran's crude oil sales to Europe have reached above 300,000 bpd after sanctions: Shana DUBAI: Iranian Oil Minister Bijan Zanganeh said on Saturday that Iran's crude oil sales to Europe after the lifting of international sanctions on Tehran had already reached above 300,000 barrels per day (bpd), according to the ministry's news agency.Iran's oil exports, which had peaked at more than 3 million barrels per day (bpd) in 2011, fell to a little more than 1 million bpd after tougher sanctions were imposed in 2012 because of its nuclear ...

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 ...

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 ...