08282016Sun
Last update: Sun, 28 Aug 2016 07pm

Asia

Markets - Energy - Asia

Oil continues decline on supply glut SINGAPORE: Oil prices fell for a third day in Asia trade Thursday after figures showing high US crude stockpiles and increased Saudi production. Official US data on Wednesday showed a jump in crude inventories, taking by surprise investors who expected a drawdown in supply, pushing prices of the commodity down by 3 percent overnight. While gasoline supplies and US domestic production have fallen, analysts warn that global production levels are far outstripping demand. A monthly report from the Organization of Petroleum Exporting Countries also showed Saudi Arabian oil production at nearly 10.5 million barrels per day in July -- a record high, above peak levels seen the same time last year. At about 0710 GMT, US benchmark West Texas Intermediate for September delivery was down 16 cents to $41.55 a barrel while North Sea Brent for October delivery was down 14 cents to $43.91."Oil is increasingly looking like it may ...

Markets - Energy - Asia

Oil prices dip on US crude inventory build, record Saudi output SINGAPORE: Oil prices fell on Thursday as a build in U.S. crude inventories and record Saudi Arabian production reinforced fears of a persistent supply overhang that will last well into next year and keep weighing on markets.U.S. West Texas Intermediate (WTI) crude futures were trading at $41.59 per barrel at 0650 GMT, down 12 cents from their last settlement.International Brent crude futures were at $43.95 a barrel, down 10 cents.Oil fell sharply after data from ...

Markets - Energy - Asia

Oil falls as glut, profit-taking beat back optimism over OPEC meet TOKYO: Crude prices fell on Tuesday as continued worries over a global oil glut and profit-taking on gains of nearly 3 percent from the previous session beat down upwards momentum from a possible meeting of oil producers.Venezuelan Oil Minister Eulogio del Pino said on Monday that a meeting between OPEC and non-OPEC countries may take place "in the coming weeks" as the crisis-stricken South American nation sought support to prop up weak oil markets.Some OPEC ...

Markets - Energy - Asia

Oil prices retreat in Asia trade SINGAPORE: Oil prices retreated in Asia trade after rebounding overnight on news that OPEC is planning informal talks next month -- a sign it could intervene to strengthen prices.The Organization of the Petroleum Exporting Countries said in a statement that a meeting would take place on the sidelines of the International Energy Forum in Algeria from September 26 to 28, ahead of a planned meeting due at the end of November.Analysts said markets were reacting ...

Markets - Energy - Asia

Azeri oil exports via Turkey pipeline up 5pc Jan-July BAKU: Azeri oil exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline via Georgia and Turkey totalled 17.7 million tonnes in January-July, up 5 percent from the same period in 2015, state energy company SOCAR said on Monday. Oil exports through the BTC rose 1.15 percent in 2015 to 28.84 million tonnes. Azerbaijan exports oil via the pipeline from the Azeri, Chirag and Guneshli (ACG) oil fields operated by BP. It also exports oil via Russia, through the ...

Markets - Energy - Asia

Oil prices up in Asian trade SINGAPORE: Oil edged higher to near $42 a barrel in Asia Monday but analysts said the increase was unlikely to last as the commodity remains under pressure by a supply glut and a strong dollar.Prices have been fluctuating since entering a bear market last week, falling more than 20 percent and closing below $40 a barrel for the first time since April.Initially recovering as US commercial crude inventory data showed an unexpected draw in gasoline, ...

Markets - Energy - Asia

China fuel exports hit record in July, crude imports up 1.2pc BEIJING: China's fuel exports rose to a record in July as easing demand growth and a surplus in refined oil products pushed refiners to increase shipments to overseas buyers.The refined fuel exports surged 52.3 percent from a year ago to a monthly record 4.57 million tonnes, data from the General Administration of Customs showed on Monday.China imported 2.08 million tonnes of oil products in July, down 13 percent from last year, leaving net exports at ...