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Last update: Wed, 31 Aug 2016 01am

Asia

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, prices tumbled again later in the week after robust hiring numbers from the US government pushed the dollar higher.A stronger greenback typically makes dollar-priced oil more expensive for consumers using other currencies, denting demand.Weekly rig count data released Friday also showed that US drillers added seven rigs that week, up for the sixth straight week and indicating higher production activity amid an oversaturated market."Modest short covering has probably given oil some boost," said IG Markets ...

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 ...

Markets - Energy - Asia

Oil rises on new output freeze calls, but traders bet on further falls SINGAPORE: Oil prices rose on Monday, lifted by reports of renewed talks by some members of the Organization of the Petroleum Exporting Countries (OPEC) to restrain output.U.S. West Texas Intermediate (WTI) crude futures were at $41.99 per barrel at 0643 GMT, up 19 cents, or 0.5 percent, from their last close.Brent futures were trading at $44.42 per barrel, up 15 cents, or 0.34 percent.The price rise came on the back of renewed calls by some ...

Markets - Energy - Asia

Essar Oil's fuel exports to fall in 2018/19 as focus shifts to local sales VADINAR: Indian refiner Essar Oil's fuel exports will sharply drop in 2018/19 as it ramps up local sales by doubling its retail network and turns some of its naphtha into profitable gasoline, its managing director said. Rising fuel demand, driven by India's thirst for gasoline, is expected to help push the growth rate in the country's fuel consumption ahead of China's. Essar Oil, which operates the 400,000 barrels per day Vadinar refinery in western Gujarat ...

Markets - Energy - Asia

Asia Distillates-High supplies across regions pressure prices SINGAPORE: Asia's jet fuel discount to Singapore quotes stayed at 70 cents a barrel on Friday, unchanged from the previous session after the discount level hit its widest in about 7 months due a persistent supply glut.Stocks of middle distillates rose across regions.Amsterdam-Rotterdam-Antwerp (ARA) gasoil stocks, which include diesel and heating oil, edged up 1.1 percent to about 3.3 million tonnes in the week to Thursday, Dutch consultancy PJK International said.That came a day after ...

Markets - Energy - Asia

Oil prices down on profit-taking SINGAPORE: Oil prices fell in Asia on profit-taking Friday following two days of gains, with concerns about a global oversupply keeping optimism in check.The losses come despite a rally across regional stock markets after the Bank of England announced an interest rate cut -- the first since 2009 -- and surprise stimulus to shore up the economy after Britain's vote to leave the EU.At about 0355 GMT, US benchmark West Texas Intermediate was down 36 ...

Markets - Energy - Asia

Oil prices diverge on mixed US data SINGAPORE: Oil prices diverged in Asia on Thursday following a mixed US stockpiles report while analysts warned of further losses as the global supply glut shows no sign of easing.The Department of Energy said Wednesday that commercial US crude supplies rose 0.3 percent last week, but gasoline inventories and domestic crude production dipped.The result was a slight improvement on the previous week, which showed an increase in gasoline stocks as the peak US holiday driving ...