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Last update: Sat, 01 Oct 2016 06pm

Asia

Markets - Energy - Asia

Oil prices down ahead producers' meeting, US data SINGAPORE: Oil prices eased in Asia Tuesday with analysts expecting volatility in the run up to a producers' meeting next week, while traders are also awaiting the release of US stockpiles data.The commodity plunged last week on supply glut worries but bounced slightly Monday after OPEC member Venezuela said a deal to limit output was close. Unrest in key producers Libya and Nigeria also raised the prospect their exports would be hit.Venezuelan President Nicholas Maduro said Sunday that participants in producer talks by the 14-nation OPEC cartel and Russia in Algeria from September 26-28 are working on a deal.But some analysts said that in the absence of any firm agreement, prices will continue to swing.At around 0650 GMT, US benchmark West Texas Intermediate was down 19 cents to $43.11 and Brent dipped 16 cents to $45.79."A big part of the rally (on Monday) was the hope that a deal could ...

Markets - Energy - Asia

Oil slips as Venezuela says market is 10pc oversupplied SINGAPORE: Oil prices fell on Tuesday after Venezuela said that global supplies needed to fall by 10 percent in order to bring production down to consumption levels, and technical indicators also pointed to cheaper crude futures.Global oil supply of 94 million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela's Oil Minister Eulogio Del Pino said on Monday.International benchmark Brent crude oil futures were trading at $45.81 ...

Markets - Energy - Asia

Sri Lankan state-owned oil firm faces $13 million monthly losses after excise duty hike COLOMBO: Sri Lanka's state-owned Ceylon Petroleum Corporation will incur a loss of about two billion rupees ($13.78 million) per month after the government raised excise duty last month, the petroleum resources minister said on Monday. The finance ministry, which is under pressure from the IMF to increase revenue, raised the excise duty on diesel by 10 rupees to 13 rupees with effect from Aug. 20 without increasing diesel's retail price.Conditions imposed by the International Monetary ...

Markets - Energy - Asia

Oil climbs as Venezuela sees output deal, Libya suffers clashes SINGAPORE: Oil prices rose almost 2 percent on Monday, after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilizing deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted.Venezuelan President Nicolas Maduro has said that a deal could be announced this month to stabilize oil markets, which have come under pressure due to a persistent glut and a price collapse over the past two ...

Markets - Energy - Asia

Oil prices up on Libya unrest, hopes for output deal SINGAPORE: Oil prices edged up in Asia on Tuesday as OPEC member Venezuela indicated a deal to limit output is close while fighting in Libya stopped it kickstarting exports, but gains were limited by ongoing worries about a supply glut.Key crude states are due to meet in Algeria next week to discuss the global supply crisis and overproduction that has hammered prices for two years. On Sunday Venezuela President Nicholas Maduro said participants in the ...

Markets - Energy - Asia

Asia Naphtha/Gasoline-Naphtha up on prospect of more trades west SINGAPORE: Asia's naphtha crack hit a 2-1/2 month high of $48.05 a tonne on Friday lifted by rare westbound trades while gasoline's crack was unchanged at $8.84 a barrel after it rose to a 3-1/2 month high in the previous session.At least one medium-range size tanker and two long-range 1 (LR1) vessels carrying naphtha of Middle Eastern and Indian origin totalling over 140,000 tonnes had already landed in Northwest Europe, traders said.More westbound cargoes are ...

Markets - Energy - Asia

Oil prices down as Libya, Nigeria set to raise output SINGAPORE: Oil prices fell in Asia Friday as the prospects of higher output from Libya and Nigeria further fuelled oversupply concerns, cutting short a nascent rebound.Both contracts rose Thursday on news that 6,000 barrels of gasoline had leaked from the Colonial pipeline that carries fuel from the Gulf Coast to the eastern United States.The leak, however, was not enough to overshadow expectations that Libya and Nigeria are due to ramp up production.At around 0350 GMT, ...