02152016Mon
Last update: Mon, 15 Feb 2016 04am

Asia

Markets - Energy - Asia

Oil prices dip again as oversupply weighs on market SINGAPORE: Oil prices dipped on Thursday, erasing modest early gains as analysts said a persistent global surplus of crude would keep pressuring the market.U.S. oil futures plunged below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets as investors worried that a huge oversupply in crude was coinciding with an economic slowdown, especially in China.Broad market sentiment remained bearish as producers around the world pump 1 million to 2 million barrels of crude every day in excess of demand, creating a huge overhang of stored oil.Oil prices erased early gains on Thursday, with front-month West Texas Intermediate (WTI) crude futures trading at $28.23 per barrel at 0610 GMT, down 12 cents from its previous close.International benchmark Brent was down 9 cents at $27.79, after also hitting its lowest since 2003 in the previous session.In addition to worries about ...

Markets - Energy - Asia

US crude oil prices stabilise but market sentiment remains bearish SINGAPORE: US crude oil prices stabilised in early Asian trade on Thursday after hitting fresh 2003 lows the session before, but analysts said a persistent global glut would keep pressuring markets.U.S. oil futures crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets as traders worried that a huge oversupply in oil was coinciding with an economic slowdown, especially in China.In early ...

Markets - Energy - Asia

Oil prices stabilise but market sentiment remains bearish SINGAPORE: Oil prices stabilised in early trading on Thursday after hitting fresh 2003 lows the session before, but analysts said a persistent global glut would keep pressuring markets.U.S. oil futures crashed below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets as traders worried that a huge oversupply in crude was coinciding with an economic slowdown, especially in China.On Thursday, oil prices stabilised, ...

Markets - Energy - Asia

Oil prices rebound in Asia but glut woes remain SINGAPORE: Oil rose in Asia Thursday, giving a much-needed breather to the battered crude market, but traders remain on edge as the supply glut and weak demand that has sent prices to more than 12-year lows shows no sign of letting up.The battered commodity has taken a hammering so far in 2016, with both main contracts already down about 25 percent.On Wednesday US benchmark West Texas Intermediate fell below $27 a barrel for the first ...

Markets - Energy - Asia

Middle East Crude-Dubai strengthens on Chinaoil's bids  SINGAPORE: The Middle East crude benchmark Dubai strengthened on Wednesday due to robust demand from Chinaoil.Cash Dubai's discount to swaps narrowed close to 20 cents after the trading arm of PetroChina bought 10 Dubai partials during the Platts MoC process from Shell and Unipec. Shell will deliver an al-Shaheen crude cargo to Chinaoil following the deals, traders said.This is the third al-Shaheen cargo to be delivered since it was introduced as a deliverable grade in ...

Markets - Energy - Asia

Oil falls 2-3pc on surplus worries, as US drops towards $27 SINGAPORE: Crude futures slumped again in Asian trade on Wednesday, with U.S. oil droppping more than 3 percent towards $27 a barrel and its lowest since 2003, on worries about global oversupply.That came after the International Energy Agency, which advises industrialised countries on energy policy, warned that oil markets could "drown in oversupply" in 2016.The crash hammered Asian stock markets with MSCI's broadest index of Asia-Pacific equities outside Japan falling 2.8 percent to a four-year ...

Markets - Energy - Asia

Azerbaijan's oil output fell 0.8pc in 2015 BAKU: Azerbaijan's crude oil and condensate production in 2015 fell by 0.8 percent year-on-year to 41.7 million tonnes, a source at the State Statistics Committee said on Tuesday, after planned maintenance suspended output at various oilfields.Azerbaijan's natural gas production rose to 29.7 billion cubic metres (bcm) last year, from 29.4 bcm a year earlier, the source said.Falling output at the Azeri, Chirag and Guneshli (ACG) oilfields operated by oil major BP led the overall drop, ...