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Last update: Fri, 30 Sep 2016 06am

Asia

Markets - Energy - Asia

Oil prices suffer fresh losses in Asian trade HONG KONG: Oil prices tumbled again Monday on a pick-up in drilling and a strong dollar as speculation swirled that the Federal Reserve could hike interest rates as soon as this month.The commodity plunged Friday, wiping out the previous day's rally as analysts said a sharp fall in US inventories last week was likely a one-off caused by import cutbacks as Hurricane Hermine ploughed through the Gulf of Mexico.Remarks from two top Fed officials Friday backing a lift in borrowing costs also dragged on the market as the dollar rallied, making crude more expensive for anyone holding weaker units.US West Texas Intermediate fell 81 cents to $45.07 Monday, while Brent tumbled 75 cents to $47.26. Both contracts collapsed almost four percent Friday.News that oil firms had opened up more rigs to drill fuelled expectations US output would increase, at a time when demand remains weak."The market is still in surplus ...

Markets - Energy - Asia

China fuel exports cast fourth-quarter pall over global oil products BEIJING: China's state oil refiners are readying to export more diesel and gasoline in coming months as a bleak outlook for what is typically the nation's period of greatest consumption sends shivers through an already saturated global market.Even with winter heating demand looming and drivers expected to hit the roads for a week-long national holiday in October, more than a dozen refiners, traders and analysts in the world's second-largest oil consumer said the fourth quarter ...

Markets - Energy - Asia

Oil prices extend losses in Asian trade HONG KONG: Oil prices tumbled again Monday on a pick-up in drilling and a strong dollar as speculation swirled that the Federal Reserve could hike interest rates as soon as this month.The commodity plunged Friday, wiping out the previous day's rally as analysts said a sharp fall in US inventories last week was likely a one-off caused by import cutbacks as Hurricane Hermine plowed through the Gulf of Mexico.Remarks from two top Fed officials Friday ...

Markets - Energy - Asia

Oil prices fall in Asia following sharp gains SINGAPORE: Oil prices retreated Friday, taking a chunk out of the previous day's rally as investors digested data suggesting last week's plunge in US stockpiles was likely a one-off.Both main contracts soared more than two dollars Thursday after the energy department said US inventories dropped 14.5 million barrels, the sharpest rate in 17 years.But analysts said the decline was attributed to the suspension of imports and shutdown of some production owing to Hurricane Hermine, which ...

Markets - Energy - Asia

Oil extends gains after data shows huge stock draw TOKYO: Oil prices extended gains by more than 1.5 percent on Thursday after industry data showed what might be the largest weekly drawdown in crude stocks in over three decades.U.S. crude stocks surprisingly plunged by 12.1 million barrels last week, data from the American Petroleum Institute showed after market settlement on Wednesday, compared with expectations for an increase of around 200,000 barrels.If official data released from the U.S. government later on Thursday confirms the draw, ...

Markets - Energy - Asia

Oil prices extend gains on weak dollar, industry data SINGAPORE: Oil prices rose built on recent gains Thursday thanks to a softer dollar and industry data indicating US stockpiles sank last week.The gains extend a seven percent rally in the commodity since hitting Thursday's two-week lows as investors look ahead to a Russia-OPEC meeting at the end of the month aimed at addressing an oversupply crisis.The latest bump came after the American Petroleum Institute, an industry-funded group, said US inventories fell 12.1 million barrels ...

Markets - Energy - Asia

Oil edges up, gains limited amid scepticism over freeze deal TOKYO: Oil prices erased early losses to trade higher on Wednesday, but gains were limited as market participants remained sceptical producers would reach an agreement to freeze output to rein in a global supply glut.London Brent crude for November delivery was up 33 cents at $47.59 a barrel by 0300 GMT, after settling down 37 cents on Tuesday.NYMEX crude for October delivery was up 31 cents at $45.14.Oil prices hit a one-week high on Monday ...