08282016Sun
Last update: Sun, 28 Aug 2016 05pm

Asia

Markets - Energy - Asia

Oil prices up in Asia but oversupply worries weigh SINGAPORE: Oil prices edged up rose in Asia on Monday as the dollar weakened while bargain-buyers moved in following a recent sell-off but analysts warned a global supply glut and weak demand will temper gains.Prices hit three-month lows last week after US data showed an unexpected increase in commercial stockpiles of oil and gasoline, adding to worries about a global crude supply glut.News that the US economy grew slower than expected in April-June also raised questions about demand in the world's biggest oil consumer.However, the weak reading narrowed the chances of a US interest rate hike this year, sending the dollar tumbling, making oil cheaper for anyone using other currencies.At about 0410 GMT, US benchmark West Texas Intermediate for October delivery, a new contract, rose 15 cents, or 0.36 percent, to $41.75, and Brent was up 15 cents, or 0.34 percent, at $43.68.But analysts said the uptick was unlikely to ...

Markets - Energy - Asia

China's Sinopec says section of gas pipeline reopened after fire BEIJING: China's Sinopec said a section of the Sichuan-East China gas pipeline reopened on Saturday, 10 days after it was hit by a landslide and fire. Crews worked around the clock since the accident to repair a stretch of the 2,200 km pipeline in a remote region of central Hubei province, according to the official WeChat account for China Petroleum & Chemical Corp (Sinopec). The shutdown caused natural gas supplies to industrial users in at ...

Markets - Energy - Asia

Bangladesh fuel oil tender attracts lower premiums than term deals DHAKA: Bangladesh Petroleum Corp (BPC) has received offers in its first tender to buy fuel oil at premiums lower than its term deals, two company sources said on Sunday. The tender was issued as part of an effort to move away from direct-term deals with fuel products suppliers in a bid to buy at cheaper rates. A total of nine international oil and trading companies have been competing to win the tender for 160,000 tonnes ...

Markets - Energy - Asia

India's IOC to cut diesel prices by 3.7pc from Monday MUMBAI: Indian Oil Corp (IOC) will cut the price of diesel by 3.7 percent from Monday and that of gasoline by 2.3 percent, reflecting changes in global fuel prices, the company said in a statement. India's three state-run oil companies, IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, tend to adjust retail prices of fuel in concert. A litre of diesel will sell for 52.27 rupees in the Indian capital, New Delhi, while ...

Markets - Energy - Asia

Oil prices fall to fresh April lows as oversupply bites SINGAPORE: Oil prices fell to fresh April lows on Friday as slowing economic growth threatened to worsen ongoing oversupply of crude and refined products.International Brent crude oil futures were trading at $42.42 at 0657 GMT, down 28 cents, or 0.7 percent, from their previous close, at their lowest since April.U.S. West Texas Intermediate (WTI) crude fell 27 cents, or 0.7 percent, to $40.87 a barrel, slipping below $41 for the first time since April.Both crude ...

Markets - Energy - Asia

Oil prices sink further as glut worries return SINGAPORE: Oil prices fell further towards the $40 mark in Asia Friday, extending losses to a seventh-straight day on renewed worries about a global supply glut, increased production.The commodity has slipped nearly 20 percent since its 2016 peak above $50 in early June as the crucial US holiday driving season comes to an end and temporary disruptions to output in Canada and Nigeria ease.At about 0320 GMT, US benchmark West Texas Intermediate was down seven ...

Markets - Energy - Asia

Oil slightly higher after five-day slump SINGAPORE: Oil prices edged up in Asia Thursday after slumping for five-straight sessions to a three-month low after a surprise jump in US stockpiles built on increasing worries about a global supply glut.US energy department data showed Wednesday that inventories were 13.4 percent higher on-year, while gasoline stocks were up 11.8 percent, indicating demand remains weak as the peak holiday driving season comes to a close. The news sent Brent tumbling three percent and West ...