08292016Mon
Last update: Mon, 29 Aug 2016 06am

Asia

Markets - Energy - Asia

Oil prices extend gains in Asia on stimulus pledge SINGAPORE: Oil prices rose in Asia Friday after the European Central Bank (ECB) signalled further stimulus measures to help the struggling eurozone economy, but analysts expect oversupply woes to limit gains.Remarks by ECB chief Mario Draghi that possible additional monetary stimulus measures could come as soon as March lifted global markets and brought a measure of joy after weeks of painful losses.At around 0320 GMT, US benchmark West Texas Intermediate (WTI) for March delivery was up five cents at $29.58 barrel. Brent rose 13 cents to $29.38.On Thursday, Brent surged almost five percent and WTI jumped more than four percent after Draghi said there were "no limits to how far we are willing to deploy our policy instruments" in a signal that more stimulus could be coming.The black gold was also given a boost by a report showing US stockpiles did not rise last week as much as expected.Earlier in ...

Markets - Energy - Asia

Plunging crude prices slam Singapore oil rig maker SINGAPORE: The world's largest builder of offshore oil rigs said Thursday its fourth quarter net profits were down 44 percent from last year, as plunging oil prices wreak havoc on energy firms' earnings worldwide.The price of oil has crashed about 75 percent since mid-2014, hit by oversupply, overproduction, weak demand and a slowdown in the global economy led by China.The Singaporean conglomerate Keppel Corp, whose portfolio also includes property development and infrastructure, said net profit ...

Markets - Energy - Asia

Asia-Pacific Crude-Steady to slightly weaker on easing refinery demand SINGAPORE: Spot differentials in the Asia-Pacific crude market were steady to slightly lower on Thursday as refinery demand for March cargoes eased.Spot premiums for Russian Sokol crude held steady after ONGC sold a March 18-24 cargo to BP at around $5 a barrel above the Oman/Dubai average, according to traders.That would be equivalent to about $5.20-$5.30 a barrel against Dubai quotes, one trader said.For Malaysian grades, a cargo of Kimanis loading on March 14-18 was ...

Markets - Energy - Asia

Oil prices resume slide in Asia on glut woes SINGAPORE: Oil resumed its slide in Asia Thursday, reversing earlier gains as the supply glut and weak demand that sent prices to more than 12-year lows showed no sign of letting up.The 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 (WTI) fell below $27 a barrel for the first time since May 2003, days after Brent touched below $28.Bargain-hunting ...

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 ...

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, ...