02072016Sun
Last update: Sun, 07 Feb 2016 01am

Asia

Markets - Energy - Asia

Oil prices mixed ahead of US supply report SINGAPORE: Oil prices were mixed in Asia Wednesday ahead of a key report expected to show further build-up in US crude inventories, hitting prices in an already oversupplied market, analysts said.US benchmark West Texas Intermediate (WTI) for April delivery fell 16 cents to $49.12 while Brent crude for April gained 13 cents to $58.79 in afternoon trade. "There will probably be further increases in US inventories and this is bad for global crude oil prices which will fall even further," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP.Both WTI and Brent have fallen sharply this week as traders worry about abundant global supplies amid slower economic growth, with no sign of a slowdown in rising US crude stockpiles. Experts polled by Bloomberg News expect crude reserves in the world's biggest economy to rise 3.75 million barrels in the week to February 20, adding to the 425.6 million ...

Markets - Energy - Asia

Oil prices up ahead of US supply report SINGAPORE: Oil edged higher in Asia Wednesday ahead of a key report expected to show further build-up in US crude inventories, further hitting prices in an already oversupplied market, analysts said.US benchmark West Texas Intermediate (WTI) for April delivery rose one cent to $49.29 while Brent crude for April gained 24 cents to $58.90 in late-morning trade. "There will probably be further increases in US inventories and this is bad for global crude oil prices ...

Markets - Energy - Asia

Brent falls towards $58 as supply fears linger SINGAPORE: Brent fell towards $58 a barrel on Tuesday, extending the 2-percent loss in the previous session, as oversupply fears lingered, overshadowing any optimism on the outlook for the global economy.The oil benchmark had traded above $59 in early Asian trade before negative sentiment overtook, dragging prices 7-percent off its near two-month peak reached last Tuesday.Brent fell 41 cents to $58.49 a barrel by 0640 GMT, while U.S. crude was down 51 cents at $48.94.U.S. ...

Markets - Energy - Asia

South Korea expects to see effect of low oil prices over medium-term SEOUL: South Korea's economy is expected to see definite effects from low global oil prices over the medium-term, its vice finance minister said on Tuesday."About $33 billion is estimated in income transfer from oil producing countries to flow into South Korea," said Vice Finance Minister Joo Hyung-hwan on the sidelines of an event in Seoul.Joo added that lower oil prices should trickle down to consumption and investment, but that had yet to be seen in ...

Markets - Energy - Asia

Thailand to delay bidding for petroleum concessions indefinitely BANGKOK: Thailand's military government will delay bidding for petroleum concessions indefinitely, pending an amendment to a petroleum law, Prime Minister Prayuth Chan-ocha said on Tuesday.It should take around three months for the planned amendment to be completed, Prayuth told reporters after a cabinet meeting.Copyright Reuters, 2015 ...

Markets - Energy - Asia

Thai Bangchak Petroleum to invest over $600mn in 2015-2016 BANGKOK: Bangchak Petroleum PCL will invest 20 billion baht ($610 million), mainly on exploration and production, in 2015 and 2016 as part of a plan to spend 90 billion baht in the next six years to boost its business, the Thai oil refiner said.About 60 percent of the two-year budget will be spent on upstream exploration, with the rest used in the firm's renewable business, newly-appointed president Chaiwat Kovavisarach told reporters on Tuesday.Bangchak, like other ...

Markets - Energy - Asia

Bangladesh helped by tight naphtha market in selling tender DHAKA: Bangladesh Petroleum Corp (BPC) will sell 170,000 barrels of naphtha to Unipec at a premium of $0.39 per barrel to Singapore quotes, the highest since August and sharply up from the previous sale. Unipec offered the best price among six companies that competed for the tender, a BPC official said on Monday, as the tender opened on Feb. 18 with validity up to Feb. 26.This will be the highest selling price since August when ...