08252016Thu
Last update: Thu, 25 Aug 2016 02am

Asia

Markets - Energy - Asia

Oil prices ease in Asian trade, stuck near 12-year lows SINGAPORE: Oil prices eased in Asia Friday, with the under-pressure commodity sitting around 12-year lows as dealers prepare for the return of Iranian exports on to the market while US stockpiles increase.However, there is talk that crude -- which have plunged by three quarters in the past 18 months on weak demand, a slow global economy and an oversupply crisis -- could be nearing its bottom.US benchmark West Texas Intermediate (WTI) for delivery in February was down 52 cents, or 1.67 percent, at $30.68 by around 0435 GMT and Brent for March was down 22 cents, or 0.71 percent, at 30.66.This week both main contracts fell below $30 a barrel for the first time since the first half of 2004.Michael McCarthy, chief market strategist at CMC Markets in Sydney, said prices may have hit or are nearing the end of their downward spiral."If we're not at the lows, we're very ...

Markets - Energy - Asia

US oil biased to fall to $30.13 SINGAPORE: US oil is biased to break a support at $30.92 per barrel and fall towards the next support at $30.13, as it failed again to break a resistance at $31.71.The two supports and the resistance are identified respectively as the 300 percent, the 338.2 percent and the 261.8 percent Fibonacci projection levels of a downward wave 3, the third wave of a five-wave cycle from the Oct. 9 high of $50.92.Oil's failure to overcome ...

Markets - Energy - Asia

Brent stays below $30 a barrel on oversupply worries SINGAPORE: Brent oil stayed below $30 a barrel as prices remained weak in Asia Thursday after US crude and fuel inventories rose, adding further anxiety over a global supply glut.Hopes for a rebound from the oil price freefall were dashed following the latest report which showed another increase US stockpiles of 200,000 barrels in the week ending January 8.More significant in the US Energy Information Administration (EIA) report was an 8.2 million barrel surge in ...

Markets - Energy - Asia

Amid global price rout, China crude oil imports hit record BEIJING: China's crude oil imports hit a record 7.82 million barrels a day (bpd) in December, customs data showed, as the world's No.2 oil consumer took advantage of low crude prices to fill strategic reserves, but also increased its exports of refined fuels to an all-time high. Crude imports for December were 33.19 million tonnes, up 21.4 percent on the month and 9.3 percent on the year, well above earlier estimates by Thomson Reuters Oil ...

Markets - Energy - Asia

Dalian iron ore drops 4th day as record China imports highlight glut  MANILA: Chinese iron ore futures dropped for a fourth session in a row on Wednesday, reflecting concerns over weak demand and excess supply as shipments to China reached a record high in December.China, the world's top buyer of iron ore, imported 96.27 million tonnes of the steel making commodity last month, customs data showed. That brought 2015 purchases to 952.72 million tonnes, also an all-time high.China's iron ore imports are usually strong in December as ...

Markets - Energy - Asia

Iraq's crude exports in Feb may top Nov record as market share battle intensifies SINGAPORE: Exports of Iraq's flagship Basra crude could touch a new high in February, as major oil producers defend market share over cutting output at a time when global crude prices have hit the lowest in more than a decade.Global oil prices hovered just above $30 a barrel on Tuesday, down more than 70 percent since mid-2014, depressed by excess supply as producers pump at record levels to protect their market share. OPEC kingpin Saudi ...

Markets - Energy - Asia

Oil drops over 2 pct as China slowdown weighs: market loses faith in rebound SINGAPORE: Crude oil prices fell over 2 percent on Monday as China's economic slowdown dented the outlook for demand and traders are placing record bets on even lower prices as they increasingly lose faith in a significant market recovery. Global benchmark Brent was down around a dollar, or almost 3 percent, at $32.62 per barrel at 0711 GMT, and US West Texas Intermediate (WTI) crude was down almost 2.5 percent at $32.36. The falls come ...