09272016Tue
Last update: Tue, 27 Sep 2016 11am

Asia

Markets - Energy - Asia

Middle East Crude-Oman hits six-month high on China demand  SINGAPORE: Oman crude loading in April hit its strongest differential in six months on Wednesday, buoyed by robust demand from China.DME Oman futures for April settled at $29.00 on Wednesday's Asia market close, or 8 cents a barrel below Dubai swaps, narrower than a 31-cent discount in the previous session.Chinese buyers may have turned to Oman after a drop in outright prices from Tuesday and as most other Middle East grades have been sold, a trader said.Spot premiums continued to rise with Upper Zakum and Qatar Marine traded at 60-65 cents a barrel, up from 45-55 cents previously, traders said. ExxonMobil has not offered any spot Upper Zakum cargoes this month, they said.Low outright prices stoked demand in Asia and as maintenance at oilfields in the United Arab Emirates and Qatar tightened supplies.More refining capacity is also expected to stay online in the second quarter from the same period a ...

Markets - Energy - Asia

Oil prices recover ahead of Iran-Iraq talks SINGAPORE: Crude prices recovered in Asia Wednesday ahead of a meeting between the Iranian and Iraqi oil ministers and following a Saudi Arabia-Russia agreement to freeze output.At around 0330 GMT, US benchmark West Texas Intermediate for March delivery was 18 cents, or 0.62 percent, higher at $29.22 and Brent for April was 33 cents, or 1.03 percent, higher at $32.51.Oil prices have tumbled about 70 percent since June 2014, hit by oversupply, sluggish demand and ...

Markets - Energy - Asia

Oil prices surge as producers' meet spurs output cut hopes TOKYO: Brent crude surged 6 percent to a near two-week high on Tuesday, as a meeting of oil ministers from Saudi Arabia, Russia, Qatar and Venezuela spurred hopes of action by the producers to tackle a devastating global supply glut that has hammered oil prices.The closed-door meeting, which started in Doha, comes after more than 18 months of declining oil prices that has knocked two thirds off benchmark crude futures, indicating the mood may be ...

Markets - Energy - Asia

Oil prices rise on expected Russia-Saudi meeting SINGAPORE: Oil prices rose on Tuesday with Brent breaking past $34 a barrel on expectations that energy heavyweights Russia and Saudi Arabia will discuss the global oversupply issue in a Doha meeting.At around 0600 GMT, European benchmark Brent crude for April delivery was trading $1.30, or 3.89 percent, higher at $34.69.Its US counterpart West Texas Intermediate for March delivery was up $1.30, or 4.42 percent, at $30.74 compared to its Friday close. There was no ...

Markets - Energy - Asia

US crude jumps as big producers set for Doha meet TOKYO: US oil prices jumped back above $30 a barrel on Tuesday as news of a rare private meeting of top officials from the world's biggest oil producers spurred speculation of an eventual deal to tackle a deep supply glut. US crude rose as much as $1.26, or 4.3 percent, to $30.70 per barrel by 2334 GMT as the market reopened following a shortened holiday session, building on Friday's more than 12 percent surge. US ...

Markets - Energy - Asia

Brent oil to bounce towards $42.11 in four weeks SINGAPORE: Brent oil may stabilize around a pivotal support of $28.31 per barrel, and then bounce towards a resistance at $42.11 over the four weeks.The support is provided by the 86.4 percent Fibonacci retracement on the rise from the December 1998 low of $9.55 to the July 2008 high of $147.50.In January, oil briefly pierced below this support and closed high above it. A long-shadowed hammer was formed on the monthly candlestick chart, which is ...

Markets - Energy - Asia

Oil prices rally after plumbing new depths SINGAPORE: Oil surged more than five percent in Asia Friday, a day after tanking towards 13-year lows and following a report suggesting the OPEC producers' club was open to working towards cutting output to stabilise volatile crude markets.Prices for both key contracts dived Thursday in line with a sell-off across on markets worldwide as traders grow increasingly concerned about the state of the global economy, and the possibility of a return to recession.But traders were ...