02122016Fri
Last update: Fri, 12 Feb 2016 02am

Asia

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 the local economy.Copyright Reuters, 2015 ...

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 ...

Markets - Energy - Asia

Brent oil targets $62.44 SINGAPORE: Brent oil may break a resistance at $60.82 per barrel and rise further to $62.44, driven by a wave C.This wave started at the Feb. 11 low of $53.91 and is capable of travelling to $67.72, its 100 percent projection level.The resistance at $62.44, the 61.8 percent level, has temporarily stopped this wave and triggered a correction to the Feb. 19 low of $57.80.Oil seems to have found a support around $57.80, provided by ...

Markets - Energy - Asia

US oil may break resistance at $52.12 SINGAPORE: US oil may break a resistance at $52.12 per barrel and approach a higher resistance at $53.38, as indicated by its wave pattern and a wedge.The rebound from the Jan. 29 low of $43.58 has adopted a three-wave mode, with the third wave labelled C consisting of five small waves. The final small wave labelled 5 is unfolding towards $53.38, the 50 percent Fibonacci projection level of the wave C.From February 3, oil has ...

Markets - Energy - Asia

Bangladesh naphtha draws highest bid since August 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 state-owned ...