07252016Mon
Last update: Mon, 25 Jul 2016 08pm

Asia

Markets - Energy - Asia

Safe-haven currencies gain on oil weakness, China fears TOKYO: The yen and euro got a boost Wednesday as traders bought safe-haven currencies while commodity-linked units took a beating on the back of weak oil prices and worries about the global economy.The price of oil has plunged by almost a tenth since Friday's refusal by the Organization of the Petroleum Exporting Countries cartel to agree a ceiling on output despite oversupply and anaemic demand.The global supply glut, weak demand and a growth slowdown in China have combined with soaring production to send crude prices slumping over to seven-year lows.Equity markets have plunged in response.Investors' flight to safety helped the Japanese currency -- typically seen as a less risky asset in times of uncertainty and turmoil. The yen also got support after better-than-expected revised Japanese GDP data Tuesday tempered expectations for more stimulus by the Bank of Japan -- a move that would tend to weaken the yen.In Tokyo, the ...

Markets - Energy - Asia

Oil prices edge up amid ongoing commodity downturn SINGAPORE: Crude prices found at least temporary support early on Wednesday after the dollar weakened and China's commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time.U.S. crude futures were at $38.11 per barrel at 0048 GMT, up 60 cents from their last settlement.Traders said the recovery on Wednesday was largely a result of short covering, a dip in the dollar which makes oil more expensive for ...

Markets - Energy - Asia

Asia Fuel Oil: Differentials improve though supply still weighs SINGAPORE: Asian fuel oil differentials improved on Tuesday though a heavy supply of marine and power generation fuel continued to weigh on prices, industry sources said.In Singapore, trading activity was robust with Glencore selling four out of five cargoes while on the buy side Cargill snapped up four out of five cargoes, traders said.China's refineries shipped a record amount of fuel products in the January-November period, according to preliminary customs data. Last month, it sold ...

Markets - Energy - Asia

US crude oil prices remain near 7-year lows as OPEC glut bites SINGAPORE: Crude prices remained near 7-year lows in early Asian trading on Tuesday as OPEC continues to pump near record oil to defend market share, compounding a glut that is seeing hundreds of thousands of barrels produced every day in excess of demand.Benchmark Brent and WTI futures both fell over 6 percent the previous session to reach 2015 lows, and they are closing in on levels last seen during the credit crunch of 2008/2009. Should ...

Markets - Energy - Asia

Brent oil may fall into $39.79-$40.16 range SINGAPORE: Brent oil may fall into a range of $39.79-$40.16 per barrel, as it has broken a support at $40.75.The support is provided by the 100 percent Fibonacci projection level of a downward wave c, the third wave of a presumed three-wave cycle from the Nov. 25 high of $46.50.The next support will be at $40.16, the 114.6 percent level, a break below which could cause a loss to the 123.6 percent level at $39.79.A ...

Markets - Energy - Asia

Oil price rout hits energy shares, dollar firm TOKYO: Asian stock markets teetered near their weakest levels in three weeks on Tuesday, as a rout in oil prices to near seven-year lows knocked global energy company shares and commodity currencies.MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent, erasing all the gains made so far this month, with resource-heavy Australian shares leading decline with a fall of 0.9 percent.Japan's Nikkei bucked the trend, rising 0.3 percent, after revised data showed Japan ...

Markets - Energy - Asia

Asia Fuel Oil: Differentials fall on lack of winter demand SINGAPORE: Asian fuel oil differentials fell on Monday partly because winter demand for power generation has yet to materialise, industry sources said.Japan's has had a mild winter so far and overall oil demand in the country has also fallen over the years, leading to reduced imports of low sulphur fuel oil, they said."Demand has already changed structurally since a couple of years back as efficiency has improved," a Singapore-based trader said."Houses are using gas and ...