07292016Fri
Last update: Fri, 29 Jul 2016 07pm

Asia

Markets - Energy - Asia

OPEC decision to keep output high pulls oil prices close to 2015 lows SINGAPORE: Crude prices fell on Monday in the first trading session after OPEC-members failed to agree on output targets to reduce a bulging glut that has resulted in oil prices falling by more than 60 percent since June 2014.The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday at a meeting that ended in acrimony after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions.This compounded an oil glut that sees production exceed demand between 0.5-2 million barrels per day and that has resulted in a more than 60 percent price drop since 2014.U.S. crude was trading at $39.58 a barrel at 0038 GMT, down 39 cents. Internationally traded Brent futures were down 16 cents at $42.84 per barrel. This left both benchmarks near 2015 lows and not far off levels seen ...

Markets - Energy - Asia

Iran oil minister blames OPEC oversupply for low crude prices DUBAI: OPEC members that supply too much crude oil to the market are responsible for low prices, Iran's oil minister said on Sunday, two days after the cartel failed to agree on a production ceiling.The Organization of the Petroleum Exporting Countries (OPEC), which accounts for about a third of world oil output, announced no change in policy at a meeting on Friday, setting the scene for more price wars in an already heavily oversupplied market.Oil ...

Markets - Energy - Asia

Oil prices up as divided OPEC meets SINGAPORE: Oil prices rose in Asia Friday as traders hedged their bets ahead of a meeting of the OPEC cartel whose members are divided on whether to slash production in an oversupplied global market.Analysts said however that the rise was likely to be short-lived as the Organization of the Petroleum Countries is expected to maintain current high output levels favoured by influential members such as Saudi Arabia and other Gulf states.US benchmark West Texas Intermediate ...

Markets - Energy - Asia

Oil prices bounce back on eve of OPEC meeting SINGAPORE: Oil prices bounced back in Asia Thursday but trading was cautious on signs the OPEC cartel is divided ahead of a meeting on whether to maintain or slash its high output levels.The US benchmark West Texas Intermediate closed below $40 a barrel for the first time since late August on Wednesday after data showed an increase in US commercial stockpiles and production, adding to anxiety about a long-running supply glut.Focus is now on the ...

Markets - Energy - Asia

Oil prices down in Asia ahead of OPEC policy meeting SINGAPORE: Oil prices fell in Asia Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) prepared for a policy meeting in Vienna amid expectations the cartel will keep high output levels.US benchmark West Texas Intermediate for delivery in January was down 20 cents at $41.65 and Brent crude for January was trading 14 cents lower at $44.30 a barrel at around 0430 GMT.Traders will be closely tuned in to Friday's OPEC gathering for any ...

Markets - Energy - Asia

Oil prices rise in Asia with OPEC meeting in focus SINGAPORE: Oil prices rose in Asia Tuesday, three days before an OPEC meeting in which the cartel is expected to maintain high output levels despite a global supply glut.Analysts say the Organization of the Petroleum Exporting Countries is likely to focus more on maintaining market share against competitors than on slashing production in order to lift prices.US benchmark West Texas Intermediate for delivery in January was up 29 cents to $41.94 and Brent crude for ...

Markets - Energy - Asia

Japan's JX sees Marifu refinery turnaround in Jan-March TOKYO: Japan's biggest oil refiner, JX Nippon Oil & Energy Corp, said on Friday it would conduct scheduled maintenance on the 127,000-barrel-per-day (bpd) No.4 crude distillation unit (CDU) at its Marifu refinery in western Japan from Jan. 24 to March 11.Copyright Reuters, 2015 ...