02122016Fri
Last update: Fri, 12 Feb 2016 09pm

Asia

Markets - Energy - Asia

Oil slips after 4-day rally on demand concerns, high stocks SINGAPORE: Oil prices fell on Wednesday as renewed concerns over global demand and high stock levels halted a rally that pushed up prices by about 19 percent over the past four sessions.The recent rebound was driven by hopes that prices may have hit a bottom after a seven-month rout slashed oil futures by nearly 60 percent and prompted major energy firms to cut spending on new production. But weak data from key consumer China has rekindled demand concerns, dragging on oil prices."A steady stream of news regarding falling capital expenditure from the industry and a drop in U.S. oil rigs in operation appears to be the spark," ANZ analysts said. "While sentiment appears to have shifted, volatility will remain high."Brent was 53 cents lower at $57.38 a barrel by 0911 GMT, after gaining almost 6 percent on Tuesday and off a near six-year low of $45.19 reached in mid-January.U.S. crude ...

Markets - Energy - Asia

Oil prices down in volatile Asian trade SINGAPORE: Oil prices fell in Asia Wednesday following a three-day rally as dealers were divided on whether the commodity has bottomed out after a plunge of nearly 60 percent since June, analysts said. US benchmark West Texas Intermediate (WTI) for March delivery fell 68 cents to $52.37 while Brent crude for March eased 14 cents to $57.77 in afternoon trade.WTI soared $3.48 to $53.05 Tuesday, its highest close since December 31, while Brent jumped $3.16 ...

Markets - Energy - Asia

Middle East Crude-DME Oman's discount to Dubai narrows SINGAPORE: The Middle East crude market strengthened slightly on Tuesday as DME Oman's discount to Dubai narrowed.Cash Dubai also remained supported after Shell bought six partials, including four from Chinaoil at $53.10 a barrel, on the window.Traders are waiting for the release of official selling prices to gauge the price direction for April-loading grades that will trade this week.UAE's ADNOC is likely to be the first to release prices. The Abu Dhabi producer is expected ...

Markets - Energy - Asia

Asia-Pacific Crude-Steady on healthy refining margins SINGAPORE: The Asia-Pacific crude market held steady on Tuesday, supported by strong refining margins and a contango that allows traders to store crude for sale in future months.Complex refining margins in the Singapore hub have averaged above $8 a barrel over the last three weeks, compared with just over $6 a barrel in December.BP and Total have leased Southeast Asia's first commercial independent storage facility for crude oil, which will begin operations in Malaysia next ...

Markets - Energy - Asia

China miners, power firms agree to cut 2015 contract coal price BEIJING: China's coal firms have agreed to cut contract prices with power plant customers for the first quarter of 2015, but prices are still well above global levels as regulators work to prop up a sector hit by overcapacity and weak demand.The decision could boost demand for cheaper foreign supplies after shipments jumped by nearly a third in December in response to rising domestic prices, helping to push up Australian export prices despite China trying ...

Markets - Energy - Asia

 Oil prices extend gains in Asia SINGAPORE: Oil edged higher in Asia Tuesday, extending gains from the previous day after US firms cut drilling activity, but analysts doubt the rebound will be sustained as supplies still far outweigh demand.US benchmark West Texas Intermediate (WTI) for March delivery rose 36 cents to $49.93 while Brent crude for March gained 44 cents to $55.19 in afternoon trade.On Monday, WTI punched through the psychological mark of $50 a barrel before closing at $49.57 while ...

Markets - Energy - Asia

India's Videocon says consortium discovers new oil in Brazil block MUMBAI: A consortium that includes India's Videocon Industries Ltd and Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras) has discovered new light crude oil in the Sergipe basin off Brazil's Northeast coast, Videocon said on Tuesday.Videocon Industries' shares rose as much as 16 percent in morning trade after the announcement, which it called the largest discovery of petroleum this year by the consortium.The discovery in the BM-SEAL-11 exploration block is one of several in recent ...