09012016Thu
Last update: Thu, 01 Sep 2016 02am

Asia

Markets - Energy - Asia

US oil may break support at $39.23 SINGAPORE: US oil may break a support at $39.23 per barrel and fall towards the next support at $38.38, as suggested by its wave pattern and a Fibonacci projection analysis.These two supports are identified respectively as the 76.4 percent and the 100 percent Fibonacci projection levels of a downward wave c, the third wave of a presumed three-wave cycle from the Nov. 24 high of $43.46. This wave is capable of extending to $38.38.Resistance is at $39.76, the 61.8 percent level, a break above which could lead to a gain to the 50 percent level at $40.19.Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned ...

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 ...

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 ...