08242016Wed
Last update: Wed, 24 Aug 2016 11am

Asia

Markets - Energy - Asia

Oil drops as investors lock in gains; surprise US stockpile build SINGAPORE: Crude futures fell on Wednesday as investors locked in gains after oil prices surged nearly 5 percent in the previous session, partly on forecasts from the U.S. government and OPEC that demand would increase next year.Oil prices were also under pressure from industry data that showed a surprise build in U.S. crude stocks, price gains in other commodities including gold and a stronger U.S. dollar which gained against a basket of currencies, analysts said."We are on the cusp of U.S. weekly production statistics - the market is keeping a close eye on that. There is maybe a little bit of profit taking ahead of the stats," said Ben Le Brun, market analyst at Sydney's OptionsXpress.Brent futures fell 37 cents to $48.10 a barrel as of 0339 GMT after settling up $2.22, or 4.8 percent, in the previous session.U.S. crude dropped 28 cents to $46.52 a barrel after ending the ...

Markets - Energy - Asia

Oil and shipping markets on edge after South China Sea ruling SINGAPORE: Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands, found China had breached the sovereign rights of the Philippines and had no legal basis to its historic claims in the South China Sea, a major shipping lane between Europe, the Middle East and Africa.The ...

Markets - Energy - Asia

Oil rises on brief Iraq loading halt; bearish investors cap gains SINGAPORE: Oil futures moved away from two-month lows on Tuesday as a brief halt in Iraqi crude loadings threatened to tighten supplies, but a drop in bullish bets by investors kept a lid on price gains.Brent crude was at $46.72 per barrel at 0712 GMT, up 47 cents or 1 percent from their last close and off a low of $45.90 hit in the prior session. U.S. West Texas Intermediate crude was up 37 cents ...

Markets - Energy - Asia

Oil prices rise on Iraq loading worries; bearish investors cap gains SINGAPORE: Oil futures rose on Tuesday as an interruption in Iraqi crude loadings at Basra threatened to tighten supplies, but prices held close to two-month lows hit in the previous session as investors continued to slash their bullish bets.Brent crude oil futures were trading at $46.39 per barrel at 0320 GMT, up 14 cents from their last close but still near the Friday's low of $45.90. U.S. West Texas Intermediate (WTI) crude was up 11 ...

Markets - Energy - Asia

Oil prices rise up but supply worries temper gains SINGAPORE: Oil prices recovered Tuesday but stayed near two-month lows as increased US drilling, a strong dollar and hints of higher production by Iran and Libya brought worries about a global glut back into focus.The commodity has retreated since last month hitting above $52 a barrel as supply disruptions in Nigeria and Canada eased and the fall in US output slowed.The US dollar strengthened after Britain voted in late June to leave the European Union, ...

Markets - Energy - Asia

Asia-Pacific Crude-Narrow Brent-Dubai spread supports  SINGAPORE: The Asia-Pacific crude market was supported on Monday after Brent's premium to Dubai shrank to the narrowest since March.The Brent-Dubai Exchange of Futures for Swaps (EFS) for September fell 25 cents to $2.81 a barrel at Monday's close.A narrower spread between the two benchmarks underpins differentials for Brent-linked grades produced in Asia-Pacific and the Atlantic Basin.Still, demand for September-loading crude may come under pressure from an upcoming maintenance season that peaks in October. About ...

Markets - Energy - Asia

Iran cuts Aug crude prices for Asia, Med to gain market share SINGAPORE: OPEC producer Iran cut prices for August crude sales to Asia, the Mediterranean and from the port of Sidi Kerir in Egypt, in a continuing effort to regain market share in these regions post-sanctions.Tehran's oil sales hit 4-1/2 year high in June, nearly doubling since December as sanctions were lifted on its oil exports in January. By discounting prices for its crude against Saudi Arabia and Iraq, Iran has attracted new customers in countries ...