06262016Sun
Last update: Sun, 26 Jun 2016 05am

Asia

Markets - Energy - Asia

Oil prices add to gains after US supplies drop SINGAPORE: Oil prices extended their gains to multi-month highs Thursday following another drop in US supplies and the prospect of further disruptions to output from key producer Nigeria.The commodity has almost doubled since hitting near 13-year lows at the start of the year as a global supply glut has eased thanks chiefly to a weakening dollar, signs of a pick-up in the world economy and falling production from Nigeria and Canada.On Wednesday the Department of Energy said US commercial stocks fell much more than expected in the week to June 3, fanning talk that demand is improving in the world's biggest oil consumer."The inventory has been dropping for three consecutive weeks, showing that the supply-demand relationship has leaned towards a balance," CMC Markets analyst Margaret Yang wrote in a note.At about 0315 GMT, US benchmark West Texas Intermediate rose 32 cents, or 0.62 percent, to $51.55 a barrel, its highest ...

Markets - Energy - Asia

Middle East Crude-Murban price rise may depress August differentials SINGAPORE: The Middle East crude market held steady on Wednesday as traders evaluated the impact of the latest official selling prices (OSPs) from Abu Dhabi National Oil Company (ADNOC).ADNOC set the May retroactive selling price for its benchmark Murban crude at $47.35 per barrel, which puts it at a $3.08 per barrel premium to average Dubai quotes for the month, up 11 cents from the differential for the previous month.The price increase is in response ...

Markets - Energy - Asia

Oil holds above $50 on weak dollar, supplies data in focus SINGAPORE: Oil prices held above $50 in Asia on Wednesday thanks to a weak dollar as traders await the release of US inventory data later in the day.Traders are expecting US Department of Energy weekly stockpile numbers to show another drop after recent losses, helping to build on a 90 percent rebound in the commodity since the start of the year.Oil has surged since hitting near 13-year lows at the start of the year thanks ...

Markets - Energy - Asia

Oil hits 8-mth highs on US inventory draw, China imports TOKYO: Oil prices rose for a third day to hit their highest in about eight months on Wednesday, boosted by industry data showing a larger-than-expected drawdown in U.S. crude inventories, worries about attacks on Nigeria's oil industry and strong Chinese demand for oil.London Brent crude for August delivery was up 2 cents at $51.46 a barrel by 0652 GMT, after settling up 89 cents on Tuesday. It earlier touched $51.57, the highest since Oct. 12.NYMEX ...

Markets - Energy - Asia

Oil holds above $50 on tight supply, weak dollar SINGAPORE: Oil prices held above $50 in Asia on Wednesday as traders awaited US inventory data and the dollar remained weak, boosting demand for the commodity."The WTI crude oil price closed above the $50 mark for the first time in eight months, resulting in a cheerful rally in energy stocks," said Margaret Yang, an analyst at CMC Markets in Singapore.The market is expecting US Department of Energy weekly crude inventory numbers to drop further after ...

Markets - Energy - Asia

China's May crude imports rise nearly 40pc y/y BEIJING: China's crude oil imports rose 38.7 percent in May from a year ago - the biggest jump in more than six years - to 7.59 million barrels per day (bpd), as the nation's independent refiners scooped up volumes and stockpiling maintained momentum.China imported 32.24 million tonnes of crude oil in May, data from the General Administration of Customs showed on Wednesday, down 4.2 percent from April on a daily basis."The year-on-year growth is massive ...

Markets - Energy - Asia

Oil hits 8-month highs on US inventory draw, China imports TOKYO: Oil prices rose for a third day to their highest in about eight months on Wednesday, helped by industry data showing a larger-than-expected drawdown in US crude inventories, worries about attacks on Nigeria's oil industry and strong Chinese demand.London Brent crude for August delivery was up 9 cents at $51.53 a barrel by 0451 GMT, after settling up 89 cents on Tuesday. It earlier touched $51.55, the highest since Oct. 12.NYMEX crude for July ...