08272016Sat
Last update: Sat, 27 Aug 2016 02pm

Asia

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 cents at $44.87 a barrel.Traders said the rise in prices was largely a result of a suspension of tanker loading of Basra Light crude at two export terminals in Iraq's south after a pipeline leak.Although loadings reportedly resumed overnight, Iraq plans to cut crude oil exports from its southern ports to 2.79 million barrels per day (bpd) in August from 2.99 million bpd planned for July, a preliminary loading programme showed.Oil price gains have, however, ...

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 ...

Markets - Energy - Asia

Oil near 2-month low on economic woes; drillers adjust to lower prices SINGAPORE/TOKYO: Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia.Brent crude futures were trading at $46.42 per barrel at 0419 GMT, down 34 cents from their last settlement. U.S. West Texas Intermediate (WTI) crude was down 37 cents at $45.04 a barrel.Prices also dipped in physical markets. Iran has set the official selling price (OSP) of Iranian Light grade for ...

Markets - Energy - Asia

Brent oil falls below $50 as Nigeria ups production SINGAPORE: Oil prices retreated in Asia Tuesday, with Brent easing below $50 on news of increased production from Nigeria following the repair of infrastructure damaged in militant attacks.Bloomberg News reported Tuesday that Nigeria, Africa's biggest oil producer, pumped an average 1.53 million barrels a day last month, up around 90,000 a day from May.The Nigerian state minister for petroleum resources, Emmanuel Kachikwu, said last month that a ceasefire with rebel forces had allowed the Nigerian ...

Markets - Energy - Asia

Asia-Pacific Crude-Market steady as traders await tender results SINGAPORE: The Asia-Pacific crude market crude market was steady on Monday as traders awaited outstanding tender results for cargoes sold to Indonesia.Details of state-owned Indonesian company Pertamina's tender for Nile Blend or Wassana crude for mid-September loading were yet to emerge.The company, however, had taken some Nigerian Qua Iboe for September loading, which could pressure regional grades.Improving gasoil crack spreads may provide a boost for middle-distillate rich Asia-Pacific grades. Gasoil's premium to Dubai crude rose ...