05012016Sun
Last update: Sun, 01 May 2016 09am

Asia

Markets - Energy - Asia

Oil dips as market reacts calmly to Brussels attacks SINGAPORE: Oil prices eased Wednesday as traders reacted calmly to the Brussels attacks and kept their eye on global oversupply ahead of a crucial producers' meeting in Qatar next month.At around 0600 GMT, US benchmark West Texas Intermediate for May delivery was down 52 cents at $40.93 while Brent for May was 43 cents lower at $41.36."Oil prices are pulling back as the market reaction to the Brussels attacks was not as adverse as expected," Bernard Aw, market strategist at IG in Singapore, told AFP."The impact of terror activity on financial markets has lessened substantially in recent years. Economies and markets have a tendency to adjust and desensitise to such events over time."Daniel Ang, investment analyst at Phillip Futures, said: "We continue to believe that price movements are continually influenced by the current global oversupply."Fundamentals should still be bearish in the immediate term and we continue to believe that cuts ...

Markets - Energy - Asia

Oil futures fall after API stockpile build reasserts glut concerns TOKYO: Oil prices fell on Wednesday after figures from an industry group showed U.S. crude stockpiles rose last week more than expected, reinforcing concerns that the global supply glut continues unabated.The front-month contract in U.S. crude futures was down 47 cents at $40.98 a barrel by 0753 GMT. It struck a 2016 high of $41.90 in the previous session before closing at $41.45. The contract has rebounded more than 50 percent since hitting its lowest ...

Markets - Energy - Asia

OPEC, Russia oil output freeze deal may be ‘meaningless’: IEA SINGAPORE: A deal among some OPEC producers and Russia to freeze production is perhaps "meaningless" as Saudi Arabia is the only country with the ability to increase output, a senior executive from the International Energy Agency (IEA) said on Wednesday.Brent crude futures are up more than 50 percent from a 12-year low near $27 a barrel hit early this year, bouncing back after Russia and OPEC's Saudi Arabia, Venezuela and Qatar struck an agreement last ...

Markets - Energy - Asia

Oil prices fall on higher US rig numbers SINGAPORE: Oil prices dipped slightly during early Asian trading on Monday as fresh oversupply concerns spurred by an increase in operational US rigs bridled a recent rally.This follows a week of gains that lifted US benchmark West Texas Intermediate (WTI) above $40 for the first time since December, buoyed by a sharp drop in the dollar and revived optimism that producers would strike a deal to freeze output.At around 0600 GMT, WTI for delivery in ...

Markets - Energy - Asia

Asia Distillates-Gasoil cracks fall below $10 on weak outlook SINGAPORE: Margins for benchmark gasoil fell below $10 on Friday against a backdrop of rising crude prices and a weak medium-term demand outlook due to a slowdown in global economic activity, traders said.Cracks for benchmark 500ppm gasoil have hovered around the $10 mark with weak global demand leading to an overhang of gasoil stocks.Nevertheless, a build up in refinery turnarounds has recently helped reduce growing gasoil inventories, creating near-term support for cash differentials, traders said.Cash ...

Markets - Energy - Asia

Japan to import US crude in May, 2nd cargo since export ban lifted: sources HOUSTON/TOKYO: Japan will receive a US crude cargo in May, its second such purchase from the United States since Washington lifted a four-decade ban on crude exports, industry sources said on Wednesday.This will follow the arrival in April of Japan's first crude cargo from the United States, bought by Cosmo Oil Co earlier this year, indicating a growing willingness among Asian refiners to experiment with new grades as they seek to diversify their feedstock sources ...

Markets - Energy - Asia

Indian firms invest $1.7bn for stake in Russian Taas-Yuriakh oilfield NEW DELHI: Three Indian oil firms plan to invest $1.7 billion to pick up a stake in the Russian oil field Taas-Yuriakh, said a source close to the matter. ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, Oil India Ltd and Bharat Petro Resources Ltd, the upstream arm of state-owned refiner Bharat Petroleum Corporation Ltd, will also invest $180 million each as part of future capital expenditures, the source said.The Taas-Yuriakh ...