Asia
Thursday, 16 May 2013 13:57
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SINGAPORE: Brent futures slipped towards $103 a barrel on Thursday as a sharper-than-expected drop in US factory output muddied the outlook for demand, but a surprise drawdown in crude stockpiles in the world's top consumer helped stem the slide.US factory output dropped in April and manufacturing activity in New York state contracted this month as a recession in the euro zone and slower growth in China undercut demand for exports from the world's biggest economy.The uncertain global outlook at a time when supplies are rising weighed on oil, making it difficult for prices to move much higher from current levels.Brent slipped 32 cents to $103.36 a barrel by 0651 GMT, after settling up $1.08 -- the biggest rise in dollar terms since May. 6. US oil fell 53 cents to $93.77, after ending 9 cents higher."The economy doesn't support prices at these levels so why should they be there?" said ...
SEOUL: South Korea said it will scrap a diesel and gasoline import incentive from July as local refiners plan to join the online Korea Exchange trade for the oil products to recapture market share lost to cheaper foreign suppliers.Diesel and gasoline imported for trade on the online Korea Exchange is exempt from a 3 percent tariff, making it competitive with local supplies. South Korea's energy ministry said in a statement on Wednesday that this tax ...
SINGAPORE: Brent futures held steady above $102 a barrel on Wednesday as the US dollar eased, but gains were capped by forecasts of rising supplies from the United States amid a bleak outlook for global demand growth.Oil is also drawing support from equities, with Wall Street rallying without a significant correction since the start of the year, pushing major indexes to all-time highs.Brent is down some 14 percent from its peak for the year so ...
SINGAPORE: Oil rebounded in Asian trade Tuesday on bargain-hunting following an overnight decline, but analysts said economic worries in energy guzzlers US and China would continue to weigh on sentiment.New York's main contract, light sweet crude for delivery in June gained 19 cents to $95.36 a barrel and Brent North Sea crude for June delivery was up one cent to $102.83 in the afternoon."Oil has rebounded primarily because traders think it is a good buying ...
SINGAPORE: Brent futures slipped towards $103 a barrel on Monday as both implied oil demand and refinery crude throughput in the world's second-largest oil consumer China fell to eight-month lows, with a firm dollar also weighing on prices.China's refinery crude throughput fell 3 percent in April from March, notching its lowest daily rate since last September, as refineries entered maintenance season. Annual industrial output growth quickened to 9.3 percent in April, recovering from a seven-month ...
ANKARA: OPEC member Iraq will need new oil pipelines to export its crude to world markets as it prepares to raise production, and Turkey is keen to help its neighbour build the infrastructure, Turkey's Energy Minister said on Friday.Iraq, the world's fastest-growing oil exporter, aims to boost the 2.4 million barrels per day of oil it ships to world markets this year, mostly by increasing output from the fields around the disputed northern oil city ...
MUMBAI: India's Tata Power has signed an agreement to develop two hydro projects in Georgia for the sale of power, primarily to Turkey, at an estimated cost of about $700 million, the company said in a statement on Friday.The hydro projects, expected to have an aggregate capacity of 400 megawatts, would be developed in three phases with the first phase expected to be completed before mid-2016.Copyright Reuters, 2013 ...
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