02092016Tue
Last update: Tue, 09 Feb 2016 02am

Asia

Markets - Energy - Asia

Oil prices extend losses in Asia SINGAPORE: World oil prices extended losses in Asia Tuesday on weak economic data from top energy consumer China and realisation that a hoped for deal among producers to cut output would not happen.Prices had been given a boost late last month by speculation that Russia and members of the Organization of the Petroleum Exporting Countries would reach agreement to slash output in the oversupplied petroleum market.But the upward momentum hit a snag after traders became increasingly sceptical about such a deal, and the latest news that manufacturing activity in China contracted at its fastest pace in more than three years in January dealt a further blow to sentiment.US benchmark West Texas Intermediate for delivery in March was down 50 cents, or 1.58 percent, at $31.12 and Brent crude for April dipped 45 cents, or 1.31 percent, to $33.79 a barrel by 0320 GMT. Both contracts settled lower on Monday.The rise ...

Markets - Energy - Asia

Plunging China stocks see cruellest month since 2008 SHANGHAI: Chinese stocks slumped an astonishing 23 percent in January, their worst month since the depths of the global financial crisis in 2008 and making the Shanghai exchange the world's worst-performing major market.The confirmation of a multi-decade low in Chinese growth, questions over the government's ability to stave off a "hard landing" and capital flight have set a negative tone at the beginning of the year, analysts said.The Shanghai Composite Index closed at 2,737.60 on ...

Markets - Energy - Asia

Middle East Crude-Steady; Chinaoil gets another Upper Zakum  SINGAPORE: The Middle East crude benchmarks held steady on Thursday with Chinaoil's purchases underpinning Dubai.Chinaoil bought two Dubai partials from Reliance during the Platts MoC process, which led to the delivery of an Upper Zakum cargo, traders said.The trading arm of PetroChina has so far taken deliveries of 14 cargoes, nine Upper Zakum and five al-Shaheen, during the MoC.Traders are looking ahead to a new round of official selling prices (OSPs) from producers next week.Strong ...

Markets - Energy - Asia

Asia-Pacific Crude-Chinese demand boosts ESPO premiums SINGAPORE: Chinese demand boosted spot premiums for Russia's ESPO grade in the Asia-Pacific crude market on Wednesday, while values for sweet grades in the region were steady to slightly weaker.ChemChina picked up two March-loading cargoes of ESPO crude from Rosneft in a tender at $5.20-$5.30 a barrel above Dubai quotes, according to traders, the highest premium since May 2014.The two cargoes are due to load on March 5-10 and March 13-18.Loading of ESPO crude from ...

Markets - Energy - Asia

Middle East Crude-Chinaoil buys 5th al-Shaheen cargo SINGAPORE: The Middle East crude benchmark Dubai bounced higher on Wednesday, buoyed by Chinaoil's purchases.Cash Dubai's discount to swaps narrowed 13 cents from the previous session after the trading arm of PetroChina bought six partials from Reliance, Shell and Totsa during the Platts MoC process, traders said.Following the deals, Shell will deliver an al-Shaheen cargo to Chinaoil, they said. This is the fifth al-Shaheen cargo that Chinaoil has purchased during the MoC process this month.China's ...

Markets - Energy - Asia

Oil tumbles as profit-taking kicks in ahead of stocks data SEOUL: Crude oil futures declined on Wednesday, heading back towards $30 a barrel as profit-taking wiped out a chunk of the gains notched up in the previous session on hopes for output cuts.Prices were also dampened by a bigger-than-expected build in U.S. crude inventory and worries about the economy in China, the world's second-largest oil consumer.Brent crude had declined 60 cents to $31.20 a barrel by 0723 GMT, after hitting a session low of $31.05 ...

Markets - Energy - Asia

US oil to approach support at $29.07 again SINGAPORE: US oil may approach support at $29.07 per barrel again, as its correction from the Jan. 25 high of $32.74 looks incomplete.The correction consists of three waves, so far, only two have unfolded.The third wave labeled c is expected to travel to $29.07, the 23.6 percent Fibonacci retracement on the fall from the Jan. 4 high of $38.39 to the Jan. 20 low of $26.19.Only after the completion of the wave c, oil could ...