07252016Mon
Last update: Mon, 25 Jul 2016 05am

Asia

Markets - Energy - Asia

Oil prices down on resurgent supply glut worries SINGAPORE: Oil tumbled in Asia Friday, bucking an equities rally as worries over a supply glut and weak demand returned, with some analysts forecasting crude prices could fall to $40 a barrel.Prices had recovered from two-month lows on the back of expectations of more stimulus measures in major economies. But surging output from crude producers reignited concern that the oversupply might not ease as quickly as expected.US benchmark West Texas Intermediate for delivery in August was down 18 cents, or 0.39 percent, to $45.40 and Brent crude for September eased 16 cents, or 0.34 percent, to $47.21 a barrel at around 0310 GMT."Oil prices are being dragged lower on renewed oversupply concerns," said IG Markets analyst Bernard Aw."We have seen OPEC output hitting its highest in recent history, lifted by Nigeria production and more supply from gulf producers," he told AFP."There were analyst warnings of oil reaching $40, which weighed ...

Markets - Energy - Asia

Oil prices rebound on weaker dollar, bargain-buying SINGAPORE: Oil prices rebounded in Asia Thursday thanks to a weak dollar and bargain-hunting a day after the commodity sank to fresh two-month lows.Both main contracts tumbled more than four percent Wednesday after official US data showed a smaller than expected decline in crude stockpiles, adding to fears that a supply glut might not be easing as quickly as expected. Commercial inventories fell 2.5 million barrels in the week ended July 8 but still remained ...

Markets - Energy - Asia

Oil prices dip in Asia as oversupply worries return SINGAPORE: Oil prices turned lower again in Asia on Wednesday after data indicated a rise in US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day's surge.The American Petroleum Institute reported a 2.2 million barrel rise in reserves last week, confounding expectations of a dip at the height of the crucial summer driving season when Americans go on holiday.The figures rattled traders as the Department of Energy prepares to ...

Markets - Energy - Asia

Oil drops as investors lock in gains; surprise US stockpile build SINGAPORE: Crude futures fell on Wednesday as investors locked in gains after oil prices surged nearly 5 percent in the previous session, partly on forecasts from the U.S. government and OPEC that demand would increase next year.Oil prices were also under pressure from industry data that showed a surprise build in U.S. crude stocks, price gains in other commodities including gold and a stronger U.S. dollar which gained against a basket of currencies, analysts said."We ...

Markets - Energy - Asia

Oil and shipping markets on edge after South China Sea ruling SINGAPORE: Global oil and shipping markets reacted nervously on Tuesday after an international arbitration court ruled against Beijing's claims across large swathes of the South China Sea, fuelling geopolitical tensions in the vital waterway. A tribunal in The Hague, Netherlands, found China had breached the sovereign rights of the Philippines and had no legal basis to its historic claims in the South China Sea, a major shipping lane between Europe, the Middle East and Africa.The ...

Markets - Energy - Asia

Oil rises on brief Iraq loading halt; bearish investors cap gains SINGAPORE: Oil futures moved away from two-month lows on Tuesday as a brief halt in Iraqi crude loadings threatened to tighten supplies, but a drop in bullish bets by investors kept a lid on price gains.Brent crude was at $46.72 per barrel at 0712 GMT, up 47 cents or 1 percent from their last close and off a low of $45.90 hit in the prior session. U.S. West Texas Intermediate crude was up 37 cents ...

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 ...