02062016Sat
Last update: Sat, 06 Feb 2016 05am

Asia

Markets - Energy - Asia

Brent oil to hover above $97.65 SINGAPORE: Brent oil failed to break a support at $97.65 per barrel and may hover above this level for one day or rebound to $98.73.The support is provided by the 76.4 percent Fibonacci projection level of a downward wave c that developed from the Sept. 1 high of $103.30. A moderate rebound seems to have been triggered towards the resistance at $98.73, the 61.8 percent level.A break below $97.65 will confirm the extension of the wave c towards $95.91, the 100 percent projection level.The views expressed are his own.No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. Copyright Reuters, 2014 ...

Markets - Energy - Asia

Brent holds above $98 on Mideast concerns; oversupply worries cap gains SINGAPORE: Brent crude nudged higher to stay above $98 a barrel on Thursday amid geopolitical concerns in the Middle East, although worries about ample supply and weak demand that dragged prices to 17-month lows in the previous session kept a lid on gains. An escalation in the United States' campaign against Islamic State militants with plans for air strikes for the first time in Syria and more attacks in Iraq have raised fears of reprisals, ...

Markets - Energy - Asia

CNOOC issues exploration tender, includes South China Sea blocks BEIJING: State-run CNOOC Ltd, China's top offshore oil producer, has issued a tender inviting foreign firms to bid for oil and gas blocks in offshore areas, including the South and East China Sea, the company said. CNOOC will offer 33 offshore blocks, with a total area of 126,108 square kms (48,690 square miles), for foreign participation this year, the company said. Of the total, 25 blocks are in the South China Sea, four in the ...

Markets - Energy - Asia

Middle East crude Saudi, Iraq price cuts weigh on other grades  SINGAPORE: DME Oman's discount to Dubai widened slightly in the Middle East crude market on Wednesday as deep price cuts from competing Gulf producers weighed on the grade.Traders expect the price cut for Saudi's Arab Medium to support the differential for similar grade Banoco Arab Medium and flip it into positive territory. Last month, October-loading Banoco AM had traded close to a discount of $1 to OSP.But downward pressure remained for Abu Dhabi and Qatari ...

Markets - Energy - Asia

Asia Pacific crude new supply may weigh; Petral buys Qua Iboe SINGAPORE: The Asia-Pacific crude market found some support from improving refining margins, but could be weighed down by new supply from Malaysia when trading for November cargoes kicks off later this month, traders said.Petronas plans to ramp up production at the offshore Gumusut-Kakap field this month, with first exports of the new Kimanis crude grade planned for November, two sources with knowledge of the matter said on Wednesday.Production of the new Kimanis crude grade may ...

Markets - Energy - Asia

Brent holds above $99, but demand worries linger TOKYO: Brent crude oil edged up to hold above $99 a barrel on Wednesday but was not far off a 16-month low hit the day before because of worries about global oil demand. Prices were supported by a larger-than-expected fall in US crude inventories, although gains were capped by a firmer US dollar, which makes commodities priced in the greenback more expensive for holders of other currencies. The dollar stood near a 14-month high against ...

Markets - Energy - Asia

Oil prices rise ahead of US stockpiles report SINGAPORE: Oil prices rose in Asia Wednesday as dealers awaited the latest US supply report for clues about demand in the world's top crude consumer, analysts said.US benchmark West Texas Intermediate for October rose four cents to $92.79 while Brent crude for October gained 19 cents to $99.35 in afternoon trade."The US stockpiles numbers out later today are in focus at the moment," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP."It will ...