05242016Tue
Last update: Tue, 24 May 2016 10pm

Europe

Markets - Energy - Europe

Oil drifts lower on stronger dollar LONDON: Oil dipped Tuesday as a stronger US dollar and progress in controlling wildfires in Canada's crude-producing Alberta province dampened prices.At around 1100 GMT, US benchmark West Texas Intermediate for July delivery was down 20 cents at $47.88.Brent North Sea oil, the European benchmark, for July delivery slid 29 cents at $48.06."Crude prices continue to roll over as supply outages in Canada and Libya begin to ease, leaving little fundamental support for oil, save an ongoing strike by French oil workers," noted Accendo Markets analysts in a note to clients.In addition, hawkish remarks by US Federal Reserve officials hinting at a June interest rate hike pushed up the greenback against major currencies, pushing oil lower."A stronger US dollar continued to extend pressure on commodity prices," added CMC Markets analyst Margaret Yang. A stronger greenback weighs down oil prices, as it curtails demand by making the dollar-priced commodity more expensive. Prices ...

Markets - Energy - Europe

Oil falls for fifth day as focus returns to growing exports LONDON: Oil fell for a fifth consecutive day on Tuesday on rising production from major exporters, and as the dollar strengthened.Brent futures had declined 25 cents to $48.10 a barrel by 1051 GMT, after closing down 37 cents in the previous session.U.S. crude futures dropped 15 cents to $47.93 a barrel, having settled down 33 cents the day before.Both contracts are on track for their longest losing streak since January.Iraq's oil output has reached 4.7 ...

Markets - Energy - Europe

Oil prices dip as Iran says no plan to freeze output LONDON: Oil prices slipped Monday after Iran said it had no plans to join any output freeze by other major producers.Despite a recent rebound, world crude prices are still at less than half of their levels of June 2014 because of a supply glut, partly fed by Iran's return to world markets in January after the lifting of nuclear-linked Western sanctions."The government has no plans for the time being to freeze or interrupt its increase ...

Markets - Energy - Europe

ENI CEO says Nord Stream 2 would raise gas prices in Italy BRUSSELS: Italian gas prices will increase if the Nord Stream 2 pipeline is built to double the amount of gas Russia pumps to Germany, the CEO of Italian oil and gas major Eni said on Monday. Hinting at the political divisions that the pipeline has sparked within the European Union, Eni CEO Claudio Descalzi said it was a project that would advantage northern members of the 28-nation bloc, while Italy may face higher transit fees. ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks extend gains on French strikes LONDON: Benchmark European diesel refining margins extended their gains on Monday, as strikes at French refineries widened, raising concerns of supply disruptions. France's hardline CGT and FO unions launched a 24-hour strike at the Fos-Lavera oil terminals and blockaded a fuel depot in the southern port city of Marseille on Monday as they toughened their stance against labour market reforms. Total, which operates five of the eight refineries in France, has started the process of ...

Markets - Energy - Europe

West Africa Crude-Angolan July sales start, but backlog remains LONDON: West African crude differentials were steady on Monday as July-loading cargoes started to find buyers, although unsold June shipments could weigh on the market. A crude oil pipeline in Nigeria operated by Eni was attacked on Sunday, adding to the country's supply disruptions. ANGOLA State oil firm Sonangol has been offering two July-loading Dalia cargoes and one Nemba and Saturno, traders said. Unipec bought one of the Dalia cargoes, which was last offered at ...

Markets - Energy - Europe

Oil prices dip as Iran says no plan to freeze output LONDON: Oil prices slipped Monday after Iran said it had no plans to join any output freeze by other major producers.Despite a recent rebound, world crude prices are still at less than half of their levels of June 2014 because of a supply glut, partly fed by Iran's return to world markets in January after the lifting of nuclear-linked Western sanctions."The government has no plans for the time being to freeze or interrupt its increase ...