08252016Thu
Last update: Thu, 25 Aug 2016 11pm

Europe

Markets - Energy - Europe

Oil slips below $49 as rising supply trumps hopes for producer action LONDON: Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices.A Nigerian militant group, which has claimed a wave of attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping through a northern pipeline halted earlier this year.Brent crude was down 41 cents at $48.75 a barrel at 1103 GMT. The global benchmark rallied 20 percent between the beginning of the month and Aug. 19. U.S. crude was down 37 cents at $47.04."Today we remain bearish on crude oil," said Georgi Slavov, analyst at Marex Spectron. "Supply looks likely to increase in the short term."Goldman Sachs, in a report, said talk of an output freeze by the Organization of the Petroleum Exporting Countries and a weak dollar had helped drive prices ...

Markets - Energy - Europe

UK gas supply worries ease as storage site to open more wells for withdrawals LONDON: Twenty wells at Britain's Rough gas storage site should be available for withdrawals from Nov. 1, Centrica Storage Limited (CSL) said on Monday, above the operator's previous estimate and easing concerns about record low gas stocks this winter. Centrica, which owns British Gas, one of Britain's largest energy suppliers, imposed restrictions in March last year on how much gas could be stored at Rough as a safety precaution after identifying potential issues with well ...

Markets - Energy - Europe

Angola's Sonangol suspends oil refining, terminal projects LONDON: Angolan state oil firm Sonangol has suspended construction works at the Lobito refinery and the Ocean Terminal of Barra do Dande, it said in a statement on Monday. It said works has been suspended for reassessing the strategic vision of the projects. It said the projects were of key importance for the country and the company but the suspension was necessary, "taking into account the new economic reality facing Angola, particularly the oil sector." ...

Markets - Energy - Europe

Oil falls as China fuel exports jump, US rig count rises LONDON: Oil prices fell nearly 3 percent on Monday as China ramped up exports of refined products, US oil producers added rigs for an eighth consecutive week and prospects emerged for increased exports from Iraq and Nigeria.Brent crude futures were down $1.36 at $49.52 a barrel by 1326 GMT, with US West Texas Intermediate (WTI) crude slipping by $1.16 to $47.36.China's July diesel and gasoline exports soared by 181.8 percent and 145.2 percent respectively from ...

Markets - Energy - Europe

Brent slides under $50 as supply glut woes resurface LONDON: World oil prices slid Monday on resurfacing supply glut concerns, slamming the brakes on last week's rally. By 1200 GMT, Brent North Sea crude for delivery in October had slumped $1.45 compared with Friday's close to trade at $49.43 a barrel.US benchmark West Texas Intermediate for September delivery shed $1.26 to $47.26 a barrel."The oil market is on course for its biggest daily loss in over a month," oil brokers PVM said in client ...

Markets - Energy - Europe

Oil falls as China fuel exports jump, U.S. rigs rise LONDON: Oil prices fell nearly 3 percent on Monday as China ramped up exports of refined products, U.S. oil producers added rigs for an eighth consecutive week, and prospects emerged for increased exports from Iraq and Nigeria.Brent crude futures were trading at $49.39 per barrel at 1028 GMT, down $1.49 from their last close.U.S. West Texas Intermediate (WTI) crude was down $1.27 at $47.25 a barrel.China's July exports of diesel and gasoline soared by 181.8 ...

Markets - Energy - Europe

W. Africa Crude-Angolan offers underpinned LONDON: Brent crude oil was on track for a third weekly gain, trading above $50 per barrel, though it fell back from an eight-week high reached in early Friday trading. Nigeria increased its official selling prices on Thursday, setting Bonny at a premium of $1.08 per barrel and Qua Iboe at $1.35 per barrel, compared with 50 cent and $1.09 premiums in August, respectively. Iraq plans to double the volume of crude it pumps via ...