01252017Wed
Last update: Wed, 25 Jan 2017 12am

Europe

Markets - Energy - Europe

Oil rises as Saudi tells Asian customers of output cuts LONDON: Oil prices rose for the first time in three days on Wednesday, following news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.Brent crude futures were up 41 cents at $54.05 a barrel by 1133 GMT, while US West Texas Intermediate crude futures were up 39 cents at $51.21 a barrel. Brent has surrendered nearly 40 percent of the gains made between late November and early January. Analysts, however, said the slide was unlikely to become more aggressive, given the likelihood of Saudi Arabia and its Gulf neighbours at least sticking to their pledge to cut output."Few envision that Brent crude at sub-$50 a barrel is a viable price (in the first half of 2017) amid OPEC production cuts tightening up the market," SEB commodities strategist Bjarne Schieldrop said. Whether "last night's low of ...

Markets - Energy - Europe

Oil steady after recent fall as weaker dollar boosts prices LONDON: Oil prices steadied on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering, but analysts said the market looked vulnerable to further declines. Rising oil prices through December encouraged investors to buy large volumes of crude futures contracts and many of these "long" positions are likely to be unwound unless the market stays strong, analysts and brokers say. "I see this as a dead-cat bounce," said Ole ...

Markets - Energy - Europe

Statoil stops Sikorsky S-92 helicopter flights, leaving offshore workers stranded OSLO/LONDON: Norway's Statoil has stopped all flights of its Sikorsky S-92 helicopters for safety checks, leaving oil workers stranded on offshore platforms for at least a couple of days, the company said on Tuesday.The Sikorsky Aircraft Corp, which manufactures the helicopters, issued a service notice on Tuesday, saying the tail rotor and bearing assemblies of the S-92 should be checked following an incident in Scotland last December. Sikorsky is a unit of Lockheed Martin Corp. ...

Markets - Energy - Europe

Oil prices steady after recent falls on weaker dollar LONDON: Oil prices stabilised on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering, but analysts said the market remained vulnerable to further falls. Rising oil prices through December encouraged investors to buy large volumes of crude oil futures contracts and many of these "long" positions are likely to be unwound unless the market stays strong, analysts and brokers say. "I see this as a dead cat bounce," ...

Markets - Energy - Europe

W. Africa Crude-BPCL takes Nigerian, China snaps up Angolan LONDON: Chinese demand for Angolan crude continued apace, and another Indian refiner booked Nigerian oil via a tender, but other spot trading was relatively quiet. Outright prices for West African crude slipped along with benchmark dated Brent, which was trading 3 percent lower on word that OPEC member Iraq marked record exports from its southern Basra port in December despite an OPEC commitment to cut overall output. Angolan state oil company Sonangol has cut output ...

Markets - Energy - Europe

Oil prices edge up on OPEC hopes, but doubts linger LONDON: Oil prices edged higher by mid-morning on Friday as signs of output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases aimed at curbing global oversupply. Brent crude futures, the benchmark for international oil prices, were trading at $57.34 per barrel at 1033 GMT, up 45 cents from the previous close. In the United States, West Texas Intermediate (WTI) crude futures were at ...

Markets - Energy - Europe

West African oil loading for Asia to slip in January LONDON: West African crude loading for Asia is expected to slide more than 10 percent in January as some buyers opt for regional grades or cargoes in floating storage, a Reuters survey of traders and shipping data showed on Thursday.Some 1.808 million barrels per day (bpd) are scheduled to load from Nigeria, Angola, Ghana and other West African producers over the coming month, down from December's 17-month high of 2.1 million bpd.Demand was still good, ...