02072016Sun
Last update: Sun, 07 Feb 2016 10pm

Europe

Markets - Energy - Europe

Oil prices higher as volatility grips crude market LONDON: Oil prices were higher Thursday after yet more volatile trading, as dealers reacted to further evidence of a supply glut and hints at possible action to reverse the market slide.At about 1200 GMT, US benchmark West Texas Intermediate for delivery in March was up 11 cents at $32.41 a barrel. Brent North Sea crude for March grew 36 cents compared with Wednesday's close to stand at $33.46.Prices slid in earlier Asian trading hours, a day after official data revealed that US commercial crude stockpiles had climbed to a record level, further stoking worries about global oversupplies.But in what has been an extremely volatile week's trading, oil futures have enjoyed strong gains on hopes of stimulus measures in the eurozone and Japan.Additional support for prices has come from market talk of a possible meeting of OPEC and non-OPEC oil producers, notably Saudi Arabia and Russia, aimed at limiting supplies of ...

Markets - Energy - Europe

Oil steadies above $33 on chance of production cut LONDON: Oil steadied above $33 per barrel on Thursday, well off a 12-year low set earlier in the month, supported by the possibility that major producers may cooperate to cut production.Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output curbs to bolster oil prices, the head of Russia's pipeline monopoly said.Members of the Organization of the Petroleum Exporting Countries such as Nigeria and Venezuela have called for cuts ...

Markets - Energy - Europe

Oil rallies after US data shows spike in product demand LONDON: Oil futures rallied back above $32 a barrel on Wednesday, after U.S. data showed a jump in weekly demand for products such as heating oil when a cold front hit the country, although analysts said the rise in prices may not last long.Data from the U.S. Energy Information Administration showed inventories of distillates such as heating oil fell by more than 4 million barrels, trumping expectations for a rise of nearly 2 million."The draw ...

Markets - Energy - Europe

Oil cuts losses but analysts see no big rallies yet LONDON: Oil futures pared losses on Wednesday, echoing a modest stock market recovery, but analysts said a surprise ballooning in U.S. inventories and little chance of the world's major producers agreeing to cut output would likely temper any rallies.Fresh evidence of slowing growth in top commodities consumer China, along with caution before the outcome of the U.S. Federal Reserve's first policy meeting of the year, earlier knocked around $1 off the price of oil.Senior OPEC ...

Markets - Energy - Europe

OPEC-led attempt for oil-cut deal under way, prospects slim LONDON/DUBAI: OPEC is renewing efforts among members and producers from outside the group for a deal to fix an oil glut and boost prices, but it is too early to say whether the attempt will work, OPEC sources said on Wednesday.Such a deal has been mooted and dismissed for over a year and the lack of any supply restraint by the Organization of the Petroleum Exporting Countries and rivals such as Russia has helped send ...

Markets - Energy - Europe

Oil falls as rising inventories wipe out optimism over supply LONDON: Oil futures fell on Wednesday, after a surprise rise in U.S. inventories wiped out the optimism that had built up the day before over the potential for the world's largest exporters to cut output enough to stem a 19-month-long price slide.Another contraction in industrial profits in top commodities consumer China, along with caution before the outcome of the U.S. Federal Reserve's first policy meeting of the year, knocked around $1 off the price of ...

Markets - Energy - Europe

Oil falls as inventory build dashes optimism over supply LONDON: Oil futures fell on Wednesday, after a surprise rise in U.S. inventories wiped out the optimism that had built up the day before over the potential for the world's largest exporters to cut output enough to stem a 19-month-long price slide.Another contraction in industrial profits in top commodities consumer China, along with caution before the outcome of the U.S. Federal Reserve's first policy meeting of the year, knocked around $1 off the price of ...