05052016Thu
Last update: Thu, 05 May 2016 02am

Europe

Markets - Energy - Europe

Falling output and weaker dollar push oil to 2016 high LONDON: Oil hit its highest level of 2016 on Wednesday, driven by a falling dollar and evidence of declining U.S. supply, putting the price on course for its strongest monthly performance since last April.The prospect of an agreement among the world's largest exporters to limit production, which had provided the catalyst for a 55 percent rally since mid-February, evaporated almost two weeks ago when a meeting between OPEC members and their non-OPEC counterparts ended in stalemate.Since then, Brent has hit its highest since November and, aided by further evidence of declining output anywhere from the U.S. shale basin to the North Sea, attracted fresh investment cash."There was definitely a bit of a turning point when we had the initial sell-off after the producer meeting," CMC Markets strategist Jasper Lawler said."That got reversed and went on to show that (a production freeze) was a fairly small part of what had been ...

Markets - Energy - Europe

First shipment of US natural gas to EU arrives SINES: In a move which could lead to continental price wars and reduce Russian market domination, the first shipment of US natural gas to the European Union arrived overnight Tuesday in the Portuguese port of Sines overnight, an AFP journalist reported.The first consignment of US gas for European distribution comes amid the shale gas revolution which Washington hopes will see it become a player in an EU market where Russia is currently the main supplier.The ...

Markets - Energy - Europe

Oil prices rebound sharply LONDON: Oil prices rose Tuesday, rebounding from heavy losses that were sparked by a report that Saudi Arabia was close to completing an oilfield expansion.Analysts said the gains, partly prompted by a slightly weaker dollar, would likely be short-lived due to lingering worries about a global supply glut. At 1700 GMT, New York's benchmark West Texas Intermediate (WTI) for delivery in June was up $1.28 at $43.92 per barrel.Brent North Sea crude for June delivery ...

Markets - Energy - Europe

W. Africa Crude-Quiet spot trading, but India buys via tender LONDON: There was limited trading as Nigeria's NNPC allocated its June cargoes and traders vied for Indian tenders to buy oil. There was also little trading in Angolan crude for June loading, though demand from Chinese refineries was relatively stable. Nigeria's initial loading programmes showed exports falling to around 1.7 million barrels per day (bpd) including Akpo - the lowest level all year. NIGERIA A cargo of Agbami and one of Qua Iboe will sail ...

Markets - Energy - Europe

Oil prices rise but possible battle for market share caps gains LONDON: Oil prices rose on Tuesday, boosted by a weaker dollar and by expectations that demand could grow quickly enough to match supply this year, although concern over a potential battle for market share between Saudi Arabia and Iran limited gains.Front-month Brent crude futures were up by 59 cents to $45.04 a barrel at 1122 GMT. U.S. crude futures rose 54 cents to $43.18 a barrel."Market fundamentals continue to suggest that the combination of robust ...

Markets - Energy - Europe

BP slides into quarterly loss as low oil prices bite LONDON: BP fell into a hefty loss during the first quarter, hit by low crude prices and costs related to the 2010 Gulf of Mexico oil spill, the British energy giant said Tuesday.BP announced a net loss of $583 million for the first three months of the year, which compared with a profit after tax of $2.6 billion during the first quarter of 2015.Copyright AFP (Agence France-Presse), 2016 ...

Markets - Energy - Europe

Crude dips on report of Saudi oilfield expansion LONDON: Oil prices fell Monday on a report OPEC kingpin Saudi Arabia could maintain its total production capacity with the expansion of an oilfield, fuelling fears over the global supply glut.Approaching 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in June shed 54 cents to $43.19 a barrel. Brent North Sea crude for June sagged 37 cents to $44.74 a barrel compared with Friday's close."Prices (are) meandering... as news disperses of a possible ...