05042016Wed
Last update: Wed, 04 May 2016 04pm

Europe

Markets - Energy - Europe

Oil higher as IEA expects biggest non-OPEC output fall in 25 years LONDON: Crude prices firmed on Thursday after the International Energy Agency (IEA) said 2016 would see the biggest fall in non-OPEC production in a generation, helping to rebalance a market dogged by oversupply.IEA chief Fatih Birol said low oil prices had cut investment by about 40 percent in the past two years, with sharp falls in the United States, Canada, Latin America and Russia.Benchmark Brent crude futures were up 12 cents at $45.92 a barrel by 1120 GMT. U.S. crude futures were 4 cents higher at $44.22. Both have gained around 70 percent in value from their lows reached between January and February."It looks very strong at the moment, sentiment is bullish, technicals look fine, so I rather see prices rising further from here," Commerzbank analyst Carsten Fritsch said.The drop in supply from some producers could be offset by increased production in countries including Russia and Iran, however.Russia's energy minister ...

Markets - Energy - Europe

Oil falls on end to Kuwaiti strike, supply outlook LONDON: Oil prices fell on Wednesday as investor focus returned to worries about oversupply after Kuwaiti workers ended a three-day strike that had halved the nation's crude output.Industry data showed U.S. crude stockpiles rose last week, reinforcing concerns about the global surplus. Brent futures were down 60 cents at $43.43 a barrel at 1138 GMT.U.S. crude was down 73 cents at $40.35, after dipping below $40.Six supertankers have lined up at Kuwait's crude export terminal ...

Markets - Energy - Europe

Statoil says to cut cost of Castberg field by another NOK 4 billion HAMMERFEST: Norwegian oil major Statoil plans to cut the estimated cost of developing its Arctic Johan Castberg oilfield by another 4 billion Norwegian crowns ($491.53 million), project director Erik Strand Tellefsen told an energy conference on Wednesday. In January Statoil announced it had cut the cost of developing Castberg to between 50-60 billion Norwegian crowns from an initial estimate of around 100 billion. "Our ambition is to cut by a further four billion," Strand Tellefsen ...

Markets - Energy - Europe

Oil price's decline weighs on global stock markets LONDON: Stocks fell around the world on Wednesday as the price of crude declined after a strike by Kuwaiti oil workers ended. Brent and US crude oil futures prices dropped as worries about oversupply in the oil market returned to the fore. The FTSEurofirst 300 index of leading European shares responded by falling 0.3 percent. The MSCI All-Country World index also fell. The MSCI World Index, which tracks stocks from developed economies, slipped 0.1 percent ...

Markets - Energy - Europe

Oil rises as Kuwaiti strike cuts output for third day LONDON: Oil prices rose on Tuesday as a strike by oil workers in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following Sunday's failure by producers to agree to freeze output levels.Thousands of Kuwaiti oil workers downed tools for a third day on Tuesday to protest against planned public sector pay reform, cutting crude output to 1.5 million barrels per day (bpd), according to an oil spokesman cited by news agency ...

Markets - Energy - Europe

Oil extends rebound as Kuwait strike enters third day LONDON: Oil prices recovered further on Tuesday as a strike by Kuwaiti petroleum workers entered its third day, outweighing disappointment over the failure of weekend talks to freeze output.Prices had plunged early Monday soon after news that Sunday's long-awaited meeting of major producers in Doha had collapsed, fanning worries about a persistent global oversupply.However, the losses were pared through the day on news that thousands of workers in the Kuwaiti oil sector had started industrial ...

Markets - Energy - Europe

Oil rises as Kuwaiti oil workers strike cuts output for third day LONDON: Oil rose around two percent on Tuesday as a strike by oil workers in Kuwait nearly halved crude production from the OPEC member, overshadowing bearish sentiment following Sunday's failure by producers to agree to freeze output levels.Thousands of Kuwaiti oil workers downed tools for a third day on Tuesday to protest against planned public sector pay reform, cutting crude output to 1.5 million barrels per day (bpd), according to an oil spokesman cited by ...