02082016Mon
Last update: Mon, 08 Feb 2016 11pm

Europe

Markets - Energy - Europe

Oil rebounds near $48 on bargain-hunting after sharp fall LONDON: Oil steadied at around $48 a barrel on Thursday, as investors sought bargains after a sharp fall the previous day on an unexpectedly large buildup in U.S. gasoline stocks and a tepid demand outlook.Brent crude climbed 40 cents to $48.15 a barrel by 0943 GMT, after ending the previous session down $1.33.U.S. West Texas Intermediate (WTI) crude rose 48 cents to $44.96 a barrel, having slumped $1.88 on Wednesday."It seems like there's some technical stabilisation at the $48 level after the steep sell-off," said Bjarne Schieldrop, head of commodities research at SEB in Oslo.Crude prices fell sharply on Wednesday on data from the Energy Information Administration (EIA) that showed a bigger-than-expected rise in gasoline stockpiles in the United States.Higher inventories and sluggish demand make many analysts think the long-term outlook for crude will remain downbeat."Long-dated contracts are ticking lower and that will push prompt prices lower to ensure there ...

Markets - Energy - Europe

Oil prices stable after slide LONDON: The global oil market held firm on Thursday after sliding in the previous session in response to rising US oil output.US benchmark West Texas Intermediate for delivery in November rose 16 cents to $44.64 a barrel compared with Wednesday's close.Brent North Sea crude for November delivery added six cents to stand at $47.81 a barrel around midday in London.Crude futures had fallen on Wednesday after the US government's Department of Energy revealed that American ...

Markets - Energy - Europe

Total trims investments to put dividend at heart of strategy LONDON/PARIS: French oil and gas major Total put the protection of its dividend at the centre of its strategy on Wednesday, as it set out reduced investment plans and increased cost cuts in preparation for an extended period of depressed oil prices.The cost cutting deepens previous steps taken by Total to withstand the oil price rout and is similar to measures taken by rivals. So far only Italy's Eni has cut its dividend among oil ...

Markets - Energy - Europe

Oil up to $50 as US stock-draw balances China data LONDON: The price of Brent crude oil jumped more than 2 percent to $50 a barrel on Wednesday as a drawdown in US crude oil stocks outweighed the negative impact of weak economic manufacturing data from China. The US Energy Information Administration said US crude inventories fell 1.9 million barrels to 453.97 million last week, exceeding analysts expectations of a draw of 500,000 barrels. The data was broadly in line with a report on Wednesday ...

Markets - Energy - Europe

Oil falls 2pc as concern over demand bites LONDON: Crude oil prices fell as much as 2 percent on Tuesday on uncertainty over whether global demand will be enough to erode a sky-high surplus, ahead of a weekly survey of US inventory levels. Volatility has picked up this week, as the outlook for crude has been muddied by data pointing to the market possibly having stabilised after losing more than half its value in a year, and the persistence of the highest global ...

Markets - Energy - Europe

Total says no manipulation of natgas market after US accusations PARIS: French oil and gas major Total said on Tuesday that it was convinced its local unit TGPNA had not committed any of the manipulations of natural gas market alleged by US energy regulator FERC. A spokeswowan said Total had fully cooperated with energy regulator FERC in the probe over allegations it manipulated natural gas market in 2009-2012 and transmitted all requested documents. US federal energy regulators on Tuesday alleged traders at French energy company ...

Markets - Energy - Europe

Nigeria's crude oil exports expected to slide in November LONDON: Total exports of Nigerian crude were expected to fall by roughly 10 percent in November from the annual high hit the previous month.Nigeria plans to export a total of 56.66 million barrels of oil, or 1.89 million barrels (bpd) of crude oil in November, according to provisional loading programmes.This is a decline from the 63.1 million barrels, or 2.04 million bpd, planned initially for October loading. On a per-day basis, the November programme is ...