02102016Wed
Last update: Wed, 10 Feb 2016 03pm

Europe

Markets - Energy - Europe

Oil prices resume slide before US data LONDON: Oil prices resumed their slide Wednesday as traders awaited US energy stockpiles data expected to once more shine light on the global crude glut.At about 1100 GMT US benchmark West Texas Intermediate for March delivery was down $1.03 at $30.42 a barrel. Brent North Sea crude for March shed 66 cents to $31.14 compared with Tuesday's close.The US Department of Energy publishes its weekly inventory of commercial crude stockpiles on Wednesday -- data that could add to persistent concerns about an oversupply of world oil.The market was awaiting also the outcome of a meeting of the Federal Reserve on the timing of another rise in US interest rates.Oil had soared late last week from 12-year lows on hopes of fresh economic stimulus by the European and Japanese central banks.However, continuing worries about a supply glut, weak demand and the slowing global economy returned to the fore.Oil rallied again Tuesday ...

Markets - Energy - Europe

Angola LNG export project commences recommissioning LONDON/MILAN: The Angola liquefied natural gas (LNG) export project has started recommissioning, a spokesperson for the Chevron-led venture said. The project stalled after a succession of technical faults before a rupture on the flare line forced a shutdown in April 2014.Traders said they expected exports from the plant to resume in April this year. The spokesperson declined to comment on the timing of the first cargo. Chevron has a 36.4 percent share in the plant, ...

Markets - Energy - Europe

North Sea Crude-Forties diffs hold steady; dearth of VLCC fixtures for Feb LONDON: Forties crude oil differentials held unchanged on Tuesday, a lack of new supertanker fixtures for prompt loading outweighing the prospect of disruption to supply in the coming weeks. The British North Sea port of Hound Point will not load any Forties crude oil on supertankers in early March because of maintenance work on Jetty 1, operator BP said on Tuesday. Jetty 1, the only loading point for Very Large Crude Carriers (VLCCs) will be ...

Markets - Energy - Europe

Enel CEO says received non-binding bids for upstream gas assets MADRID: Italy's biggest utility Enel has received non-binding bids for upstream gas assets in Italy and Algeria that it put up for sale and it expects to wrap up the sale process within a couple of months, its chief executive said on Tuesday. "We have received non-binding offers," CEO Francesco Starace told a group of journalists in Madrid. "Now we are waiting for the binding bids (the process) will take probably two months." Starace said ...

Markets - Energy - Europe

Oil rises towards $31 on hopes of deal to tackle glut LONDON: Oil rose towards $31 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades.The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.Iraqi Oil Minister Adel Abdel Mahdi said on Tuesday ...

Markets - Energy - Europe

Oil edges back above $30 LONDON: Oil prices rose above $30 on Tuesday after briefly dipping below the psychological barrier as the market was beset with worries about the global supply glut.At about 1100 GMT, Brent North Sea crude for delivery in March was up 11 cents at $30.61 a barrel.US benchmark West Texas Intermediate for March added nine cents to $30.43 a barrel compared with Monday's close.In rollercoaster trade last week, oil briefly plunged to 12-year lows under $27 ...

Markets - Energy - Europe

Oil rises further above $30 on hopes of deal to tackle glut LONDON: Oil rose further above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades.The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.Iraq's oil minister said on Tuesday he saw ...