04292016Fri
Last update: Fri, 29 Apr 2016 11am

Europe

Markets - Energy - Europe

Oil dip after bumper gains LONDON: World oil prices nudged lower Thursday after rallying sharply the previous day following the first drop in US inventories for seven weeks.Around 1100 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May slid four cents to $37.71 a barrel.Brent North Sea crude for June delivery shed five cents to $39.79 a barrel compared with Wednesday's close.Prices had rallied Wednesday after the US government's Energy Information Administraion (EIA) reported that commercial crude inventories fell 4.9 million barrels in the week ending April 1.That confounded market expectations for a gain of 2.85 million, signalling strong demand, and followed a 2.3-million-barrel increase the previous week.The figures helped prices build on healthy gains that came on the back of comments from Kuwait that this month's crucial producers' meeting could yield an agreement to limit output, despite conflicting statements by participants.The sharp drop in US crude reserves was, however, in line with ...

Markets - Energy - Europe

Oil steady as Iraqi exports up, offsetting US inventories drop LONDON: Oil steadied at around $40 per barrel on Thursday as a surprise fall in U.S. inventories the previous day was offset by an increase in exports from Iraq, underlining global oversupply.Brent futures were at $39.87 at 1009 GMT, up 3 cents from the last close.U.S. crude futures were at $37.79 per barrel, up 4 cents from their last close.Oil exports from Iraq's southern ports have risen to an average of 3.494 million barrels per ...

Markets - Energy - Europe

Oil prices rally as Kuwait revives hope of output deal LONDON: Oil prices rallied on Wednesday after Kuwait said an agreement to freeze output during a producers' meeting this month could still be reached despite conflicting statements by participants.The first weekly drop of US oil stocks in seven weeks reported by the Department of Energy also underpinned prices, although inventories remain near record levels.Analysts said the rebound would not likely last owing to a painful supply glut and weak demand caused by the slowing world ...

Markets - Energy - Europe

Oil prices hit one-month lows LONDON: Oil prices fell Tuesday, hitting one-month lows before recovering slightly, as hopes fade of producers reaching an agreement on curbing excess output levels.Brent North Sea crude dropped to $37.27 a barrel and US benchmark West Texas Intermediate struck $35.24 a barrel -- the lowest points for four weeks.Around 1130 GMT, Brent North Sea crude for delivery in June was down 12 cents to $37.57 a barrel compared with Monday's close.West Texas Intermediate for delivery ...

Markets - Energy - Europe

Oil slips to one-month low on unexpected US demand drop LONDON: Oil slipped to a one-month low on Tuesday after a surprise fall in gasoline demand in the United States, the world's largest oil consumer, and on doubts whether oil producers can agree an output freeze to dampen a global supply glut.U.S. gasoline demand, one of the strongest pillars supporting oil consumption, fell in January for the first time in 14 months, U.S. Energy Information Administration data showed.The world's largest oil producers are due to ...

Markets - Energy - Europe

Oil near one-month low on unexpected US demand drop LONDON: Oil traded near one-month lows on Tuesday after a surprise fall in gasoline demand in the United States, the world's largest oil consumer, and on doubts whether oil producers can agree an output freeze to dampen a global supply glut.U.S. gasoline demand, one of the strongest pillars supporting oil consumption, fell in January for the first time in 14 months, U.S. Energy Information Administration data showed.The world's largest oil producers are due to meet ...

Markets - Energy - Europe

Shell pulls out of Arctic-focused exploration oil licensing round in Norway OSLO: Oil major Royal Dutch Shell has pulled its application from Norway's Arctic-focused oil licensing round, the firm said on Monday, in a blow to the Nordic country's ambitions to explore for oil and gas in its northern offshore areas. "The decision is part of an optimisation of Shell's global portfolio following the acquisition of BG and a persistently low oil price," the company's Norwegian unit said in a statement. "Norway remains one of our ...