07302016Sat
Last update: Sat, 30 Jul 2016 12pm

Europe

Markets - Energy - Europe

Oil prices drop before more US stockpiles data LONDON: Oil prices fell on Wednesday after data indicated a rise in US stockpiles, reigniting concerns about a supply glut, while profit-takers stepped in after the previous day's rally.Going forward, higher-than-forecast demand should bolster oil prices throughout 2016, despite high stocks continuing to exert downward pressure on prices, the International Energy Agency said Wednesday.On Tuesday, the American Petroleum Institute reported a 2.2-million barrel rise in US crude reserves last week.The figures rattled traders as the US Department of Energy prepares to release later Wednesday its own crude inventory figures, considered a key gauge of demand in the world's top oil consumer.At about 1130 GMT, US benchmark West Texas Intermediate for delivery in August was down 63 cents at $46.17 a barrel compared with Tuesday's close.Brent North Sea crude for September delivery shed 81 cents to $47.66 a barrel.Both contracts surged almost five percent Tuesday from two-month lows after OPEC said ...

Markets - Energy - Europe

Oil drops on IEA glut warning, rise in US stocks LONDON: Oil fell on Wednesday as the International Energy Agency (IEA) warned that a global supply glut continued to weigh on prices and data showed an unexpected weekly gain in U.S. crude stocks.The IEA, which advises industrialised nations on energy policies, said crude inventories kept rising last month and pushed floating storage, one of the most expensive methods of stockpiling, to the highest level in seven years."(Stocks) are at such elevated levels, especially for products ...

Markets - Energy - Europe

French carbon pricing committee proposes tax on coal-fired power plants PARIS: A French government advisory committee has recommended that France increase taxation on coal-fired power plants, or set stiffer carbon emissions standards, to encourage a shift to gas-fired plants to reduce carbon emissions.The proposal was included in a report handed to French Environment Minister Segolene Royal on Monday by the committee, which was appointed in March to review European carbon pricing and make recommendations to the French government.France currently chairs the United Nations climate negotiations ...

Markets - Energy - Europe

Oil falls further under $50 on Asia demand concern LONDON: Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs.Brent crude was trading at $46.26 per barrel at 0942 GMT, down 50 cents from its last settlement. U.S. West Texas Intermediate (WTI) crude was down 57 cents at $44.84 a barrel on the futures market.Physical markets were also under pressure. Rising Canadian oil ...

Markets - Energy - Europe

Oil falls further under $50 on Asia demand concern LONDON: Oil fell on Monday over signs that U.S. shale drillers have adapted to lower prices and on renewed indications of economic weakness in Asia where refiners are already trimming crude runs.Brent crude was trading at $46.26 per barrel at 0942 GMT, down 50 cents from its last settlement. U.S. West Texas Intermediate (WTI) crude was down 57 cents at $44.84 a barrel on the futures market.Physical markets were also under pressure. Rising Canadian oil ...

Markets - Energy - Europe

Oil prices edge up as Brent pushes further above $50 LONDON: Crude prices edged up on Monday, building on recent gains with Brent holding above $50 after Nigerian militants claimed fresh attacks on the country's oil infrastructure.Prices see-sawed last week, plunging in the immediate aftermath of Britain's shock decision to leave the European Union but rallying after central banks worldwide vowed support to financial markets.At about 1045 GMT, US benchmark West Texas Intermediate was up 13 cents at $49.12, while Brent rose 16 cents to ...

Markets - Energy - Europe

Asian buying of West African crude to edge higher in July LONDON: Loadings of West Africa oil heading for Asia are set to edge higher in July, supported by firm demand for Angolan oil from China and India, a Reuters survey of shipping fixtures and traders showed.The roughly 1.7 million barrels per day (bpd) scheduled to sail east in July as of now could well move higher, shipping sources said, as some buyers are waiting to book vessels amid weakening freight costs.Already, the volume for July ...