09272016Tue
Last update: Tue, 27 Sep 2016 03am

Europe

Markets - Energy - Europe

Oil prices rise on weaker dollar LONDON: Oil prices rose on Wednesday thanks to a weaker dollar but scepticism that key producers would agree to limit output at an upcoming meeting kept gains in check, traders said.The dollar has been hit by data Tuesday showing a sharp fall in the key US services sector, virtually wiping out any possibility of an interest rate hike this month from the Federal Reserve. The figures followed below-forecast readings on factory activity and jobs growth, hitting the greenback and in turn making dollar-denominated crude cheaper for holder of rival currencies.Around 1115 GMT, US benchmark West Texas Intermediate for delivery in October was up 41 cents to $45.24 a barrel.Brent North Sea crude for November delivery grew 49 cents to stand at $47.75 a barrel compared with the close on Tuesday.With three weeks until a meeting in Algeria, oil traders are keeping tabs on Russia and OPEC, hoping for signs they ...

Markets - Energy - Europe

Oil rises, but doubt over output deal tempers rally LONDON: Oil rose on Wednesday to pare some of the previous day's losses, partly thanks to a weaker U.S. dollar, but the limited likelihood of a near-term agreement among the world's biggest exporters to rein in production kept gains in check.November Brent crude futures rose 49 cents to $47.75 a barrel by 0900 GMT, while U.S. crude futures added 46 cents at $45.29 a barrel.Oil hit a one-week high on Monday after Russia and Saudi ...

Markets - Energy - Europe

Oil market wobbles LONDON: Oil wobbled Tuesday as traders mulled a pledge from Russia and Saudi Arabia to address the chronic supply glut that has hammered the market in recent years.At 1130 GMT, US benchmark West Texas Intermediate for October delivery was 50 cents higher at $44.94 a barrel.Brent North Sea crude for November fell 19 cents to $47.44 a barrel compared with Monday's close.Prices had surged Monday on news that Saudi Energy Minister Khaled Al-Falih and Russian ...

Markets - Energy - Europe

Russia's Yamal LNG project on track and on budget, says Novatek VLADIVOSTOK: Russia's Yamal LNG project, to build the country's second gas liquefaction plant, is on track and on budget with Novatek and its partners having invested $18.5 billion so far, Novatek's CEO said. The first phase of the project, in which Novatek is in partnership with France's Total and China's CNPC and the Silk Road Fund, is due to start operation some time next year and Novatek's chief executive said it was 76 percent ready. ...

Markets - Energy - Europe

US gasoline stockpiles look manageable as summer ends: Kemp LONDON: US gasoline stockpiles remain at record highs for the time of year but excess inventory is smaller than it appears once adjusted for the higher level of domestic consumption and exports. Stocks of gasoline and blending components stood at 232 million barrels near the end of August, down from a high of 259 million in February but well above the 214 million reported at the same point in 2015. Persistently high levels of gasoline ...

Markets - Energy - Europe

Greece-Bulgaria gas pipeline expects binding bids for capacity use by end-Oct VARNA: The joint venture building the natural gas pipeline between Bulgaria and Greece is seeking binding bids for the use of the gas link by the end of October, its chief executive said on Monday.Interconnector Greece-Bulgaria (IGB), estimated to cost 220 million euros ($245.52 million), has received nine expressions of interest to transport gas through it for a total capacity of 4.3 billion of cubic meters. "We expect binding bids by the end of October. ...

Markets - Energy - Europe

Oil bounces on Saudi-Russian pledge to steady prices LONDON: Oil rallied by up to five percent on Monday as top global producers Russia and Saudi Arabia vowed to stabilise the market after meeting at the G20 in China.Saudi Energy Minister Khaled Al-Falih and his Russian counterpart Alexander Novak agreed to "act together" to steady the market, on the sidelines of the G20 summit in the eastern Chinese city of Hangzhou.In reaction, Brent North Sea crude leapt as high as $49.40 per barrel, and ...