12042016Sun
Last update: Sun, 04 Dec 2016 09pm

Europe

Markets - Energy - Europe

Oil prices bounce as OPEC promises a cut is on the cards LONDON: Oil rose more than 1 percent on Monday, boosted by a commitment from OPEC to stick to a deal to cut output, but prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan.Brent crude traded at $46.20 per barrel at 0933 GMT, up 62 cents, or 1.36 percent, from the previous close.U.S. West Texas Intermediate (WTI) crude was up 75 cents, or 1.7 percent, at $44.82 a barrel.The secretary-general of the Organization of the Petroleum Exporting Countries said the group was committed to an output-cutting deal made in Algiers in September."We as OPEC, we remain committed to the Algiers accord that we ... put together. All OPEC 14 (members), we remain committed to the implementation," Mohammed Barkindo told reporters at a conference in Abu Dhabi.Despite this, many analysts doubt OPEC's ability to coordinate a cut sufficient to balance the ...

Markets - Energy - Europe

GLOBAL LNG-Price gains face ceiling as new supply emerges MILAN: Asian spot liquefied natural gas (LNG) prices rose this week on the back of rallying gas benchmarks in Europe and a production outage in Angola. The price of LNG for December delivery was $7.20 per million British thermal units (mmBtu), up around 25 cents from a week earlier, buoyed by gains in British month-ahead gas prices. UK December gas rose as much as 10 percent this week. Further LNG spot gains may be capped ...

Markets - Energy - Europe

Oil and gas majors invest $1 billion in low-emission tech LONDON: Ten global oil and gas companies on Friday announced they will invest £1 billion (900 million euros) in low-carbon-emission technologies to help combat climate change. BG Group, BP, Eni, Pemex, Repsol, Saudi Aramco, Reliance Industries, Royal Dutch Shell, Statoil and Total -- who account for almost a fifth of the world's oil production -- will fund the project through the Oil and Gas Climate Initiative (OGCI), they said in a statement."We are on the ...

Markets - Energy - Europe

Oil majors pledge $1 bln for technologies to fight climate change LONDON: Some of the world's biggest oil companies, including Saudi Aramco and Royal Dutch Shell, pledged on Friday to invest $1 billion to help fight climate change as a global deal to wean the world off fossil fuels came into force. The Oil and Gas Climate Initiative (OGCI), which also includes Total, BP, Eni, Repsol , Statoil, CNPC, Pemex and Reliance Industries, has established the Climate Investments fund which will help develop carbon-reducing technologies over ...

Markets - Energy - Europe

Oil set for sixth straight day of declines LONDON: Oil futures were on course for their sixth straight day of falls on Friday as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact while a surge in US crude inventories and muted demand continued to weigh.Brent crude futures were at $45.57 per barrel at 1217 GMT, down 79 cents from their last close. US West Texas Intermediate (WTI) futures were down 51 cents at $44.15 ...

Markets - Energy - Europe

Top oil firms pledge $1bn over 10 years in climate push OSLO: Top oil companies including Saudi Aramco, Shell and Statoil will invest $1 billion over the next decade to develop and accelerate the commercial deployment of innovative low emissions technologies, Statoil said on Friday. Reuters on Nov. 2 broke the news that the Oil and Gas Climate Initiative, as the group is called, would announce details of their plans on Friday.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Oil prices find floor after falls on supply glut woes LONDON: Crude oil futures edged up on Thursday, supported by news of an attack on a Nigerian oil pipeline and a weaker US dollar, after four days of falls over scepticism that a global glut in crude supplies could be stemmed. Brent crude was trading up 33 cents, or 0.7 percent, at $47.19 a barrel by 1020 GMT. US crude was up 28 cents, or 0.6 percent, at $45.62 per barrel.Futures hit five-week lows on ...