02112016Thu
Last update: Thu, 11 Feb 2016 08pm

Europe

Markets - Energy - Europe

Oil prices rally on China, but Brent stays below $30 LONDON: Oil prices recovered strongly from 12-year lows Tuesday, lifted by improved sentiment over China despite its worst economic expansion in 25 years, analysts said.Nevertheless, Brent futures remained below $30 a barrel as the International Monetary Fund said that the recent sharp collapse in the price of oil was dragging down the global economy.The International Energy Agency meanwhile said that crude futures were set to fall further this year as supply vastly exceeds demand, with major oil exporter Iran's return to the market offsetting any production cuts from other countries.Despite the bleak series of announcements, "oil prices are making significant gains in the wake of better than expected Chinese economic data", said Commerzbank analyst Carsten Fritsch."Clearly some market participants had feared worse."GDP in China, the world's biggest energy consumer, grew at its slowest in a quarter of a century last year, creating pressure for more stimulus policies to ensure a ...

Markets - Energy - Europe

Oil rises on record Chinese demand, oversupply caps gains LONDON: Oil prices rose more than 3 percent on Tuesday as data showed Chinese oil demand likely hit a record high in 2015, but contracts remained below $30 a barrel as the IEA said the market should stay oversupplied this year.Brent crude futures, the global benchmark, traded up $1.09, or 3.8 percent, at $29.64 a barrel at 1028 GMT. U.S. crude futures were up 34 cents at $29.76 a barrel, maintaining their unusual premium over ...

Markets - Energy - Europe

Oil rises most in four months on record Chinese demand LONDON: Oil prices rose more than 5 percent on Tuesday as investors viewed bullish Chinese oil demand data as a buying trigger, but contracts remained near 12-year lows as the IEA said the market should stay oversupplied this year.Brent crude futures, the global benchmark, posted their strongest daily gains in four months, trading up $1.55, or 5.4 percent, at $30.10 a barrel by 1149 GMT. U.S. crude futures were up 66 cents at $30.08 a ...

Markets - Energy - Europe

Russia's Gazprom says 2015 Sakhalin-2 LNG output hit 10.8mn tonnes MOSCOW: Output of liquefied natural gas at the Sakhalin-2 project has hit 10.8 million tonnes in 2015, surpassing the project's design capacity by 1.2 million tonnes, Russian gas export monopoly Gazprom said after the meeting of its management with oil major Shell.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Schoeller-Bleckmann 2015 bookings fall 59pc to 202mn euros VIENNA: New bookings at Schoeller-Bleckmann Oilfield Equipment AG fell 59.4 percent to 202 million euros ($219.45 million) in 2015, slightly below expectations, the company said on Tuesday amid a persistent slump in the energy sector.Revenue fell around 36 percent to 312 million euros in the full year, but due to savings SBO's cash pile increased to 200 million euros and the firm remains on the lookout for takeover targets, Chief Executive Gerald Grohmann said in ...

Markets - Energy - Europe

Oil hits 2003 low below $28 as Iran sanctions lifted LONDON: Oil prices reached a 2003 low below $28 per barrel on Monday as the market braced for a rise in Iranian exports after the lifting of sanctions against Tehran over the weekend.The United States revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), issued ...

Markets - Energy - Europe

Oil firms after hitting 2003 low on lifting of Iran sanctions LONDON: Oil prices rose on Monday, recovering from a 2003 low as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.Iran, a member of the Organization of the Petroleum Exporting Countries ...