05052016Thu
Last update: Thu, 05 May 2016 03pm

Europe

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 economy.Around 1545 GMT, US benchmark West Texas Intermediate for delivery in May was up $1.54 at $37.43 a barrel.Brent North Sea crude for June delivery gained $1.37 to $39.24 a barrel compared with Tuesday's close.Both contracts eked out an increase on Tuesday, but prices are still below the $40 level reached last month following a rally driven by hopes of an agreement a producers' meeting in Doha on April 17.Prices last week dived after Saudi ...

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 ...

Markets - Energy - Europe

Europe Distillates-Diesel cracks slide to three-month lows LONDON: Benchmark diesel refining margins in northwest Europe fell to their lowest since late January as imports into the region were seen rising. Tankers carrying around 1 million tonnes of diesel have been booked to load in April from the US Gulf Coast to northwest Europe and the Mediterranean, according to shipping data. At least 600,000 tonnes of diesel have been booked from the Middle East and India to load in April. Inland demand remained ...

Markets - Energy - Europe

Oil touches one-month low on scepticism over potential freeze deal LONDON: Oil held around its lowest in a month on Monday as investors ditched some of their bullish bets on another price rise and the chances that top exporters will agree to rein in overproduction appeared to fade.Iran will continue increasing oil production and exports until it reaches the market position it enjoyed before the imposition of sanctions, Oil Minister Bijan Zanganeh was quoted as saying by the semi-official Mehr news agency.Saudi Arabia, which spearheaded ...