09252016Sun
Last update: Sun, 25 Sep 2016 03pm

Europe

Markets - Energy - Europe

Oil advances on output freeze deal LONDON: Oil rose Tuesday after top producers Saudi Arabia and Russia agreed in principle to freeze output in a bid to stabilise an oversupplied market -- if others do the same.In early afternoon London deals, Brent North Sea crude for delivery in April advanced 50 cents to $33.89 per barrel.US benchmark West Texas Intermediate for March delivery added 41 cents to $29.85 a barrel from Monday's closing level.The Saudi and Russian oil ministers, along with their Venezuelan and Qatari counterparts, "agreed to freeze the production at (the) January level provided that other major producers follow suit," said Qatar's Energy Minister Mohammed bin Saleh al-Sada on Tuesday."This step is meant to stabilise the market," said Sada, who is acting president of the OPEC oil cartel, describing the meeting in Doha as "successful".Saudi Oil Minister Ali al-Naimi added: "This is the beginning of a process which we will assess in the next ...

Markets - Energy - Europe

Gazprom says Russian gas exports to Europe up 44pc y/y in Feb MOSCOW: Russia's top natural gas producer Gazprom said on Monday that its pipeline gas exports to Europe rose 43.7 percent year-on-year between Feb. 1 and Feb. 14. Exports by Gazprom - as measured for Turkey and the European Union, excluding the three former Soviet Baltic states - rose to 159.4 billion cubic metres (bcm) last year from 147.2 bcm in 2014.Copyright Reuters, 2016 ...

Markets - Energy - Europe

North Sea Crude-Forties steadies as pipeline resumes flow LONDON: North Sea Forties crude differentials steadied on Monday, after an uptick in supply of oil through a major pipeline helped improve some tightness that has developed. The flow of oil through the Forties Pipeline System has been restored to normal levels, after an outage late last week and through the weekend restricted the amount of crude carried, a spokeswoman for system operator BP said on Monday. Lower-than-expected production prompted the deferral of two cargoes ...

Markets - Energy - Europe

Oil advances in line with equities LONDON: Oil prices rose Monday, extending recent bumper gains in line with rising global stock markets, and despite poor Chinese and Japanese economic data, traders said.US benchmark West Texas Intermediate for March delivery climbed 57 cents to $33.01 per barrel from Friday's closing level.Brent North Sea crude for delivery in April advanced 36 cents to $33.72 a barrel in midday London trade."After surging higher at the end of last week, crude oil prices have started ...

Markets - Energy - Europe

Oil dips on strong dollar, weak Chinese trade data LONDON: Oil prices dipped on Monday on a firmer dollar and weaker-than-expected Chinese trade data that fuelled concerns about demand in the world's biggest energy consumer.Brent crude futures, the global benchmark, were down 14 cents at $32.22 a barrel at 0948 GMT. U.S. futures traded at $29.40 a barrel, almost flat on Friday's close. Trade is likely to be thinner than usual on Monday due to the U.S. Presidents Day holiday.Still, oil prices retained most ...

Markets - Energy - Europe

Oil extends rally on prospects OPEC could act to counter low prices LONDON: Oil prices rose on Monday, extending a rally triggered last week by speculation that OPEC might agree to cut production to reduce a supply glut that has pushed prices to the lowest in over a decade.Brent crude futures, the global benchmark, were up 33 cents at $33.69 a barrel at 1023 GMT. U.S. futures traded at $29.79 a barrel, up 35 cents on Friday's close. Trade is likely to be thinner than usual on ...

Markets - Energy - Europe

Oil prices jump but weekly losses and physical excess loom LONDON: Oil prices jumped on Friday on hopes of a coordinated production cut sparked by comments from the energy minister of OPEC member United Arab Emirates. Still, analysts said such a move remained unlikely and prices for Brent and US West Texas Intermediate (WTI) crude were on track for weekly losses of more than 7 percent and 11 percent, respectively, as oversupply weighed. Brent gained as much as 6 percent against its previous settlement and ...