09272016Tue
Last update: Tue, 27 Sep 2016 01am

Europe

Markets - Energy - Europe

Hungary's Paks nuclear power plant cuts output BUDAPEST: Hungary's Paks nuclear power plant has lowered output from one of its four blocks by more than 100 megawatts, it said on its web site on Tuesday.Malfunctioning electrical equipment prompted the measure, it said, adding that output would be returned to the nominal capacity of the block, around 500 megawatts, by Tuesday evening.The plant produces about 40 percent of Hungary's electricity output in four Soviet-made power blocks, whose lifetime is being extended.Hungary also plans to double the plant's capacity with two new blocks.Copyright Reuters, 2016 ...

Markets - Energy - Europe

Cheap oil: boon for some, bust for others PARIS: The plunge in oil prices is proving a boon for consumers and airlines, but is a bust for energy companies and producing nations, while complicating the jobs of central bankers worried about deflation.LOSERS: "The principal losers of the drop in oil prices are exporting nations" whose revenues are plunging, said Denis Ferrand of Coe-Rexecode, a French think tank.Gulf nations have put austerity measures in place in recent months, while Nigeria plans to step up ...

Markets - Energy - Europe

Oil falls 3 percent on swelling oversupply LONDON: Oil prices fell 3 percent on Monday as Iraq announced record-high oil production feeding into a heavily oversupplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last week.Brent crude, the global benchmark, was down 90 cents at $31.28 a barrel by 1440 GMT, losing 2.8 percent from its closing price on Friday, when Brent surged 10 percent.U.S. crude traded $1.07 lower at $31.12 a barrel.The losses came ...

Markets - Energy - Europe

Oil prices drop after rally LONDON: Oil prices resumed their downward spiral Monday as profit-taking set in after recent strong gains won thanks to hopes of more central bank stimulus to prop up the global economy.Prices ended on a buoyant note Friday, with both main oil contracts soaring by about 10 percent. The upward momentum continued into Asian deals on Monday, before dropping back."The 20 percent or so rally in oil prices from their... lows is certainly something that cannot ...

Markets - Energy - Europe

Oil prices cast shadow over eurozone inflation outlook: ECB survey FRANKFURT: Falling oil prices are weighing on the outlook for inflation in the euro area this year, but the European Central Bank's stimulus measures and the gradual economic recovery will drive inflation higher again next year, an ECB survey showed on Friday. According to the ECB's regular quarterly survey of professional forecasters, eurozone inflation is expected to average 0.7 percent this year, but then pick up to 1.4 percent in 2017 and 1.6 percent in ...

Markets - Energy - Europe

Oil prices rally, but hold under $30 LONDON: Oil rebounded Thursday from recent 12-year lows but held below $30 per barrel, as traders digested news of a stronger-than-expected increase in US crude inventories.In late afternoon deals in London, Brent North Sea crude for delivery in March advanced $1.92 to $29.80 a barrel compared with the close on Wednesday.US benchmark West Texas Intermediate (WTI) for March rallied $1.55 to $29.90.The US government's Energy Information Administration (EIA) reported that American crude inventories jumped 4.0 ...

Markets - Energy - Europe

Oil price drift lower before US inventories update LONDON: World oil prices nudged lower Thursday before a key US snapshot of crude stockpiles, one day after striking 12 year lows on abundant global supplies.In midday deals in London, Brent North Sea crude for delivery in March slid 21 cents to $27.67 per barrel compared with the close on Wednesday.US benchmark West Texas Intermediate (WTI) for March dipped 34 cents to $28.01 a barrel.Expectations that the US Energy Information Administration (EIA) will later report ...