02152016Mon
Last update: Mon, 15 Feb 2016 04am

Europe

Markets - Energy - Europe

Oil rises back towards $56, outlook still fragile LONDON: Oil rose towards $56 a barrel on Thursday, recovering from part of the previous session's drop, although traders and analysts said the prospect of a further, sustained rally from near six-year lows looked weak.Crude snapped a four-day winning streak on Wednesday, when the U.S. government said crude inventories increased by 6.3 million barrels, rising for a fourth consecutive week to hit a record high.While the global market has more than enough crude, a collapse in Libyan production and a raid on an oilfield by gunmen, plus an attack on a tanker off Nigeria renewed concern about threats to supply.Brent crude rose $1.69 to $55.85 a barrel by 1345 GMT, having fallen more than a dollar intra-day earlier and settling 5.5 percent lower on Wednesday. U.S. crude added $1.35 to $49.80."There's more and more money coming in on the long and the short side, and I think the result of ...

Markets - Energy - Europe

Oil rises back towards $55, outlook still fragile LONDON: Oil rose towards $55 a barrel on Thursday, recovering from part of the previous session's slide after China took steps to pour liquidity into the world's second-biggest economy, although traders and analysts said oil's outlook looked weak.Crude snapped a four-day winning streak on Wednesday, when the U.S. government said crude inventories increased by 6.3 million barrels, rising for a fourth consecutive week to hit a record high.The market gained support on Thursday from optimism ...

Markets - Energy - Europe

Europe Distillates: Diesel diffs edge up, traders eye imports LONDON: Diesel barge differentials in northwest Europe edged up on Wednesday in a quiet market, suggesting the rush to stock up on diesel had eased for now. Traders had scrambled for barges on worries that the labour dispute at some US refineries would lead to lower diesel exports to Europe, although most refineries are still running at near normal rates. ICE low sulphur gasoil futures have also been bid up, opening the arbitrage to Europe ...

Markets - Energy - Europe

Total preparing for sale or listing of $4.6bn rubber unit Hutchinson FRANKFURT/LONDON: Europe's second-biggest oil company Total is preparing for the sale or listing of its rubber and insulation unit Hutchinson that could be worth up to 4 billion euros ($4.6 billion), sources told Reuters.Total has asked potential advisers to pitch for the business with a mandate to be awarded soon, four sources familiar with the matter said, speaking on condition of anonymity as the matter is private. A Total spokeswoman denied all rumours of a ...

Markets - Energy - Europe

Oil falls, cuts short rally as US stocks build LONDON: Brent crude oil fell by almost $2 on Wednesday after a new build in U.S. crude stock levels put a global glut back in focus, cutting short a four session rally that pushed prices up to a high of $59 on Tuesday.The recent rebound had increased speculation that prices may have hit a bottom, after a seven-month rout slashed oil futures by nearly 60 percent and prompted major energy firms to cut spending on ...

Markets - Energy - Europe

Oil falls under $56 after US stockpiles hit record LONDON: Brent extended losses to fall below $56 a barrel on Wednesday, reversing a four session rally after U.S. crude inventories jumped to a record high, shifting the global glut back in to focus.Oil's near 20 percent surge since Friday had raised speculation crude's seven-month rout may be at an end, but the sharp sell-off on Wednesday indicated prices may not yet have found a floor, with the market still well supplied.The U.S. Energy Information ...

Markets - Energy - Europe

Oil prices slide after rally LONDON: Global oil prices slid Wednesday following a three-day rally as dealers were divided on whether the commodity has bottomed out after a plunge of nearly 60 percent since June. US benchmark West Texas Intermediate (WTI) for delivery in March shed $1.72 to stand at $51.33 a barrel compared with Tuesday's close.Brent North Sea crude for March slid $1.15 a barrel to trade at $56.76 in London afternoon trade.WTI had soared $3.48 Tuesday to record ...