08272016Sat
Last update: Sat, 27 Aug 2016 01pm

Europe

Markets - Energy - Europe

Oil prices hit reverse again LONDON: World oil prices skidded lower Thursday, reversing earlier gains as traders dwelled on rising US crude stockpiles and the stronger dollar.At 1145 GMT, US benchmark West Texas Intermediate (WTI) for delivery in October sagged 22 cents at $46.55 per barrel.Brent North Sea crude for October delivery lost 20 cents to $48.85 a barrel compared with the close on Wednesday."It is the aftershocks of yesterday's disappointing oil report and the strengthening of US dollar that are helping to apply renewed downward pressure on crude prices," City Index analyst Fawad Razaqzada told AFP.The stronger greenback makes dollar-priced crude more expensive for buyers using weaker currencies.In turn, that tends to dampen demand and price levels.The US energy department said Wednesday that American crude oil inventories soared 2.5 million barrels last week, indicating poor demand.Both main oil contracts plunged on the news, which confounded forecasts for a fall and fanned worries about the ...

Markets - Energy - Europe

Oil prices fall as hopes of production freeze fade LONDON: Oil prices slipped on Thursday as the market focused on oversupply and fading hopes of a production freeze.Global crude oil benchmark Brent was down 15 cents at $48.90 a barrel by 1043 GMT, having closed down 1.8 percent on Wednesday. U.S. light crude oil was down 5 cents at $46.72 a barrel, after dropping 2.8 percent on Wednesday.Oil prices rose more than 20 percent in the first three weeks of August on talk of ...

Markets - Energy - Europe

Europe Distillates-Diesel diffs rise for fourth session LONDON: Diesel barge differentials in northwest Europe rose for a fourth straight session to a two-week high as upcoming refinery maintenance raised expectations for tighter supplies. US distillate stockpiles, which include diesel and heating oil, rose last week by 122,000 barrels, versus expectations for a 400,000-barrel increase, EIA data showed. Concerns that a tropical storm in the Caribbean will reach hurricane strength before it hits the US Gulf Coast supported the market. * Oil refiners ...

Markets - Energy - Europe

Europe Gasoline/Naphtha-Gasoline margins up on US hurricane fears, oil price dip LONDON: Gasoline refining margins in northwest Europe rose sharply as oil futures sunk and in reaction to perceived tightening of US supplies due to hurricane fears and an outage at a major refinery, which could mean demand for more European product. Further gains were tempered by US data showing a small gain in gasoline stocks versus an expected large draw. A significant gain in crude stocks weighed heavily on oil futures. US Gulf Coast cash ...

Markets - Energy - Europe

Med crude-Urals exports set to rise in September, diffs steady MOSCOW: Urals differentials were unchanged in thin trade as traders expect prices to weaken further later this week as a preliminary loading plan for September released on Wednesday showed a rise in exports from August. The Urals and Siberian light preliminary loading plan for September showed an increase in exports by 6.8 percent to 9.35 million tonnes of Russian crude. Exports from Baltic ports are set to decrease by 300,000 tonnes compared to current month ...

Markets - Energy - Europe

Oil prices drop as market tracks US supplies LONDON: Oil prices fell Wednesday, with Brent stuck below $50, after data showed an increase in US crude stockpiles, adding to supply glut concerns.Data from the American Petroleum Institute (API) Tuesday showed US crude inventories rose by 4.5 million barrels last week.Rising stocks indicate weaker demand in the world's top oil consuming nation and add to worries about a global crude supply glut.A similar decline when the US energy department releases official data on commercial ...

Markets - Energy - Europe

Oil falls on surprise build in US crude stocks LONDON: Oil prices fell on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.Global benchmark Brent crude was down 52 cents, or one percent, at $49.44 a barrel at 1010 GMT, after touching an intraday low of $49.07.U.S. West Texas Intermediate (WTI) crude was down 80 cents, or 1.7 percent, at $47.30 a barrel. Earlier in the session, the ...