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Posts tagged "crudes"

Asian markets rise with commodities but crude toils

HONG KONG: Asian markets rose Wednesday with commodities-linked firms boosted by China’s strong inflation reading but oil prices struggled after two days of sharp losses fuelled by worries over OPEC’s plans to cut output. But despite gains across the region, investors are on edge as they await Donald Trump’s first press conference since his US…

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January 11, 2017


Oil soars as non-OPEC producers agree on caps

SINGAPORE: Oil soared Monday following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output, in a bid to end a stubborn global glut that has hammered prices. In a bid to reverse a dramatic fall in income, Russia and 10 other non-OPEC states on Saturday said they will…

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December 12, 2016


Asian stocks rebound after Italy vote losses

HONG KONG: Most Asian stocks rallied while the euro held up and high-yielding currencies rebounded Tuesday as investors rediscovered their appetite for risk after the previous day’s losses fuelled by Italian uncertainty. Regional markets were jolted and the euro tumbled to a 20-month low Monday after Prime Minister Matteo Renzi said he would resign after…

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December 6, 2016


Oil prices surge as OPEC, Russia agree output cut

SINGAPORE: Oil prices shot up more than 12 percent, smashing trading volume records, after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand by to fill the gap. The Organization of the Petroleum Exporting Countries (OPEC)agreed on…

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December 1, 2016


Asian markets down on China trade data, US rate talk

HONG KONG: Asian markets retreated Thursday as weak Chinese trade data reinforced worries about the world’s number two economy, while Federal Reserve minutes fanned expectations of a US rate hike before the year’s end. However, troubled Samsung Electronics staged a slight recovery on bargain-buying after losing about 10 percent of its value this week on…

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October 13, 2016


Oil prices surge after OPEC’s surprise output cut deal

SINGAPORE: Oil prices surged Thursday after the OPEC producers’ group surprised the market with a deal to slash output. At the end of six hours of negotiations and weeks of horse trading, OPEC announced the plan to cut production to a level of 32.5-33 million barrels per day (bpd) from 33.47 billion, bpd in August,…

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September 29, 2016


Oil prices ease as focus shifts to producers’ meeting

SINGAPORE: Oil prices eased in Asian trade Friday on profit-taking following two days of solid gains as traders turned their attention to next week’s planned meeting of key producers. Russia and members of the OPEC oil cartel led by Saudi Arabia will gather in Algeria for three days from Monday and are expected to discuss…

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September 23, 2016


Oil rises on US stockpile drop, weaker dollar

SINGAPORE: Oil prices climbed Thursday, building on the previous day’s gains following a bigger-than-forecast fall in US stockpiles, and a plunge in the dollar after the Federal Reserve kept interest rates on hold. The commodity rallied Wednesday after the US Department of Energy said inventories had tumbled by more than six million barrels last week,…

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September 22, 2016


Oil prices down ahead producers’ meeting, US data

SINGAPORE: Oil prices eased in Asia Tuesday with analysts expecting volatility in the run up to a producers’ meeting next week, while traders are also awaiting the release of US stockpiles data. The commodity plunged last week on supply glut worries but bounced slightly Monday after OPEC member Venezuela said a deal to limit output…

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September 20, 2016


Oil prices up on Libya unrest, hopes for output deal

SINGAPORE: Oil prices edged up in Asia on Monday as OPEC member Venezuela indicated a deal to limit output is close and after fresh fighting in Libya. But gains were limited by continuing worries about a supply glut. Major crude producer states are due to meet in Algeria next week to discuss the global supply…

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September 19, 2016


Oil struggles after diving on US data, Libya news

SINGAPORE: Oil prices edged up after tanking the previous day but the gains were limited following fresh US stockpiles data and the prospect of a boost in Libyan output. Both main contracts tumbled almost three percent Wednesday after the US Energy Information Administration said gasoline and distilled products inventories rose last week, dampening news of…

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September 15, 2016


Oil prices bounce from early losses in Asia

SINGAPORE: Oil prices recovered from early losses Monday but traders moved cautiously after Russia and Saudi Arabia wrapped up a meeting on stabilising the crude market but offered no details. President Vladimir Putin met Deputy Crown Prince Mohammed bin Salman on the sidelines of the G20 in China on Sunday and said they would work…

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September 5, 2016


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…

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August 24, 2016


Oil prices drop as IEA warns of ‘enormous’ stockpiles

NEW YORK: Crude futures fell for a fourth session running Tuesday as the International Energy Agency warned that huge stockpiles would cap any future price gains. In New York, US benchmark West Texas Intermediate for July delivery shed 39 cents to $48.49 a barrel. In London, Brent North Sea crude for delivery in August was…

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June 15, 2016


Oil sinks as investors flee risk on growth worries

NEW YORK: Swept up in a global markets selloff on concerns about economic growth, oil prices tumbled Friday as investors snared profits from a recent rally. Risk aversion dominated ahead of the Federal Reserve’s US interest rate decision next Wednesday and Britain’s vote on leaving the European Union the following week. “We definitively have seen…

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June 11, 2016


Oil prices hit 2016 peaks on talk of supply deficit

NEW YORK: Oil prices shot up to six-and-a-half month peaks Monday as Goldman Sachs said the market faces a short-term supply deficit due to production outages. A much-cited report by the US banking giant said supply disruptions in Nigeria and better demand overall had created a surprising supply crunch in the short run. “With each…

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May 17, 2016


Oil prices higher as Canada fire forces more ouput cutbacks

NEW YORK: Crude prices ticked higher Friday as Canadian oil sands producers cut back more output due to the massive Canadian wildfire surround Fort McMurray, Alberta. The spreading fire seems not to have directly damaged oil sands mining sites, but evacuations of more than 100,000 in the area have forced companies to slash production. “It…

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May 7, 2016


Oil extends losses as output freeze hopes fade

NEW YORK: World oil prices sank for a second straight day Tuesday as hopes faded that major crude producers would freeze output levels to ease a world surplus. US benchmark West Texas Intermediate (WTI) for delivery in April fell 84 cents to $36.34 a barrel on the New York Mercantile Exchange. Brent North Sea crude…

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March 16, 2016


Oil prices rally on big fall in US gasoline stockpiles

NEW YORK: Oil prices rose sharply Wednesday as falling US gasoline inventories boosted the demand outlook in a global market awash in crude supplies. US benchmark West Texas Intermediate (WTI) for delivery in April jumped $1.49 (4.9 percent) to $37.99 a barrel on the New York Mercantile Exchange, the highest level in more than three…

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March 10, 2016


Oil jumps as strong US jobs growth spurs demand hopes

NEW YORK: Oil prices pushed higher Friday as strong US jobs growth data sparked hopes for improved demand in the world’s largest crude consumer. US benchmark West Texas Intermediate for April delivery jumped $1.35 to $35.92 a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for May delivery, the European…

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March 5, 2016


Oil prices rise on talk of Russia, OPEC coordination

NEW YORK: Oil prices were lifted by talk of possible coordination between Saudi Arabia and Russia to cut petroleum output. US benchmark West Texas Intermediate for March delivery rose $1.11 to $31.45 a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for March delivery rose $1.30 to $31.80 a barrel….

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January 27, 2016

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