HONG KONG, China (AFP) — Energy firms sank in Asian trade on Tuesday as oil prices extended the previous day’s sharp losses due to profit-taking after a recent rally and fresh worries about a global oversupply. Even a fall in the dollar, which usually makes crude cheaper, could not stop the slide in the commodity after Iraq flagged a pick-up in output and rebels in key producer Nigeria announced a ceasefire. Investors were also treading water as […]
Tag: crude
Oil prices jump on report Saudi plans to reduce drilling
NEW YORK, United States (AFP) — Oil prices rose sharply Tuesday, gaining a lift from speculation that Saudi Arabia is planning to cut back drilling as the market worries about excessive global supplies. The market, already heading higher from the start of trade, “seems to have got an extra boost from a report out of Nabor Industries’s earnings call,” said Bob Yawger of Mizuho Securities. Yawger said the drilling company “claimed the Saudis have plans […]
Crude holds above $40 in Asia ahead of producers’ summit
SINGAPORE, Singapore (AFP) — Crude prices dipped in Asia Tuesday but held above $40 as traders looked forward to a summit of key oil producers next week to discuss freezing output and easing the supply glut. Analysts said prices were expected to see-saw ahead of Sunday’s meeting in the Qatari capital Doha that will gather both OPEC producers led by Saudi Arabia and non-OPEC members such as Russia. A major subject for the meeting […]
