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SINGAPORE, Singapore (AFP) — Oil prices plunged on Monday after the world’s top producers failed to reach an agreement on capping output and easing a global supply glut at a meeting in Doha. Hopes the world’s largest producer cartel, OPEC, and other major producers like Russia would agree to freeze output has helped scrape oil prices off the 13-year lows they touched in February. But crude tanked after top producer Saudi Arabia walked away from the […]
SINGAPORE, Singapore (AFP) — Oil prices held most of the previous day’s strong gains Thursday, but while a dive in US gasoline stockpiles fueled hopes for a pick-up in demand, traders remain on edge over the long-running supply glut. Both main contracts soared on Wednesday, with US benchmark West Texas Intermediate hitting a more than three-month high and Brent breaking $41 after the US energy department report. The figures showed gasoline inventories plunged three times […]
SINGAPORE, Singapore (AFP) — Oil prices dipped in Asia Tuesday after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to agreement. US crude rose back above $30 a barrel and European benchmark Brent climbed well over $34 on Monday on hopes that the discussions would lead to concrete action to stabilise the battered market. But at around 0600 GMT on Tuesday, US […]
HONG KONG, China (AFP) — Asia’s share rally stalled Tuesday, as a boost from Wall Street was overshadowed by renewed weakness in the price of oil. Japanese stocks were broadly flat while Shanghai and Hong Kong were down in early trade, the day after Chinese markets surged on the announcement of a new securities regulatory chief. Mace Blicksilver, the US-based director of Marblehead Asset Management, said he was “cautious” about the prospect for further gains. “I […]
Oil prices dipped in Asia Tuesday after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to agreement. US crude rose back above $30 a barrel and European benchmark Brent climbed well over $34 on Monday on hopes that the discussions would lead to concrete action to stabilize the battered market. But around 0600 GMT on Tuesday, US benchmark West […]
Singapore (AFP)—Oil prices recovered in Asia on Monday after a steep fall in the previous session, with US crude back above $30 a barrel as traders mulled the impact of a potential freeze by key producers. Oil spiked sharply last week after major exporters held talks on a potential agreement to reduce a global supply glut that has dragged prices to their lowest levels in nearly 13 years this month. Saudi Arabia and Russia, […]
SINGAPORE (AFP)– Oil prices fell in Asia Friday after a sharp rise in US crude stockpiles and Saudi Arabia’s rejection of proposed output cuts shot down a rally by the battered commodity. The about-turn came as the US Energy Department reported a 2.1 million barrel increase in US commercial crude inventories, to the highest in more than eight decades, as well as sizeable increases in gasoline and other refined products. An inventories rise typically suggests soft […]
NEW YORK, United States (AFP) — The global stock rally showed signs of petering out Thursday as oil prices stagnated and analysts expressed worry that another bout of selling could be imminent. After three straight days of solid gains, US stocks closed lower, with the Nasdaq down the most at 1.0 percent. London also lost 1.0 percent with metals and oil equities falling sharply after Wednesday’s bounce. Frankfurt gained 0.9 percent, while Paris edged up […]
SINGAPORE, Singapore (AFP) — Oil prices rebounded on bargain-buying in Asia Wednesday after the previous day’s plunge but analysts warned any gains would be limited as the global glut that has hammered markets showed no sign of letting up. Investors are also nervously awaiting the release later in the day of a report on US stockpiles that is forecast to show a further increase in inventories. At around 0300 GMT, US benchmark West Texas Intermediate (WTI) […]
THE World Bank cut its 2016 forecast for crude oil prices to 37 U.S. dollars per barrel and foresaw other commodity prices to shed further this year due to weak demands from emerging economies. In its latest Commodity Markets Outlook report, the bank said the lower forecast reflects sooner-than-anticipated resumption of exports by Iran, greater resilience in U.S. production and weak growth prospects in major emerging market economies. Oil prices fell by 47 percent […]
According to industry sources, there is an impending rollback in the price of oil products this week with a cut of Php 1.60 to Php 1.80 in the price of diesel and Php 1.10 to Php 1.25 in the price of kerosene. <em>(Eagle News Service Described by Jay Paul Carlos, Video Editing by Dexter Magno, Uploaded by MRFaith Bonalos)</em> https://youtu.be/2vqrqIsDymQ
Crude prices found at least temporary support early on Wednesday after the dollar weakened and China’s commodity imports came out surprisingly strong, but oversupply means prices are expected to remain low for some time. U.S. crude futures were at $38.11 per barrel at 0048 GMT (7:48 a.m. EST), up 60 cents from their last settlement. Traders said the recovery on Wednesday was largely a result of short covering, a dip in the dollar which makes […]
