Banks assist in the recovery of Australian shares; energy and miners lag behind
The Australian share market ended its five-day loss streak on Tuesday, as gains in the banking sector outweighed losses in mining and energy stocks. Investors around the world pondered whether U.S. policy will ease beyond this week. By 2335 GMT, the S&P/ASX 200 Index rose 0.2% to 8264.9. The benchmark index ended Monday 0.6% lower.
Oil Falls as Chinese Demand Sags, Fed Ponders Rate Cut
Oil futures slipped from the highest levels in several weeks on Monday on weakness in consumer spending in China, which is the world's largest oil importer, and as investors paused buying ahead of the U.S. Federal Reserve's interest rate decision.Brent crude futures fell 39 cents to $74.10 a barrel by 1:10 p.m EST…
Explorator KUFPEC looks for more oil and gas in Indonesia's Natuna Sea
Kuwait Foreign Petroleum Exploration Company's (KUFPEC's) country representative stated on Monday that the company is looking for more oil and natural gas in Indonesia's Natuna Sea. Indonesian President Prabowo Subito wants to increase his country's production. Prabowo who was elected in October aims to reduce dependence on imported fuel.
OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"
It was likely a fairly easy decision for OPEC+ to once again delay plans to increase oil output.The soft state of global demand is by itself sufficient reason to justify the decision at this week's meeting of the group to defer winding back some of its production cuts until at…
Brazil will offer 91 oil blocks permanently
Brazil's Ministry of Mines and Energy said in a statement on Friday that it will sell 91 oil blocks permanently. This could result in signing bonuses of up to 2.4 billion Reis ($394.11m) at the next auction. The government will offer 39 blocks within the Sao Francisco Basin of Minas Gerais…
Oil Edges to 2-Week High on Ukraine News
Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U.S. West Texas Intermediate crude CLc1 rose 77 cents…
India Defends Propping Up Russian Oil - Prices "would have hit the roof"
Global oil prices "would have hit the roof" if big importer India had not bought oil from Russia following the Ukraine war, India's oil minister said, adding that prices would determine where the country buys oil from.India, the world's third largest oil importer and consumer…
Oil Dips 2% as Hurricane Fears Ease
Oil prices fell more than 2% on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China's latest economic-stimulus packages failed to impress some oil traders.U.S. West Texas Intermediate futures CLc1 led the decline, down 2.8%, or $2.01, at 70.35 per barrel by 1:32 p.m.
Prices of oil fall as Hurricane Rafael is expected to weaken
The oil prices dropped slightly on Friday, as the market continued to assess how Donald Trump's policy might impact supplies. Brent crude oil futures dropped 26 cents or 0.3% to $75.37 a barrel at 0209 GMT. U.S. West Texas Intermediate crude (WTI), gained 35 cents, or 0.5%, to $72.01. After a nearly 1% increase on Thursday, benchmarks dropped.
Exxon and Chevron are expected to top Q3 profits as US oil production hits a record high
Exxon Mobil, a U.S.-based oil producer, and Chevron, a U.S.-based fuel company, posted higher-than-expected profits for the third quarter on Friday. This was due to soaring U.S. crude oil production, which cushioned soaring fuel prices. Both companies focused on increasing oil and gas production…
VEGOILS - Boost exports on the back of positive estimates and weak output
Malaysian palm oil futures ended up higher on Monday after two sessions of losses. Supported by higher export estimates, and expected seasonal palm production decreases, the prices rose. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 46 ringgit or 1.08% to 4,301 Ringgit ($1,000.23).
After a 7% drop in a week, oil prices are on the rise again
The oil prices rose in Asian trading Monday after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 27 cents or 0.37% to $73.33 per barrel at 0625 GMT. U.S.
Palm gains from better export estimates and expectations of low output
After two sessions of declines, Malaysian palm oil futures eked out a slight gain on Monday, backed by increased export estimates and expected seasonal palm production decreases. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 49 ringgit or 1.15% to 4…
Oil prices stable after 7% drop in a week
Early trading on Monday saw oil prices stabilize after a drop of more than 7% last week due to concerns over demand in China, which is the world's largest oil importer. Also, there were fewer worries about possible supply disruptions in Middle East. Brent crude futures were up 8 cents or 0.11% to $73.14 per barrel at 0120 GMT. U.S.
Gunvor chair: Mideast conflict will not affect oil supply but demand is a concern
The CEO of trading firm Gunvor is confident that the conflict in the Middle East won't impact oil supply. He said this on Tuesday. He told the Gulf Intelligence Energy Markets Forum, held in Fujairah that the situation in the Red Sea and Yemen was a nuisance but not disruptive. The market, he said, was more concerned about the weak demand.
Russia's Novak believes that oil volatility is easing despite Middle East turmoil
Alexander Novak, Russian Deputy Premier Minister, told Al Arabiya News that he expects the volatility in oil prices to subside after the Middle East tensions have triggered it. Geopolitical risk has already been factored into the price fluctuations. Novak, who oversees the Russian economy as a whole…
New refineries bring down profits for global refiners
Oil refiners across Asia, Europe, and the United States have seen their profitability drop to multi-year-lows. This is a significant downturn in an industry which had previously enjoyed booming returns following the pandemic. It also highlights the global slowdown. This weakness…
Oil Minister: India will continue to buy cheap Russian oil
Hardeep Singh puri, the oil minister, said that India was willing to continue buying oil from Russian companies who are permitted to sell oil at such low prices. Puri said in an interview given at the GasTech Conference in Houston that Western sanctions against Russia for its…
OPEC+ agrees two-month delay in October oil production increase
OPEC+ agreed to postpone a planned increase in oil production for October and November, the producers' group announced on Thursday, after crude prices fell to their lowest level in nine months. It added that it may further pause, or reverse, the increases if necessary. Oil prices are falling, along with other asset categories.
Sources say OPEC+ is close to an agreement on delaying the increase in oil production.
Two sources within the group said on Thursday that OPEC+ was close to reaching an agreement with regards to delaying a planned increase in oil production for October after crude prices fell to their lowest level in nine months. Oil prices are falling, along with other asset categories.
