|Day's Range||66.51 - 66.90|
* Weak Indian rupee weighs on market - trader * Malaysia's Aug. 1-15 exports fall 14.6 pct - AmSpec * Palm to fall into 2,165-2,179 rgt/T range - Techs By Emily Chow KUALA LUMPUR, Aug 15 (Reuters) - Malaysian ...
KUALA LUMPUR, Aug 15 (Reuters) - Exports of Malaysian palm oil products during August 1 to 15 fell 14.6 percent to 415,719 tonnes from 486,609 tonnes shipped during July 1 to 15, inspection company AmSpec ...
SINGAPORE, Aug 15 (Reuters) - * Malaysian state oil firm Petronas has set the August price factor for Malaysian Crude Oil (MCO) at $3.75 a barrel, down 10 cents from the previous month, according to a ...
The number of global trade disputes is rising, and while global economic growth remains robust, oil demand growth in emerging markets could be impacted by trade wars and a strong U.S. dollar
MARKET PULSE The American Petroleum Institute reported Tuesday that U.S. crude supplies rose by 3.66 million barrels for the week ended Aug. 10, according to sources. The API data also showed supplies of gasoline dropped 1.
While the United States sanctions on Iran are set to take effect in November, China is showing no signs of reducing its oil imports from this key supplier
India may cut its Iranian crude oil imports by 50% to cooperate with U.S. sanctions and secure a waiver to continue shipments, according to a Bloomberg report on Tuesday. This is a bullish sign for crude oil as major crude importers begin to assess their purchases from Iran ahead of the November 4 deadline. India cannot completely cut Iranian crude oil supplies as these cargoes are offered at competitive pricing and also represent a meaningful part of their supply.
Oil prices rose on Tuesday morning ahead of this week’s crude inventory report as the Kingdom of Saudi Arabia said that it cut oil production in order to avoid oversupply
On August 13, US crude oil September futures fell 0.6% and settled at $67.2 per barrel. On the same day, the Energy Select Sector SPDR ETF (XLE) fell 1.3%. The fall in energy stocks might have contributed to the 0.4% and 0.5% fall in the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA), respectively, on August 13. Read Did Oil’s Fall Impact the S&P 500 Index? to learn more.
(Reuters) - Canada's main stock index climbed on Tuesday as higher oil prices lifted energy stocks and concerns around Turkey's currency crisis receded. At 9:43 a.m. ET (1343 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 30.87 points, or 0.19 percent, at 16,281.62. Turkey's lira eased after the country's central bank moved to ease pressure on the currency, which had plummeted to an all-time low of 7.24 to the dollar early on Monday. Six of the index's 11 major sectors were trading higher. The biggest boost to the index was the energy sector , which rose 0. ...
Japanese utilities and global mining giant Glencore have settled an Australian thermal coal import contract for April 2018-March 2019 at $110 a tonne, according to several people with knowledge of the matter. The deals were struck between Glencore and Japanese utilities such as Shikoku Electric, Chugoku Electric and Kansai Electric after bilateral talks, a source at a Japanese coal buyer said, requesting anonymity as he was not allowed to speak in public about commercial deals.
Tethys Oil AB (publ) focuses on the exploration and production of oil and natural gas properties. Tethys Oil’s insiders have divested from 949.00 shares in the large-cap stock within theRead More...
* Market in line for fourth straight day of losses * Palm may fall into 2,165-2,179 rgt/T range - Techs By Emily Chow KUALA LUMPUR, Aug 14 (Reuters) - Malaysian palm oil futures fell slightly in early ...
Since the NZD/USD begins the session in the window of time for a closing price reversal bottom, yesterday’s close at .6579 and yesterday’s low at .6564 are the key levels to watch today.
Oil futures lose ground Monday, but end off session lows after tumbling sharply on expectations for an increase in crude stocks at the delivery hub for U.S. futures and data showing a pickup in production by OPEC.
MARKET PULSE Oil futures ended with a loss but off session lows on Monday. West Texas Intermediate crude for September delivery (clu8) on the New York Mercantile Exchange ended 43 cents lower at $67.20 a barrel, a drop of 0.
US E&P (exploration and production) stocks, particularly oil-weighted stocks, were sluggish last week (ended August 10) due to crude oil prices falling sharply mid-week. Although crude oil recovered slightly on Friday, it fell 1.3% last week to close at $67.60 per barrel. Trade tensions, expectations of lower demand, and strength in the US dollar weighed on crude oil prices, while sanctions on Iranian oil supported them.
A crucial deal just ended a two-decade-long dispute in the Caspian Sea, where Russia, Iran, Turkmenistan, Kazakhstan and Azerbaijan have agreed on the division of huge hydrocarbon resources
The decline in oil prices may accelerate as the U.S. dollar soars higher, and that's bad news for oil stocks. Oil prices and the dollar tend to go in opposite directions, representing what experts call a negative correlation. Should the dollar continue to strengthen against other foreign currencies, the price of oil will probably decline.
The world’s largest oil producer is reining in its crude output as weaker than expected oil demand figures leave Opec’s forecasts shaken. The latest report from the Organisation of Petroleum Exporting Countries (Opec) revealed that Saudi Arabia cut its oil production rate by more than 200,000 barrels a day last month. The Kingdom’s decision to keep a firm grasp on its oil pumps emerged despite the cartel’s pledge to US President Donald Trump in June that the bloc would increase output to keep a lid on rising global crude prices. Despite the Saudi slowdown Opec’s daily output rose by 41,000 barrels in June to 32.32 million barrels a day in July as Nigeria, Kuwait and the United Arab Emirates more than offset the Kingdom’s cuts. Crude output is on the rise outside of the cartel too, as producers in China pour more than expected into the global market. The Opec report found that China produced 73,000 barrels a day more than expected to an average daily rate of 59.62 million barrels. The rise of global oil supply both within and outside the cartel has helped to hold back the upward march of oil prices towards $80 a barrel last month, but market jitters surrounding forecasts for future demand could spell oil price losses, according to analysts. Oil surge and trade disputes ‘threatening US economy’ Currently the price of Brent crude is hovering between $72.50 and $73 a barrel. But demand for crude may not climb by as much as previously thought, raising concerns that the market may slip into over-supply once again. Opec has revised down its forecast oil demand growth by 20,000 barrels a day from last month’s report, to 1.64 million barrels a day this year. The overall demand for Opec’s crude is now expected to be 32.9 million barrels a day this year, which is around 600,000 barrels a day lower than in 2017. Georgi Slavov, of commodities trader Marex Spectron, said demand from oil refineries is expected to fall as profit margins tighten and the global economy appears to be producing the same output with less energy input. “Our macroeconomic view remains overwhelmingly bearish,” Mr Slavov warned. “Short-term credit conditions continue to deteriorate which is likely to have an outright negative impact on the demand for crude oil in the medium term. “The most compelling evidence is provided by our currency impact model. The recent US dollar strength couldn’t go unnoticed by our model which is now suggesting that the purchasing power of key oil consumers is getting eroded by the day,” he added.
Indian Oil Corp.'s planned $5.10 billion expansion of its unit Chennai Petroleum, partly owned by Iran, is not expected to be hit by U.S. sanctions against Tehran, Chairman Sanjiv Singh said on Monday. Chennai Petroleum plans to invest up to 356.98 billion rupees to replace its 20,000 barrel per day (bpd) Nagapattinam refinery in Southern Tamil Nadu state with a 180,000 bpd plant, it informed stock exchanges last year. Naftiran Intertrade, the Swiss subsidiary of National Iranian Oil Company, holds a 15.4 per cent stake in Chennai Petroleum, while IOC has about a 52 percent share.