NEW YORK: Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to meet growing demand.
Both benchmarks were at one point up by $1 per barrel, but Brent crude pared gains and settled just up 44 cents at $74.36 a barrel, after falling by almost 2% on Monday.
The October West Texas Intermediate (WTI) contract, which expired on Tuesday, rose 27 cents to settle at $70.56 a barrel, after dropping 2.3% in the previous session. The more active November contract rose 35 cents a barrel to $70.49.
Brent and the November WTI contract earlier reached session highs of $75.18 a barrel and $71.48 per barrel, respectively.
"It seemsRead More »
KUALA LUMPUR: Sapura Energy Bhd said group chief financial officer (CFO) Reza Abdul Rahim is leaving the company on Oct 1 to pursue other opportunities.
“Reza is an integral part of the Sapura Energy growth story,” said group chief executive officer Datuk Anuar Taib.
“He helped to build the Group into the global integrated energy services and solutions provider that we are today,” he said in a statement today.
Reza joined Sapura Energy as Senior Vice President of the Offshore Construction and Subsea Services Division in 2012 and was appointed Group CFORead More »
TOKYO: Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up 91 cents or 1.3% at $71.20 after dropping 2.3% in the previous session.
Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ida that imply less supply is available, ANZ analysts said.
"While slowing Chinese economic growth andRead More »
NEW YORK: Oil prices fell 2% on Monday as investors grew more risk averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currencies
Brent crude fell US$1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. U.S. West Texas Intermediate (WTI) declined $1.68, or 2.3%, to end at $70.29 after falling to as low as $69.86.
The dollar, seen as a safe haven, rose as worries about Chinese property developer Evergrande's solvency spooked equity markets and investors braced for the Federal Reserve to take another step toward tapering this week.
"As the U.S. dollar is usually a safe haven, its exchange rate against other currencies strengthens, a development that supplements tRead More »
KUALA LUMPUR: Dayang Enterprise Holdings Bhd, an oil and gas services firm, made a RM21.9mil loss in the April-June quarter, but expects its results in the coming third quarter to "improve considerably" amid on-going vaccination efforts and higher oil prices.
In the three-month ended June 30, Dayang recorded a lower revenue of RM159.7mil compared with RM170.9mil a year ago.
The decrease in revenue was mainly attributed to lower vessel utilisation at 51% as compared to 52% in the second quarter of 2020.
"This is a result of delayed work orders/contracts being aRead More »
JAKARTA: Even as Indonesia wins cautious praise from some green groups for ambitious plans to cut carbon emissions, the world's biggest exporter of thermal coal shows no sign of weaning itself off the polluting fuel any time soon.
Indonesia, the eighth-biggest carbon emitter, recently brought forward its goal for net zero emissions from 2070 to 2060 or sooner, ahead of the United Nations Climate Change Conference in Glasgow in November, and joined a U.S.-led Global Methane Pledge.
It also plans to stop commissioning new coal-fired power plants and phase out coal for electricity by 2056 under a new, greener long-term economic vision.
But - as with other coal producers such as Australia and India - Indonesia is wrestling with how to balance its enviroRead More »
SINGAPORE: Oil prices dropped on Monday, extending last week's losses after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output stayed offline in the wake of two hurricanes.
Brent crude futures fell 61 cents, or 0.8%, to $74.73 a barrel at 0650 GMT after losing 33 cents on Friday.
U.S. West Texas Intermediate (WTI) crude futures fell 66 cents, or 0.9%, to $71.31 a barrel, after declining 64 cents on Friday.
"Strength in the USD over the last couple of days has provided some headwinds to the market," researchers at ING Bank said in a note on Monday.
Oil fell with the greenback near a three-week high following a rally on Friday on better-than-expected U.S. retail saleRead More »
Energy companies and the UK government will hold a third day of crisis talks as a surge in gas and electricity prices threatens to put more suppliers out of business and squeeze consumers.
Business Secretary Kwasi Kwarteng warned Sunday that with suppliers under pressure, the government has a plan to put a special administrator in place in the event of companies’ failure. He’s convened a discussion with the energy industry on Monday to chart a path forward.
The meeting comes after talks over the weekend with companies including Centrica Plc, Britain’s biggest supplier, and EDF Energy, as well as two gatherings with UK energy regulator Ofgem.
Rising energy bills are giving rise to concerns about inflation as well as potential hardship for milliRead More »
ABUJA: Nigeria's President Muhammadu Buhari said on Sunday he had appointed a board for state-oil firm NNPC and directed that it should be incorporated within six months, a move that could allow it to sell shares in the future.
Buhari, who doubles as petroleum minister, signed an oil bill into law last month that has been in the works for nearly two decades, aiming to overhaul the sector and turn the state-owned oil company into a private firm.
The new oil law requires NNPC to be incorporated withiRead More »
NEW YORK,: Oil prices fell on Friday as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.
Brent crude futures fell 33 cents to settle at US$75.34 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 64 cents to settle at $71.97 a barrel. For the week, Brent was up 3.3% and U.S. crude was up 3.2%, supported by tight supplies due to the hurricane outages.
Friday's slump followed five straight sessions of rises for Brent. On Wednesday, Brent hit its highest since late July, and U.S. crude hit its highest since early August.
"The reason oil pRead More »