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crude

Markets

China stocks rally as US payrolls weigh on Asia; oil rebounds

China stocks rose on speculation the government will take measures to support the market, while concern the Federal Reserve will raise interest rates weighed on the rest of Asia. Oil rebounded from a 4 1/2-month low. The MSCI Asia-Pacific Index was little changed at 1:02 p.m. in Tokyo after a week in which it lost 0.8 percent. Standard & Poor’s 500 Index futures rose 0.1 percent. The Shanghai Composite Index climbed 1.9 percent to 3,731. The Australian dollar strengthened 0.4 percent as the central bank indicated the jobless rate has peaked. The yen headed for a weekly loss as the Bank of Japan held its policy unchanged. “Investors believe the 3,500 to 3,600 level is where the government wants to hold firmly above so bargain-hunters are beginning to buy again,” said Wu Kan, a Shanghai-based fund manager at JK Life Insurance Co., who is adding to shares that will benefit from reforms in state-owned enterprises.

Oil & Gas

New South African crude blending terminal to supply Asia from 2017

Using the world's first dedicated crude oil blending terminal, South Africa will by 2017 mix different grades of crude oil for export to refineries across Asia, enabling them to produce cleaner fuels more cheaply, an official said on Thursday. Construction of the 2 billion rand ($161 million) fuel blending farm, which consists of 12 massive concrete bunkers, should start in August with the first output expected for the second quarter of 2017, said Pieter Coetzee, a director at OiltankingMogs, a joint venture firm developing the terminal. "Our model is based on blending of different grades of crude to supply a specific recipe to a refinery," Coetzee said.

Markets

Oil stems drop in bear market as volatility rises to two-week high

Oil trimmed losses that tipped prices into a bear market amid a broader commodity rout as trading volatility advanced to the highest in almost two weeks. Futures climbed as much as 1 percent in New York after closing on Thursday more than 20 percent below this year’s peak in June, meeting the common definition of a bear market. U.S. crude supplies remain almost 100 million barrels above the five- year average after an unexpected increase through July 17, government data showed Wednesday. A measure of price fluctuations rose Thursday to the highest level since July 10. Oil’s rebound from a six-year low in March has faltered on signs a global surplus will persist. Prices have been swept up in a broad selloff of raw materials, which have fallen to a 13- year low amid concerns that economic growth will stagnate in China, the biggest consumer of energy, metals and grains.

Markets

Russia braces for longest recession in decades with $50 oil

For an economy that lives and dies by crude prices, the latest downturn in the world oil market means Russia’s recession may stretch into next year for the longest slump in two decades. Russia’s first economic slump since 2009 looked like it would plateau as oil gained 40 percent from a six-month low in January. Crude’s recovery has faltered in recent weeks, raising questions about government assurances that the economy will return to growth in 2016 and further squeezing a budget already on course for its widest deficit in five years. Oil jitters will test the optimism of President Vladimir Putin, who’s declared that Russia had put the worst of the economic crisis behind it, and heap pressure on his regime before early parliamentary elections in September next year. Russia, which ING Bank NV estimates needs oil at $80 a barrel to balance its budget, will endure a two-year economic contraction if crude prices remain at $60 through 2016, according to the central bank.

Oil & Gas

Oil guru who called 2014 slump sees return to $100 crude by 2020

The oil guru who predicted last year’s rout said $100-a-barrel crude is likely to return within five years as faltering supply fails to meet demand. Gary Ross, the founder of consultants PIRA Energy Group, said oil markets aren’t nearly as oversupplied as many believe and spare capacity is tight since Saudi Arabia is pumping all the crude it can without new drilling. “Current prices are unsustainable,” he said Monday in an interview in London. “It’s hard not to see oil hitting $100 a barrel at some point in the next five years.”

Markets

Brent holds losses as Iran seen exacerbating global supply glut

Brent held losses near a two-week low amid a broader rout in commodities as Iran’s plan to regain market share bolstered speculation a global glut will persist. Futures were little changed in London after falling 0.8 percent Monday. Iran is seeking to restore production once sanctions are removed regardless of the impact on prices, Oil Minister Bijan Namdar Zanganeh said. US crude stockpiles are set to remain almost 100 million barrels above the five-year seasonal average even as supplies are forecast to have dropped for a second week. Brent’s recovery from a six-year low has faltered on signs the surplus will be prolonged as Iran seeks to restore output after its nuclear accord with world powers, joining OPEC members in defending market share. The full impact of increased Iranian exports won’t be observed until 2016, banks including Citigroup Inc. predicted.

Markets

Oil falls to three-week low on the prospect of Iranian supply

Oil dropped to a three-month low in New York on the prospect that increasing Iranian shipments will extend the global supply glut. West Texas Intermediate crude extended losses in the wake of a third weekly retreat. Iran will focus on regaining oil sales it lost due to sanctions regardless of the impact on prices, Oil Minister Bijan Namdar Zanganeh said in Tehran. The United Nations Security Council unanimously adopted an Iran deal resolution Monday.

Markets

Petrobras damps Ibovespa’s weekly gain as crude prices decline

State-controlled oil producer Petroleo Brasileiro SA pared the weekly advance of the Ibovespa stock index as a decline in crude dimmed the prospects for the company’s offshore investments. Petrobras slipped to a one-week low Friday as the raw material fell toward $50 a barrel in New York. The oil driller, which is at the center of Brazil’s unprecedented corruption probe and accounts for about 10 percent of the benchmark stock index’s weighting, has said investments in offshore production are economically viable with crude above $45.

Other News

Judge rules against company over crude rail settlement dispute

A challenge by Canadian Pacific Railway over settlements for victims of a crude-buy-rail oil disaster has been rejected by a judge. The company has been subject to a class action lawsuit following the incident in which 47 people were killed and the main downtown region of a town were destroyed following the derailment of a train.

Markets

Market Info: Oil nears $60 as US surplus shrinks

Oil held gains near $60 a barrel as a drop in U.S. crude stockpiles bolstered speculation that the country’s surplus is easing. Futures were little changed in New York after rising 0.8 percent Tuesday. Crude inventories shrank by 2.9 million barrels in the week ended June 12, the industry-funded American Petroleum Institute was said to have reported. Supplies fell for a seventh week, a Bloomberg survey showed before Energy Information Administration data Wednesday. Oil is trading close to four-month highs as declining U.S. stockpiles and a slowdown in drilling countered signs that producers elsewhere are pumping more. Libya may double its output by next month as the OPEC member seeks to reopen pipelines feeding export terminals, according to National Oil Corp.

Markets

Oil rebounds as US stockpiles seen shrinking global surplus

Oil advanced for the first time in four days amid speculation U.S. crude stockpiles will decline further, easing a supply surplus. Futures climbed as much as 1.2 percent in New York. Crude inventories probably shrank for a seventh week as refiners prepared to meet increased fuel consumption in the summer, according to a Bloomberg survey before an Energy Information Administration report Wednesday. A Gulf of Mexico tropical storm prompted the evacuation of some workers from oil and gas operations. Oil is trading close to four-month highs near $60 a barrel on signs that record stockpiles are draining. The U.S. will use more gasoline during its peak driving period that started in April, compared with last year, the EIA said June 9. Global supply has exceeded consumption the past five quarters, the most enduring glut since the 1997 Asian economic crisis, data from the International Energy Agency showed.

Oil & Gas

Latest China plan for emergency oil will hold 37 days of imports

The nation is planning facilities with capacity to store 232 million barrels of crude in the third phase of its strategic petroleum reserve program, according to a deputy director at the National Development Reform and Commission’s energy research institute. The proposal is yet to receive government approval, Gao Shixian said in Shanghai on Friday. The world’s second-biggest oil consumer stepped up purchases to fill its emergency supplies last year as benchmark prices plunged almost 50 percent amid a global supply glut.

Markets

Oil extends slide below $50 as US supplies seen worsening glut

Oil extended its slide below $50 a barrel before US government data forecast to show crude inventories expanded from a record high in the world’s biggest consumer. Futures fell as much as 1.2% in New York for a fifth day of declines, the longest losing streak since August. Crude stockpiles probably rose by 3.75 million barrels last week, a Bloomberg News survey showed before an Energy Information Administration report on Wednesday.

Oil & Gas

Kuwait sees crude recovering amid plans to add more rigs

The surplus in global crude supply is smaller than the 1.8 million barrels a day Kuwait estimated last month, and prices will continue to recover, Oil Minister Ali Al-Omair said. The Persian Gulf state producer plans by next year to add 40 more drilling rigs and raise production capacity to 3.15 million barrels a day, a 5% increase from today, Hashem Hashem, chief executive officer of state-run Kuwait Oil Co., told reporters at a conference in Kuwait City. “We were expecting oil prices to recover in the second half, but they recovered faster than what we expected,” Al-Omair said Monday at the same event. “I expect oil prices to keep improving.”

Oil & Gas

Crude oil bears betting on supply glut miss market rally

Speculators cut bullish oil bets for a fourth week, missing a market rebound. Hedge funds and other money managers decreased net-long positions in West Texas Intermediate crude by 9.1% since January 13, US Commodity Futures Trading Commission data show. Futures climbed for a third week as companies including Apache Corp. and Total SA announced spending cuts. Bad weather kept tankers from loading in southern Iraq and Libya’s production decreased. Baker Hughes Inc. said rigs targeting oil in the US dropped to the lowest in almost five years.

Markets

Lamprell faces challenging year amid falling oil prices

Dubai-based Lamprell's shares have dropped 15% after warnings it faced "a challenging 2015". The firm said that falling price of crude had placed annual revenue at 10% below expectation. Jim Moffat, chef executive, said: "With the recent slump in the oil price, winning work in 2015 is going to be a challenge as the industry adjusts to the new realities.

Oil & Gas

Goldman sees need for $40 oil as forecast for OPEC cut abandoned

Goldman Sachs said US oil prices need to trade near $40 a barrel in the first half of this year to curb shale investments as it gave up on OPEC cutting output to balance the market. The bank cut its forecasts for global benchmark crude prices, predicting inventories will increase over the first half of this year, according to a report. Excess storage and tanker capacity suggests the market can run a surplus far longer than it has in the past, said Goldman analysts including Jeffrey Currie in New York.

Opinion

Opinion: The good old days have gone, and they won’t be coming back

Predicting oil price movements is as risky as exploring for oil itself. The average price for crude fell 10.3% from the start of 2014 to the date of the Scottish independence referendum on September 18. It fluctuated over this period – but few, if any, were predicting any major move in either direction in the months to follow. Yet during the past three months we have seen another 48.4% fall. Geopolitical factors involving OPEC, the US, Russia and Iran, as well as the economic decline of China and the Eurozone, have been touted as contributory causes.

Oil & Gas

Oil losses force Norway to consider measures to back economy

Norway is considering tapping reserve funds to shield western Europe’s biggest oil producer from the worst slump in crude prices in more than half a decade. Prime Minister Erna Solberg said the government is now “on alert” to respond to the rout. “If the economic situation requires it, we can react quickly,” she said yesterday at a conference in Oslo organized by Norway’s confederation of industry. A 56% plunge in the price of Brent crude since a June high has undermined Norway’s currency and beaten back its stock market.

Markets

Brent price drop halts – but warning of steeper falls ahead

The steep decline in oil price paused yesterday for the first time in five days, after benchmark Brent caused consternation as it fell to below $50 a barrel. Crude prices at last turned positive as Brent hovered near $51 a barrel last night, after recovering from a session low of $49.66 earlier. US crude was also up 70 cents at $48.63, after rallying earlier to $49.31.

Oil & Gas

Renowned trader Hall sees $40 oil ‘absolute price floor’

Oil prices have almost bottomed out and “some recovery” is likely by the second half of the year as demand picks up, commodity hedge fund manager Andrew J. Hall told investors. Crude could trade in the $40-a-barrel range in 2015, close to “an absolute price floor,” the head of Astenbeck Capital Management wrote in a letter.

Markets

Brent oil falls below $50

Brent crude was being traded at below $50 a barrel for the first time since 2009 today as the rout in global oil prices continued. The industry benchmark has slumped from $116 a barrel in June,driven by a glut in supply and shrinking demand due to fears over the outlook for world economic growth. Brent was down by another 2% in trading today, putting more pressure on the shares of FTSE 100 Index heavyweights BP and Royal Dutch Shell.

Markets

How $50 oil changes almost everything

The plummeting price of oil means no more trout ice cream. Coromoto, a parlor in Merida, Venezuela, famous for its 900 flavors, closed during its busiest season in November because of a milk shortage caused by the country’s 64% inflation rate, the world’s fastest. That’s the plight of an oil-producing nation. At the same time, consuming countries like the US are taking advantage.

Markets

Oil extends drop below $48 as US stockpiles seen rising

Oil extended losses below $48 a barrel amid speculation that US inventories will expand, deepening a global supply glut that’s driven prices to a five-year low. Futures declined for a fourth day. Stockpiles in the world’s biggest oil-consuming country probably rose by 700,000 barrels last week, a survey showed before a government report. Oil slumped almost 50% in 2014, the most since the 2008 financial crisis, after the Organization of Petroleum Exporting Countries resisted calls to cut output as it competes with US producers.

Markets

Oil prices tumble to lowest in six years

Oil prices have tumbled to their lowest level in nearly six years as a glut in supply coincides with shrinking demand amid fears for world economic growth. The plunge looks set to prove a boon for consumers as it feeds through to lower petrol costs and depressed inflation - currently at a 12-year low of 1% and expected to fall further - but hurts the prospects of UK-listed companies. Brent crude today headed close to $51 a barrel, nearing the $50 that has not been seen since May 2009.