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Tag Archives: oil prices

Oil prices up as dollar decreases by 0.5% one month low

ATHENS: Oil prices rose on Thursday as a weaker dollar made fuel cheaper for holders of other currencies, and on hopes of a last-minute breakthrough that could keep Greece in the euro zone and help avoid a shock to European economic growth. The dollar fell 0.5 percent to a one-month low against a basket of currencies. After the Federal Reserve ... Read More »

OPEC countries need oil prices above $100/barrel to break in budgets: Experts

DOHA: Energy expert Dr Mamdouh G Salameh says that, with the exception of Qatar and possibly Kuwait, most OPEC countries need oil prices above $100 a barrel to break even in their budgets. Here he puts the focus on Iran’s inflated oil reserves, saying that Iran may actually need nuclear power to fuel its economy and also to remain an ... Read More »

Australia faces crisis on falling metals, oil prices

CANBERRA: Australian shares fell sharply as resources stocks followed fall in oil and metals prices, while Caltex Australia’s stock slumped as US energy giant Chevron Corp sold its entire stake at a discounted price. Chevron’s US$3.7 billion sale of its half stake in the fuel firm was Australia’s biggest block trade ever. The S&P/ASX 200 index ended down 1.25 per ... Read More »

US stocks end lower, Dow Jones tumbles 40.31pts

LONDON: Wall Street stocks Thursday ended lower in volatile trade spurred by the Yemen crisis. The Dow Jones Industrial Average fell 40.31 points (0.23 per cent) to 17,678.23. The blue-chip index had fallen below 17,600 earlier in the session. The broad-based S&P 500 dropped 4.90 (0.24 per cent) to 2,056.15, while the tech-rich Nasdaq Composite Index shed 13.16 (0.27 per ... Read More »

Spanish manufacturing sector enlarges in February 2015

MADRID: The Spanish manufacturing sector has expanded in February as new orders logged its fastest growth since April 2007, survey data from Markit Economics showed Monday. But the overall rate of growth moderated from January. The seasonally adjusted Purchasing Managers’ Index fell to 54.2 in February from 54.7 in January. The health of the sector strengthened in each of the ... Read More »

Canadian dollar surges 0.48% after rise in oil prices

TORONTO:  The Canadian dollar was higher as oil prices advanced for a third day and data showed rising housing starts. The loonie rose 0.48 of a cent to 80.33 cents US as Canada Mortgage and Housing Corp. said that starts during January came in at 187,276 units in January, up from 179,637 units in December. The increase was led by ... Read More »

Japan stocks rise as oil prices higher, Japan ‘s Nikkei up 0.7 %

TOKYO: Japan stocks rose Friday, benefiting from a spike in crude oil prices while Chinese stocks fell amid concerns over the economy. The Nikkei Stock Average was up 0.7% while Australia’s S&P/ASX 200 was up 0.2%. The Australian benchmark was headed for its 12th straight day of gains, even after the country’s central bank Friday lowered both its medium-term forecasts ... Read More »

Tokyo stocks start lower as oil prices fall, Nikkei 225 down 95.98pts

TOKYO:  Tokyo stocks opened lower early Thursday as the fall in crude oil prices and concerns over Greek banks clouded market sentiment. At 9:15 a.m. local time, the 225-issue Nikkei Stock Average was down 95.98 points, or 0.54 percent, from Wednesday to 17,582.76. The broader Topix index of all First Section issues on the Tokyo Stock Exchange lost 3.86 points, ... Read More »

Crude oil prices climb $55 per barrel in Iraq

BAGHDAD: Crude oil prices rise as investors shrugged off a U.S. refinery strike and focused on a falling U.S. rig count that signalled lower production down the line. “There were a lot of people on the sidelines waiting for an opportunity to buy,” said Bjarne Schieldrop, chief commodity analyst at SEB. “Brent has struggled sideways for a long time but ... Read More »

OPEC’s secretary-general hopes for recovery in oil prices

BAGHDAD: Oil prices at current levels may have reached a floor and could move higher very soon, OPEC’s secretary-general said  his first public comment that oil’s second-biggest decline on record may have run its course. Abdulla al-Badri also warned of a risk of a future price spike to $200 a barrel if investment in new supply capacity is too low. ... Read More »

UAE expects to recover oil prices in middle of 2015

DUBAI: UAE economy minister Sultan bin Saeed Al Mansouri said that prices in oil expected to recover in the middle of 2015, with positive improvement in economics. “My expectation is that by the middle of this year we should see some turn in oil prices and an expected positive turn in the economies of Europe, the US and China,” he ... Read More »

Bank of England: UK interest rates can rise sooner than expected as oil prices tumble

LONDON: Bank of England top policymaker said the fall in petrol prices has cut UK inflation to 0.5 per cent, interest rates in the UK could rise sooner than markets expect. Traders have pushed back expectations of interest rates rising from a record low of 0.5 per cent because inflation has come down sharply in recent months. Kristin Forbes, one ... Read More »

Brent oil trades around $50 per barrel

LONDON: Brent crude oil traded around $50 per barrel on Monday, with a little bit support coming from declining U.S. production growth but a hope of weak Chinese monetary data put a pressure on markets. Analysts said prices were receiving some support around current levels but added that there was not much room for larger price gains. “Some positive data ... Read More »

Tokyo stocks start 0.81pc higher, Nikkei 225 at TSE surges 136.62pts

TOKYO: Tokyo stocks started 0.81 per cent higher on Monday following rallies in New York, with shareholders expecting for new stimulus from the European Central Bank’s policy meeting later this week. The Nikkei 225 index at the Tokyo Stock Exchange rose 136.62 points to 17,000.78 at the start. Wall Street stocks jumped Friday as oil prices rebounded, snapping a five-day ... Read More »

Trading below $50 a barrel: Crude oil value falls 60% during last six months

LONDON: Crude oil value tumbled almost 60 per cent over the last six months with both of the world’s crude oil benchmarks now trading below $50 a barrel as supplies of high quality, light oil from the US and Canada have overwhelmed demand at a time of lackluster global economic growth. Oil prices may have further to fall and a ... Read More »

Crude oil prices fall to unexpected levels: Kuwait oil minister

KUWAIT CITY: Kuwaiti oil minister Ali al Omair said oil prices had fallen to unexpected levels, state news agency KUNA reported, with crude continuing a rout that extended to a nearly six-year low this week. Global oil prices tumbled nearly five per cent at one point on Tuesday and declined further on Wednesday, having sunk about 60 per cent in ... Read More »

European stocks take positive start, Stoxx Europe 600 increases 1%

ROME: European Stocks clawed back some of current damages on Thursday, boosted up by the last day’s rebound in the price of value. The Stoxx Europe 600 index was 1 per cent higher in early trading, bouncing back from Wednesday’s sharp fall which came after a World Bank cut in global growth forecasts and an intensifying commodity slump fanned fears ... Read More »

Oil prices decline in early Asian trade, after hitting 6yrs low in last session

SINGAPORE: Oil cost declined in early Asian trade on Wednesday after hitting its lowest in nearly six years in the last session, with analysts predicting more falls as oversupply plagues the market. Oil tumbled 5 percent to near six-year lows on Tuesday, with the Brent crude international benchmark briefly trading at par to U.S. prices for the first time in ... Read More »

Japan stocks down as yen climbs vs dollar, Topix index dips 0.6%

TOKYO: Japanese stocks tumbled for a second day as yen climbed high against the dollar. The Topix index lost 0.6 per cent to 1,365.67 as of 9.02am in Tokyo, with all of its 33 industry groups falling. The Nikkei 225 Stock Average dropped 0.8 per cent to 16,956.80. The yen added 0.1 per cent per cent to 117.81 per dollar, ... Read More »

Hong Kong stocks end 0.79pc higher, Hang Seng adds 189.51pts

TOKYO: Hong Kong stocks closed 0.79 percent higher as better-than-forecast Chinese trade data offset more losses on Wall Street. The benchmark Hang Seng Index added 189.51 points on Tuesday to 24,215.97 on turnover of HK$84.85 billion ($A11.85 billion). In mainland China the benchmark Shanghai Composite Index rose 0.19 per cent, or 5.98 points, to 3,235.30 on turnover of 273.6 billion ... Read More »