oil market

 
 

Wall Street opens down after record-breaking session

LONDON, April 24 — Wall Street opened slightly down today after a record-breaking session the day before failed to spark a major global rally. Bullish earnings and economic data catapulted New York’s S&P 500 and tech-heavy Nasdaq indices to…


Saudi says no immediate plan to boost oil output as Iran waivers end

RIYADH, April 24 — Saudi Arabia has no immediate plans to raise oil output after the United States ends sanctions waivers for buyers of Iranian crude, energy minister Khalid al-Falih said today. “(Global) inventories are continuing to rise…


Asian markets fluctuate as dealers brush off Wall St record

HONG KONG: Asian markets fluctuated Wednesday following a record-breaking close on Wall Street that was fuelled by strong earnings from US big-hitters.

The S&P 500 and Nasdaq scaled all-time highs while the Dow came close after a string of better-than-forecast results from the likes of Coca-Cola, Twitter and Lockheed Martin added to a raft of other recent reports that suggest the economy is in rude health.

Markets welcomed “a really great string of earnings reports, most of them outpacing expectations, as well as some pretty good commentary on future estimates from CEOs”, Jim Paulsen, chief investment strategist at Leuthold Weeden, told Bloomberg News.

“There’s quite a bit of positivity carrying this to new highs.”

However, while Asian dealers were generally upbeat they were unable to use the Wall Street performance to kick on in early trade, with major indexes shifting in and out of positive territory through the morning.

Hong Kong and Shanghai were each down 0.2 percent in the morning while Tokyo headed into the break flat and Seoul slipped 0.7 percent.

However, Sydney rose one percent as a drop in Australian inflation raised the chances of an interest rate cut by the country’s central bank. The reading sent the Australian dollar plunging one percent.

Singapore, Taipei and Manila each rose 0.2 percent, Wellington added 0.7 percent while Jakarta inched up slightly.

Oil prices retreat after rally

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin travel to Beijing next week for another round of high-level talks aimed at resolving their painful tariffs war.

The White House issued a statement saying the latest negotiations “will cover trade issues including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, purchases and enforcement”, adding that Chinese officials will visit Washington on May 8.

Expectations the talks will eventually end with an agreement between the economic superpowers has helped fire a rally across world markets this year, with the initial row having been the catalyst for a sharp sell-off at the end of 2018.

On oil markets both main contracts were in retreat a day after hitting six-month highs on the back of news that Washington would end a waiver for several countries from US sanctions on Iran.

Prices had already been surging thanks to hopes for the China-US talks and, OPEC and Russia’s output cap, and unrest in Libya and Venezuela.

There is speculation OPEC kingpin Saudi Arabia could step in to fill the void left in the market by the removal of Iranian crude, which would temper prices.

But SPI Asset Management’s Stephen Innes said Riyadh could balk at such a move, having opened the taps when the US unveiled sanctions six months ago only to be “hoodwinked” by the waivers.

“If the US is fully committed to their hawkish Iranian pledge… prices will reprice higher as Saudi Arabia appear tentative about increasing supplies, while it is unlikely (US) shale can fill the void quick enough,” Innes said in a note.

“So to what degree oil markets tighten, and how high oil price goes, will now mostly be dependent on the supply response from OPEC+ group.”


Oil surges amid Opec caution to offset Iran sanctions

NEW YORK, April 24 — Oil prices hit their highest in about six months yesterday as sources said Gulf Opec members were ready to raise output only if there was demand before offsetting any shortfall following a US decision to end waivers for buyers…


Japan expects limited impact from US move to scrap Iran oil sanction waivers

TOKYO, April 23 — Japan expects a limited impact from the US decision not to renew waivers it had previously granted on Iran oil import sanctions, trade and industry minister Hiroshige Seko said today. The United States yesterday demanded all…


Riyadh to ‘stabilise’ oil market after US move to end Iran waivers, says minister

RIYADH, April 22 — Riyadh is committed to “stabilise” the oil market after a US decision to end sanction exemptions for Iran’s customers, Saudi Arabia’s Energy Minister Khalid al-Falih said today. “The kingdom reaffirms its…


China stocks suffer in thin holiday trade

TOKYO, April 22 — Chinese stocks closed lower today on speculation authorities would limit monetary policy easing after signs of stabilisation in Asia’s top economy but trade was lacklustre with many markets closed for Easter. After…


Asia stocks firm, oil hits five-month peak on Iran sanctions report

TOKYO, April 22 — Asian shares were steady today as investors took stock of recent data suggesting global growth may be stabilising, while oil prices spiked on a report the US is likely to ask all importers of Iranian oil to end their purchases or…


Palm drops on weaker soyoil, slower demand growth

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KUALA LUMPUR (April 16): Malaysian palm oil futures fell to a two-week low on Tuesday, in line for a second session of declines, tracking weaker soyoil on the US Chicago Board of Trade amid slower-than-expected demand growth. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 0.5% to RM2,151 (US$522.98) a tonne at the midday break. It had earlier fallen to RM2,139, its weakest level since April 2. “The market today is down as we are still lacking strong demand. It’s not there, buyersRead More


Oil scores best run in three years as dollar, stocks tread water

LONDON, April 12 — Signs of a stabilisation in China's giant economy and a soggy dollar helped oil markets cement their best run for more than three years today, though stocks weren't buoyed much after spending most of the week treading water….