SINGAPORE — Oil prices rose more than 1 percent on Thursday to extend gains from the previous session, lifted by a weak dollar and Saudi comments that it would rather see an undersupplied market than end a deal with OPEC and Russia to withhold production. U.S. West Texas Intermediate (WTI) crude futures were up 84 cents, or 1.4 percent, from their last settlement at $61.44 a barrel at 0604 GMT, adding to a 2.4-percent gain from the day before. Brent crude futures were at $65.05 per barrel, up 69 cents, or 1.1 percent, extending Wednesday’s 2.6-percent climb. Prices rose on the back of ongoing weakness in the U.S. dollar against other leading currencies, further supported by rising stock markets, traders said. A weaker greenback potentially stokes consumption of dollar-denominated commodities as it makes fuel and raw materials cheaper for countries using other currencies. “On commodity markets, everyone loves a lower U.S. dollar,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. More fundamentally, oil markets got a push from comments by Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), voicing support for output cuts backed by OPEC and other producers including Russia since 2017 in an effort to tighten the market and prop up prices. “If we have to err on over-balancing the market a little bit, so be it,” Saudi Energy Minister Khalid al-Falih said on Wednesday. “I think we are going to be sticking with our policy (to withhold production) throughout… [Read full story]
Ho Chi Minh City shares made further ground Friday, giving the VN-Index a three-day winning streak, on rumors the central bank will slash the key rate, which came true later in the day. The index climbed 1.7 points, or 0.56 percent, to finish at 307.26. The gauge gained 2.6 percent this week, the first weekly advance since November 7. Nearly 15.6 million shares worth VND364 billion (US$21.4 million) changed hands, with 88 stocks advancing, 48 declining and 37 remaining unchanged.Thanh Nien Daily that investors continued to react favorably to reports that the government would lower the base rate and delay…... [read more]
A weaker greenback also helped boost demand for the dollar-priced commodity, which becomes cheaper for holders of stronger currencies. At around 0600 GMT, US benchmark West Texas Intermediate for April delivery jumped 67 cents (1.87 percent) to $36.59 and Brent crude for May was up 75 cents (1.94 percent) at $39.42 a barrel. Prices rallied Friday, extending gains for the third successive week on the back of sliding US production. The US Labor Department reported that the world's top economy added a robust 242,000 jobs in February -- fuelling hopes for a pick-up in demand for oil, although the data…... [read more]
ABU DHABI: Global oil producers said on Tuesday (Aug 8) they remained committed to cutting output and stemming the collapse in oil prices, OPEC said.
File photo of OPEC logo is pictured ahead of an informal meeting between members of the Organisation of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, on Sep 28, 2016. (REUTERS/Ramzi Boudina/File Photo)
A technical panel including members of the Saudi-led cartel and other oil producers made the statement after a two-day session in Abu Dhabi.
OPEC states and other…... [read more]
Oil rose over $1, back above $141 a barrel, on Monday bolstered by a weak U.S. dollar and continuing tensions between Israel and Iran over Tehran's nuclear program that had helped oil hit a record near $143 last week. U.S. light crude for August delivery was up $1.30 at $141.51 a barrel in Globex electronic trading by 2353 GMT, trading within range of the record of $142.99 struck on Friday. London Brent crude rose 98 cents to $141.29. "The U.S. dollar is down and there are many high-level geopolitical news items, particularly in the Middle East, that are pushing prices…... [read more]
Viet Nam News HÀ NỘI - Vietnamese shares extended gains yesterday, rescued by oil and gas firms during the end of the session after oil prices rebounded strongly on OPEC's first eight-year output reduction. The benchmark VN Index on the HCM Stock Exchange rose 0.3 per cent to close at 688.55 points - a new nine-year high - extending its gain of 5.7 per cent for nine consecutive trading days. Yesterday's gain also marked the longest gaining streak for the southern market index since the beginning of the year. The HNX Index on the smaller Hà Nội Stock Exchange added…... [read more]
