Oil prices up

SINGAPORE: Oil prices rose in Asian trade Friday after Russia ordered new military exercises on the border with Ukraine in response to Kiev launching a deadly assault against pro-Kremlin rebels occupying a flashpoint town.

US benchmark, West Texas Intermediate for June delivery, was up two cents at $101.96 a barrel in mid-morning trade and Brent North Sea crude for June also climbed two cents to $110.35.

Oil prices rebound in Asian trade

SINGAPORE: Oil prices rebounded in Asian trade Thursday as heightened tensions in Ukraine overshadowed data showing US commercial crude inventories reaching an all-time high.

New York´s West Texas Intermediate for June delivery, was up 30 cents at $101.74 a barrel in afternoon trade, and Brent North Sea crude for June rose 24 cents to $109.35.Both contracts tumbled Wednesday on the US stockpiles data, which indicate softer demand at a time of robust production in the world´s biggest oil consuming nation.

Stocks rose 3.5 million barrels to 397.7 million for the week ended April 18, official figures showed, larger than the 2.4 million expected by analysts.

"While key economic data from US and Europe will be released this week, oil markets will continue to be influenced by geopolitical events," said Sanjeev Gupta, who heads the Asia-Pacific Oil & Gas practice at professional services firm EY.

In Eastern Europe an agreement between Ukraine, Russia and Western powers in Geneva last week to pull the country from the brink of civil war appeared shaky after a gunfight on Sunday killed at least two pro-Moscow rebels.

On Wednesday, Russia hinted it will strike back if its "legitimate interests" in the former Soviet state are attacked after Kiev sent in forces to dislodge militants who have occupied government buildings there.

Oil prices up

SINGAPORE: Oil prices rose in Asian trade Friday after Russia ordered new military exercises on the border with Ukraine in response to Kiev launching a deadly assault against pro-Kremlin rebels occupying a flashpoint town.

US benchmark, West Texas Intermediate for June delivery, was up two cents at $101.96 a barrel in mid-morning trade and Brent North Sea crude for June also climbed two cents to $110.35.

Oil prices rise ahead of US stockpiles report

SINGAPORE: Oil prices inched higher in Asian trade Wednesday on hopes that a key US stockpiles report would beat bearish forecasts, easing concerns about tepid demand in the world´s top crude consumer.

New York´s main contract, West Texas Intermediate for May delivery, was up two cents at $101.77 a barrel in mid-morning trade while Brent North Sea crude for June rose 14 cents to $109.41."Prices are holding steady as investors are hoping that US inventories out Wednesday would not be as bearish as expected," Ric Spooner, chief market analyst at CMC Markets in Sydney, told.

"But investors remain nervous over concerns overall US stockpile levels seem to be pretty high, and that the upcoming summer driving season may not do enough to boost demand," he said. The Department of Energy´s weekly report on US crude-oil supplies is expected to show an increase of 2.4 million barrels, according to the consensus of analysts polled by Dow Jones Newswire.

In the week ending April 11, crude supplies swelled to a record 394.1 million barrels, the highest level since the DoE began the weekly report in 1982.Crude supplies jumped 10 million barrels, much higher than the 1.5 million expected.

Investors continue to "keep a watching brief" on developments in crisis-hit Ukraine, Spooner said. The ex-Soviet state on Tuesday relaunched military operations against pro-Kremlin separatists, hours after US Vice President Joe Biden ended a two-day Kiev visit in which he warned Russia over its actions in the former Soviet republic.

Oil prices rise ahead of US stockpiles report

SINGAPORE: Oil prices inched higher in Asian trade Wednesday on hopes that a key US stockpiles report would beat bearish forecasts, easing concerns about tepid demand in the world´s top crude consumer.

New York´s main contract, West Texas Intermediate for May delivery, was up two cents at $101.77 a barrel in mid-morning trade while Brent North Sea crude for June rose 14 cents to $109.41.

"Prices are holding steady as investors are hoping that US inventories out Wednesday would not be as bearish as expected," Ric Spooner, chief market analyst at CMC Markets in Sydney, told AFP.

"But investors remain nervous over concerns overall US stockpile levels seem to be pretty high, and that the upcoming summer driving season may not do enough to boost demand," he said.

The Department of Energy´s weekly report on US crude-oil supplies is expected to show an increase of 2.4 million barrels, according to the consensus of analysts polled by Dow Jones Newswire.

In the week ending April 11, crude supplies swelled to a record 394.1 million barrels, the highest level since the DoE began the weekly report in 1982.

Crude supplies jumped 10 million barrels, much higher than the 1.5 million expected.

Investors continue to "keep a watching brief" on developments in crisis-hit Ukraine, Spooner said. The ex-Soviet state on Tuesday relaunched military operations against pro-Kremlin separatists, hours after US Vice President Joe Biden ended a two-day Kiev visit in which he warned Russia over its actions in the former Soviet republic.

Ukraine is a major conduit for Russian natural gas to Western Europe and traders are concerned that a full-scale armed conflict in the region will disrupt supplies and send prices rocketing.

"The Ukraine situation continues to provide broad support to oil prices and is curbing losses when there is downside pressure," Spooner said. (AFP)

Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mixed in Asian trade Thursday as dealers weighed lingering concerns over the Ukraine crisis with a weaker-than-expected US stockpiles report, analysts said.

New York´s main contract, West Texas Intermediate for May delivery, was up 23 cents at $103.99 in mid-morning trade and Brent North Sea crude for June eased seven cents to $109.53.Singapore-based Phillip Futures said events in Eastern Europe continued "to peg crude prices at elevated levels" ahead of Geneva talks on Thursday between Ukraine, Russia, the European Union and Washington.

Foreign ministers involved in the talks will seek to diffuse the tense situation in the east of the country, where government forces trying to reassert control have faced pro-Russian resistance.

Traders fear that any full-scale armed conflict in the region will disrupt supplies and send oil and gas prices rocketing because Ukraine is a major conduit for Russian gas to western Europe.

A failure of Thursday´s talks could result in another round of sanctions against Russia.

Oil prices mixed

SINGAPORE: Oil prices were mixed in Asia Wednesday after data showed Chinese economic growth slowed further in the first quarter of the year, while investors await the latest US supply report, analysts said.

New York´s main contract, West Texas Intermediate for May delivery, rose four cents to $103.79, while Brent North Sea crude for June eased 16 cents to $109.20 on its first day of trading.

Crude oil prices fall further in Asia

SINGAPORE: Oil prices extended losses in Asian trade Friday as data showing a slowdown in China´s giant economy sparked concerns about weak demand.

Expectations that Libyan oil will return to the market after rebels lifted a blockade of crude terminals also helped push prices lower, analysts said.

New York´s main contract West Texas Intermediate for May delivery eased 16 cents to $103.24 a barrel in mid-morning trade while Brent North Sea crude tumbled 12 cents to $107.34 for its May contract.

Oil prices rise in Asian trade

SINGAPORE: Oil prices rose in Asian trade Tuesday on renewed fears about Ukraine after pro-Russian protesters seized government buildings in the eastern city of Donetsk.

New York´s main contract West Texas Intermediate (WTI) for May delivery rose 46 cents to $100.90 a barrel in mid-morning trade and Brent North Sea crude for May gained 31 cents to $106.13

Oil prices ease in Asian trade

SINGAPORE: Crude prices dropped in Asian trade Monday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya, analysts said.

New York´s main contract West Texas Intermediate (WTI) for May delivery dropped 26 cents to $100.88 a barrel in mid-morning trade and Brent North Sea crude for May slid 82 cents to $105.90.

Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mixed in subdued Asian trade Friday as dealers stood on the sidelines bracing for the release of a key US jobs report, analysts said.

New York´s West Texas Intermediate for May delivery rose four cents to $100.33 a barrel in mid-morning trade while Brent North Sea crude for May was down two cents at $106.13.

Oil prices mixed in Asian trade

SINGAPORE: Oil prices were mixed in Asian trade Thursday as investors weighed a surprisingly robust US stockpiles report with an expected return of Libyan supply after a months-long disruption in exports, analysts said.

New York´s West Texas Intermediate for May delivery eased 21 cents to $99.41 a barrel in mid-morning trade and Brent North Sea crude for May was up 12 cents at $104.91.

"There is some downward pressure from the Libyan side," Tan Chee Tat, investment analyst at Phillip Futures in Singapore, told AFP.

Tan said investors are digesting reports that the North African state, a member of oil producing cartel OPEC, may be close to reaching a deal with rebels who have blockaded oil terminals since July.

"This would release about 600,000 barrels of crude per day into the market," he said. Libyan exports have dwindled to around 250,000 barrels a day from 1.5 million following the blockade, initially sparked by protesters demanding jobs.

Negative sentiment over the prospective surge in global supply was however pared by an upbeat US stockpiles data that confounded market expectations.

The US Energy Information Administration said Wednesday American crude inventories slid 2.4 million barrels in the week to March 28, contrary to analyst expectations for a gain of 700,000 barrels.

The latest figures suggest higher demand in the world´s top crude consumer, though the figures may have been distorted by a transport bottleneck after an oil spill shut down a key Texas coast channel last week.

Tan said investors will next be closely watching US jobless claims figures out later Thursday for clues about the strength of recovery in the US economy.

Oil prices dip

SINGAPORE: Oil prices dipped in Asian trade Tuesday as reports of a partial withdrawal of Russian troops along the Ukrainian border raised hopes of an easing in the worst East-West standoff since the Cold War.

New York´s West Texas Intermediate (WTI) for May delivery dropped 24 cents to $101.34 a barrel in mid-morning Asian trade and Brent North Sea crude for May shed 13 cents to $107.63.

Govt to enhance oil, gas exploration activities through investment friendly policies: PM

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif said on Tuesday the government was making all out efforts to enhance oil and gas exploration activities in the country through investment friendly policies.

He said the government believed in providing level playing field to all foreign investors and oil and gas companies, and assured protection of their investments.

The Prime Minister was talking to Alexander Dodde, Executive Vice President, MOL, who called on him here. Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi was also present.

He said Pakistan had a vast onshore and offshore sedimentary area, out of which only around 35 per cent was under exploration.

He also appreciated professionalism and expertise of MOL and the important role it had been playing in this region for the last 15 years in the development of petroleum and gas sector of Pakistan.

The MOL management in Pakistan deserved applauds for their role in smooth operations of the company, the Prime Minister said, adding that it needed to explore more investment opportunities in oil and gas sector.

He encouraged MOL to acquire new blocks independently or jointly with Pakistan's state owned companies i.e. Oil and Gas Development Company Limited (GDCL) and Pakistan Petroleum Limited (PPL) through competitive bidding process or joint ventures.

Alexander expressed confidence in the government's economic policies and appreciated its efforts to boost energy sector.

Iraq oil exports hit record 2.8mn bpd in February

BASRA: Oil exports from Iraq rose to a record 2.8 million barrels per day (bpd) on average in February, Deputy Prime Minister for energy Hussain al-Shahristani told reporters on Saturday.
The figure was up from 2.228 million bpd in January thanks to the completion of work expanding the capacity of the southern Basra port, from which the bulk of Iraq's crude is shipped.
"These projects which we carried out relating to development and production have enabled Iraq to produce 3.5 million barrels per day and to export 2.8 million barrels per day, which is a historic figure," Shahristani told reporters at the Basra refinery as he attended a ceremony for the opening of new units.
Production reached 3.5 million bpd in February and Shahristani said if the autonomous Kurdistan region had pumped its share, the figure would have hit 4 million.
Current Kurdish production capacity stands below 400,000 bpd, and around one third of that is refined locally. The Kurds are at loggerheads with the Iraqi central government over oil rights, and stopped exporting crude via the national network more than one year ago.
Since then, they have been exporting smaller quantities on their own terms by truck, whilst building a separate pipeline to Turkey, enraging Baghdad, which claims sole authority to manage all Iraqi oil.
Of the 2.8 million bpd exported in February, 2.5 million came from Basra, Shahristani said. The rest was exported from the northern Kirkuk oilfields via a pipeline to Turkey that has repeatedly been sabotaged.
Iraq also used to export between 10,000-12,000 bpd of crude by truck across the border to Jordan, but conflict in the western province of Anbar put a halt to that this year.

Dollar’s weakness boosts oil prices

NEW YORK: Oil prices pushed higher on Friday, lifted by a weaker dollar.
New York's main contract, West Texas Intermediate for April delivery, rose to $102.59 a barrel, a modest increase of 19 cents from Thursday's close.
In London trade, Brent North Sea crude for April added 11 cents to settle at $109.07 a barrel.
On the last day of trade in February, WTI gained 5.2 percent over the month and Brent increased 2.3 percent.
After opening in negative territory, oil prices pushed into the green as the dollar eased against other major currencies.
"It was the dollar" that slightly lifted commodities, said Carl Larry of Oil Outlooks and Opinion. A weaker greenback tends to lift demand for dollar-priced crude oil by making it relatively cheaper.
The US Department of Commerce cut its fourth-quarter growth estimate for the world's largest crude-oil consumer to 2.4 percent, from an initial reading of 3.2 percent.
Though the downgrade was a bit steeper than expected, analysts said the picture of moderate growth was little changed.
Markets also kept an eye on China's yuan, which tumbled to an eight-month low against the US dollar, sparking concerns about the weaker purchasing power of China, the world's largest energy consumer.
Despite Brent's slight gain Friday, Commerzbank analysts predicted it was due for a fall losses due to plentiful supply, the imminent end of winter in the northern hemisphere and reduced crude oil processing by refineries while maintenance work is carried out.
"We believe that Brent will continue to fall further towards the middle of the trading corridor of $100-110 per barrel over the next few weeks," they said in a research note.
Investors were also watching tumultuous events in Ukraine, where the ousted pro-Moscow president, Viktor Yanukovych, insisted Friday he had not been overthrown. The new pro-Europe authorities, meanwhile, said there was an "armed invasion" of Ukraine's volatile Crimean peninsula by Russian troops.
JPMorgan Commodities Research analysts noted that Ukraine is neither a major oil producer nor oil consumer.
"But Ukraine is a vitally important transit country for Russian energy exports: more than 70 percent of Russia's gas and oil flows to Europe pass through its territory. In turn, Europe is the buyer for nearly 90 percent of Russia's oil exports.

On strike: Oil tankers suspend fuel supply as protest enters third day

Oil tankers stand idle in Karachi on Friday after a strike by their owners started. PHOTO: ONLINE

KARACHI:  After Karachi, the All Pakistan Oil Tankers Owners Association suspended the supply of furnace oil and other fuel to Shikarpur and Quetta as their strike against the government-owned Pakistan State Oil (PSO) entered the third consecutive day on Friday.

Members of the association and oil tankers drivers had staged a protest demonstration at their camp on Shireen Jinnah Colony Road. The association has suspended supply of furnace oil and other fuel products from the PSO to all stations in Karachi since Wednesday.
“We are expanding our protest circle to all oil marketing companies and will suspend fuel supply across the country if the managing director of the PSO or other top officials don’t address our demands,” said Mir Yousuf Shahwani, the chairperson of the association, while talking to The Express Tribune, adding that three rounds of negotiations with the PSO officials and contractors have failed.

The oil tankers’ representatives demand that the government arrest the persons involved in the killing of their colleague, Mehboob Shah, who was shot dead for offering resistance in a mugging incident while carrying cash from a private bank in Shireen Jinnah Colony. They also demanded security for their colleagues in the oil terminal areas in Keamari and Shireen Jinnah Colony.
The association also demanded that the PSO return all fines taken from the oil tankers who failed the sample tests. Their vehicles were also blacklisted by the oil company subsequently. “The PSO should clear our insurance claims without any delay and stop illegal and unlawful fines over fuel shortages,” said the association’s general secretary Shafiq Kakar, adding that the PSO had imposed fines of up to Rs300,000 in case of fuel shortages and sample failure in addition to blacklisting the vehicles.
“If the fuel is filled, sealed, carried and emptied by the PSO then how can they fine the oil tankers owner? We transport sealed freight. It is the PSO’s responsibility if the fuel gets spoiled. They have trackers system to keep a check on the oil tankers,” he said.