US oil holds above $40 after falling into bear market territory August 2, 2016 Crude prices crept into positive territory today, after US oil dropped below $40 per barrel for the first time since April yesterday. Brent crude, the global benchmark, rose 0.69 per cent to $42.43 per barrel in late afternoon trading. Its US counterpart, West Texas Intermediate, swelled 0.17 per cent to $40.23. Increases in the number of [...]
Fresnillo shares rise after its profits more than double August 2, 2016 Fresnillo shares sparkled today, after the precious metals miner struck gold in the first half of 2016. It comes on the back of investors boosting gold and silver prices by rushing into the so-called safe haven assets following Britain's decision to leave the European Union in June. Read more: The Royal Mint hails best results in over a thousand [...]
Before the bell: What you need to know before the US market open August 2, 2016 Japan has launched a £34bn stimulus package, the Reserve Bank of Australia has chopped its its benchmark interest rate to a record low 1.5 per cent and Europe's banks are getting sold off. Here's what you need to know before the US market open at 2:30pm. The US pre-market is pointing down ahead of the open. The S&P is [...]
Oil rout forces Kuwait to hike petrol prices 80 per cent August 2, 2016 Kuwait will hike its petrol prices by more than 80 per cent from 1 September, as part of the Opec member's adjustment to lower for longer oil prices. Its cabinet said yesterday that the price for the highest grade petrol would rise to 165 fils a litre, from 90 currently, according to a report by state news agency KUNA. Read [...]
Premier Oil granted more breathing space as debt talks continue August 1, 2016 EMBATTLED oil explorer Premier Oil was handed more time to renegotiate its debts arrangements with lenders yesterday, amid the stubborn price rout. The FTSE 250-listed firm said today that a test of financial covenants for the 12 months ended 31 July had effectively been pushed back by a month. It comes after a similar extension in June, which Premier [...]
Petrofac auditors find “no evidence” to support bribery allegations August 1, 2016 Petrofac said today that an independent investigation had found no evidence it was involved in a global scandal over bribery and corruption on the oil industry. The FTSE 250-listed firm called in lawyers and accountants after leaked documents suggested Monaco-based Unaoil paid bribes on behalf of oil companies including Petrofac to win contracts. "The independent investigation has thoroughly investigated [...]
Oil price tumbles as slow recovery stokes negative sentiment August 1, 2016 Oil reversed earlier gains to slip into negative territory today, as increased Opec production and more US oil rigs left crude investors feeling glum. Brent crude, the global benchmark, fell 2.11 per cent to $42.61 per barrel this afternoon, having risen as much as 0.74 per cent to $43.85 earlier in the day. Meanwhile, its US [...]
Platinum miner Lonmin shares fall as it flags political headwinds August 1, 2016 Shares in Lonmin fell as much as two per cent per cent to 233.5p per share today, after the platinum miner warned it could be hit by political and industrial headwinds in the near future. It came as the broader mining sector was boosted by a better-than-expected economic data release out of China, the world's [...]
Week ahead: Banks take centre stage for results and interest rates August 1, 2016 The Bank of England is widely expected to cut interest rates for the first time in seven years this week as it assesses the fallout from the UK’s vote to quit the European Union. The Bank held fire in July in the immediate aftermath of the Brexit vote, catching some analysts off guard. Policy committee members [...]
Isis fighters launch attack on key oil field in Northern Iraq July 31, 2016 At least five workers were killed and major oil pumping was shut down after Islamic state militants attacked a gas facility and an oil field in Northern Iraq today. Four employees were shot dead and two guards left critically injured after four gunmen stormed an AB2 gas compressor station in the early hours of this morning. [...]
