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Oil prices rose on Friday as involuntary supply cuts from Venezuela, Libya and Iran supported perceptions of a tightening market, already underpinned by a production reduction deal from OPEC and its allies. Brent crude oil futures were at $71.39 per barrel at 0832 GMT, up 56 cents from their last close and heading for a weekly gain of 1.5 percent, their third weekly gain in a row. U.S. West Texas Intermediate (WTI) crude futures were at $64.19 per barrel, up 61 cents from their previous settlement, set for a weekly ...

The Asian oil products market is heading into the second quarter amid a tighter supply outlook for gasoline and LPG, while jet/kerosene and fuel oil markets are seeing signs of plentiful supply and relatively weaker demand. The following are some factors that traders said might influence various oil products in Asia in the April-June quarter. GASOLINE A confluence of bullish events will keep the Asian gasoline market buoyed in Q2, although the emergence of new refining capacity will likely cap the market’s recovery. The market was expected to find support ...

Hedge fund managers are becoming progressively more bullish on the outlook for crude and gasoline prices, but they are turning increasingly against diesel, notwithstanding the IMO marine fuel deadline at the end of the year. Hedge funds and other money managers were net buyers of 23 million barrels of futures and options linked to crude and refined products in the week to April, according to exchange and regulatory position records. Fund managers have raised their overall bullish position in the six most important petroleum-linked futures and options contracts to a ...

A flurry of intensifying risks in the energy market has made it “virtually impossible” to confidently forecast the price of oil, industry experts told CNBC. Oil prices have soared since the start of the year, due to a number of risk factors such as OPEC-led supply cuts, U.S. sanctions on oil exporters Iran and Venezuela and escalating fighting in Libya. But, alongside mounting concerns about the health of the global economy, surging U.S. crude inventories appears to have capped further gains. “There are so many uncertainties surrounding the oil market ...

The U.S.-Iran crude oil sanctions merry-go-round is starting to spin again with Asian crude buyers fretting over whether they will be allowed to continue imports from Tehran. The U.S. waivers on imports by eight of Iran’s top customers are due to expire early next month, and indications are that Washington may be considering a tougher line. Against its desire to cut off Iran’s oil revenues, the administration of U.S. President Donald Trump must balance the potential impact of the loss of Iranian exports on the crude market, especially in Asia, ...

Global stocks wavered after conflicting economic data on Friday, though U.S. markets were poised to open slightly higher ahead of first-quarter earnings from two of the nation’s biggest banks. Shares in Hong Kong, China and Japan were down marginally following a U.S. finish Thursday that left the S&P 500 up 0.01% on the day. Trade data from China showed a strong recovery in exports, which rose 14.2% in March over the same month last year, after a big fall in January and February. However, Chinese imports were down heavily again, ...

The euro gained on Friday in a move dealers said may have be driven by anticipated currency demand arising from a Japanese bank’s plans to purchase a German multi-billion dollar aviation finance business. The jump in the common currency occurred late in Friday’s Asia session and saw the euro rise to a 2-1/2-week high. Markets are often quiet in the hours before European trade opens and thin liquidity has in recent months caused sudden jolts or “flash crashes” in major currencies including the Swiss franc. But the heavily-traded euro-dollar currency ...

The Asian Development Bank (ADB) and Sumitomo Mitsui Banking Corporation (SMBC) today signed an agreement to promote more than $100 million of trade annually across developing Asia. Under the agreement, signed on the sidelines of the International Chamber of Commerce Banking Commission’s annual meeting, ADB and SMBC will provide financing to support trade transactions in some of developing Asia’s more challenging markets. ‘We are very pleased to expand our partnership with SMBC, especially under our newly launched funded trade finance product, which provides liquidity to banks in developing member countries,’ ...

The China-proposed Belt and Road Initiative (BRI) has not only brought opportunities to Chinese companies but also benefitted countries and local residents along the routes. Chinese companies are finding new ways of going global while contributing to the development of relevant countries, thanks to new business opportunities brought about by the implementation of the BRI. China International Marine Containers (Group) Ltd. (CIMC), the world’s largest container manufacturer, is reaping early rewards of the initiative as soaring railway freight along Belt and Road boosted demand for railway containers. Last year, it ...

Go inside the global economy with Stephanie Flanders in her new podcast, Stephanomics. Subscribe via Pocket Cast or iTunes. The International Monetary Fund warned of “dangerous” consequences for the U.S. economy if moves such as President Donald Trump’s calls for Federal Reserve interest-rate accommodation lead to monetary policy mistakes. “Undermining central-bank independence would be dangerous,” Tobias Adrian, director of the fund’s monetary and capital-markets department, said when asked about Trump’s recent criticism of the Fed. He spoke as the IMF’s spring meetings were getting under way in the U.S. capital. ...

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As of April 12, iron ore stocks across 35 Chinese ports shrank 5.36 million mt from a week ago

Oil rallies on Wednesday as U.S. gasoline inventory draw offsets crude build Oil futures climbed more than 1 percent on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela’s crude supply. U.S. crude stockpiles last week rose to their highest level since November 2017 as imports grew, while gasoline inventories posted the steepest drawdown since September 2017, the Energy Information Administration said. Crude inventories swelled by 7 million barrels ...

Alfa Laval PureBallast 3, the third generation of Alfa Laval’s ballast water treatment technology, has received an updated type approval from the U.S. Coast Guard (USCG). The new certificate makes it possible for vessels to deballast in United States waters with a holding time of just 2.5 hours. Alfa Laval PureBallast 3 was awarded an updated certificate from the USCG on April 4, granting the system type approval with zero-day holding time in all water salinities. PureBallast 3 owners in United States waters now have the option of discharging ballast ...

Belships ASA (OSE:BEL) has entered into an agreement to acquire the 63,000 dwt bulk carrier M/V Sofie Victory. The ultramax vessel was built at New Times Shipbuilding, China in 2016. Belships will acquire all shares in the single purpose company Sofie Victory AS, being the owner of M/V Sofie Victory. Sellers are the Bergen, Norway based company EGD Ultra Eco AS (holding 80 per cent of the shares in Sofie Victory AS) and Cyprus based Blossom Shipmanagement Ltd (holding 20 per cent of the shares in Sofie Victory AS). EGD ...