Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, May 24, 2017 04:40:24 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Energy firms ride coat-tails of oil prices jump

By
17th-May-2017       Readers ( 72 )   0 Comments
Comments
Share your thought
Post a comment »
Read all (0) »

AFP, Hong Kong :
Oil prices pressed on with further gains in Asian trade Tuesday, fuelling a rally in energy firms, after Russia and Saudi Arabia indicated they could extend an output cut into next year.
The world's top two crude-producing nations raised the idea at the weekend, with a deal agreed between OPEC-of which Saudi Arabia is the key player- and Russia coming to an end in six weeks.
The news sent oil prices soaring about two percent on Monday, in turn dragging global energy firms with them.
Monday's gains come after the commodity was battered earlier this month on worries that the production cut was not enough to make a dent in a worldwide supply glut and increasing output from the US and other nations.
"The comments from Saudi Arabia and Russia are driving prices up but I'm sceptical that crude will see a new level," Hong Sung Ki, a commodities analyst at Samsung Futures, told Bloomberg News.
"As producers in the US are expected to increase output, prices will continue to be restricted from rising."
But Greg McKenna, chief market strategist at AxiTrader pointed out that traders were overlooking the fact that the need for a further cut in oil output suggested problems persisted.
"That such a large output cut extension is a tacit admission of failure is for another day and discussion," he said in a note.
Hong Kong-listed CNOOC and PetroChina rallied, while Woodside Petroleum in Sydney was up 0.8 percent.
The gains were not enough to lift all regional markets.
Hong Kong slipped 0.4 percent on profit-taking after a six-day rally, while Shanghai shed 0.9 percent following three days of gains and with dealers concerned about a government crackdown on leveraged investing.
Seoul slipped 0.2 percent. Singapore was 0.3 percent off and Taipei dipped 0.2 percent, while Wellington was slightly down.
Tokyo ended the morning marginally higher following record closes in the US and Europe while exporters were helped by a weaker yen. Sydney added 0.2 percent.
In New York the S&P 500 and Nasdaq each ended at record highs, as did London and Frankfurt, with German traders cheering a strong win for Chancellor Angela Merkel's party in a regional vote.
On currency markets the euro extended gains that came on the back of the German election result as well as dollar weakness caused by a series of below-par results out of the US, including on inflation.

0 Comments. Share your thoughts also.
Write a comment
Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Chaos at Islami Bank is not to the nation`s interest


THE unrest in the Islami Bank -- the largest and most profitable bank in the country just over five months of its change over to a new management and ownerships liquidating the control of Jamaat people on the bank just shows the ominous sign of greater destabilization within the bank. ...

Cricket »

Mumbai Indians captain Rohit Sharma (center) Parthiv Patel (left) and bowling coach Shane Bond pose for a picture with the Indian Premier League (IPL) trophies from last three wins after a press conference after their IPL 2017 win in Mumbai, India on Monday.


City »

Jatiya Press Club General Secretary Farida Yasmin was accorded a grand reception for achieving US Special Congressional Award at the Jatiya Press Club Auditorium yesterday. Chief Guest of the function Information Minister Hasanul Haq Inu along with BFUJ Secretary General Omar Faruk and other special guests seen handing over the citation crest.


Entertainment »

Half Girlfriend is Shraddha`s fourth best opening


Shraddha Kapoor and Arjun Kapoor starrer Half Girlfriend has raked in a whopping 10 crores of moolah at the box office on its day one. This is Shraddha’s fourth best opening after Ek Villain, ABCD 2 and Baaghi, also withstanding the fact that all these films opened to a two ...

International »

Trump plays up ME peace hopes after talks with Abbas


Reuters, Bethlehem : US President Donald Trump talked up the prospects of peace between Israelis and Palestinians on Tuesday, saying he believed both sides were committed to an historic deal, but he offered no concrete proposals on how to get there.After an hour of talks with Palestinian President Mahmoud Abbas ...

International »

Outgoing WHO Chief says world 'better prepared' for health crises


AFP, Geneva  :The World Health Organization's outgoing chief Margaret Chan defended her legacy Monday, insisting the world had become better prepared to face health emergencies like Ebola on her watch.In her final address to WHO's member states, Chan acknowledged that mistakes had been made during her decade at the helm, ...

Editorial »

Police can`t commit excesses like politicians


MEMBERS of law enforcement agencies or police for that matter surely have the professional right to conduct search operations based on accurate tip-offs but that doesn't mean it can wreak havoc and cause chaos in the name of such professional duty. The police search operations at main opposition party BNP ...

Football »

Dhaka Abahani emerge group champions beating Muktijoddha SKC 1-0


Defending champion Dhaka Abahani Limited emerged Group A champions to reach the quarterfinal of the Federation Cup Football Tournament beating Muktijoddha Sangsad KC by 1-0 goal in the last Group A match at the Bangabandhu National Stadium here on Monday.Rubel Mia scored the match-winner for popular sky-blue Dhanmondi outfit in ...

Entertainment »

Rhea Chakraborty snips her long tresses for Half Girlfriend


The actress plays a spirited Indo-American in the Arjun Kapoor-Shraddha Kapoor starrer Half Girlfriend, and to fit her character, she had to chop her long locks - an act she hasn't done for many years. “I’ve always had long hair and it’s something I’m proud of. Apart from trimming ends, ...

Entertainment »

Tendulkar family to grace TV screens together for the first time


Master Blaster Sachin Tendulkar will be seen promoting his biographical drama, Sachin: A Billion Dreams, on a Marathi chat show. Midst the much anticipation of the film Sachin: A billion dreams that marks the most iconic moments of the cricketing legend, the God of cricket will indulge in a light ...

City »

Deputy Prince of Saudi Arabia Soud Bin Khaled Al Faisal welcomed Prime Minister Sheikh Hasina upon her arrival at Prince Mohammad Bin Abdul Aziz Airport, Medina in Saudi Arabia on Monday.


International »

Iran reformists sweep Tehran municipal council election


AP, Tehran :Candidates backing reform of Iran's clerically overseen government swept municipal elections in Tehran, taking all 21 local council seats in the country's capital while moderate President Hassan Rouhani won a second term in office, authorities said on Monday.Their win in Friday's election marks the first time reformists have ...

Editorial »

Jewellery business in Bangladesh cannot be run legally


THE jewellery business in Bangladesh has reportedly been thriving despite there being no import of gold into the country through legal channels. First of all the prevailing predicament is not a new phenomenon and is being continuing for the last three decades. How has it been made possible? Are we ...

Sports »

A view of the match of the Saif Power Tec Dhaka Metropolis Senior Division Football League between Friends Social Welfare Organization and Dhaka United Sporting Club at the Bir Shreshtha Shaheed Sepoy Mohammad Mostafa Kamal Stadium in Kamalapur on Sunday. Friends Social Welfare Organization beat Dhaka United Sporting Club by two goals to nil.


Cricket »

Jaydev Unadkat celebrates a sensational return catch to dismiss Lendl Simmons during the IPL final match between Mumbai Indians and Rising Pune Supergiant at Hyderabad on Sunday.


 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news