Thursday, August 17, 2017 07:52:20 PM
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.
THE flood situation is aggravating as the water levels in major rivers and their tributaries in the north and northeast are still rising or not showing enough sign of slow down. Government has ignored flood warning only to be caught unguarded by scarcity of arrangement to save affected people. Over ...
AFP, Srinagar :Indian and Chinese troops clashed briefly on a disputed area of land in the Himalayas, officials said Wednesday, exacerbating tensions during a months-long standoff between the two armies.Chinese troops threw stones at Indian soldiers near Pangong Lake, a major tourist attraction in the picturesque mountain region of Ladakh ...
Entertainment Report :Today is the birthday of legendary film actress Shabnam. Last year she lost her husband noted music composer and director Robin Ghosh. After losing husband Shabnam has been passing lonely days. Her only son Roni Ghosh most of the time stays outside the country due to his professional ...
THE government decision to allow industries and legalize existing ones in the Ecologically Critical Area (ECA) around Sundarbans clearly shows that it is compromising the sensitive issue to pressure from powerful quarter inside and outside the country. The move came at a time when UNESCO has asked the government to ...
Sheikh Arif Bulbon :In the beginning of 90s, friendship among Mou, Tania and Sweety started. Till now they have a good friendship. For this reason, during taking part in shooting they took part in open discussion with each other. These three friends for the first time worked together in an ...
AFP, Baghdad :Despite the recapture of swathes of territory from the Islamic State group, the conflicts in Iraq and Syria are far from over as their governments face major political challenges, experts warn.In July the jihadists lost control of Iraq's second city Mosul in a major setback three years after ...
THE nation mourns the 42nd Shahadat Anniversary of Bangabandhu Sheikh Mujibur Rahman today with prayers and solemnity throughout the country. He was assassinated with almost all of his family members in the fateful night. Some of his closest relatives were also killed. It was a night of massacre and Bangladesh ...
Kriti Sanon, who essays the role of a small-town girl in Bareilly Ki Barfi, talks about societal change. A girl who smokes and has tattoos on her body isn’t acceptable by the society and is a notion that exists in India. In Bareilly Ki Barfi, Kriti’s character as Bitti strives ...
Al Jazeera News :At least 46 people have been killed after a massive landslide trapped two buses and washed away houses in northern India's Himalayan foothills.Soldiers and volunteers resumed rescue operations in the Mandi district of the Himachal Pradesh state on Monday, a day after heavy monsoon rains triggered the ...