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. [...]
Oil prices on a slick-ery slope: Brent crude slips through $42 per barrel mark and into bear market July 29, 2016 Just when you thought the price of a barrel of oil couldn't tumble any further, it goes and does this. Brent crude has dropped past the $42 mark today and into bear territory, as the fresh fall places the price hovering around 20 per cent lower than it was back in June. At time of writing, [...]
Anglo American jumps as its losses narrow in the first half July 28, 2016 Anglo American shares closed up 5.48 per cent to 843p this afternoon, after the embattled miner's losses narrowed in the first half. The FTSE 100-listed firm posted a net loss of $813 (£617m) in the six months to 30 June, more than two thirds less than the $3bn loss it recorded the same time a year ago. Underlying earnings fell [...]
Before the bell: What you need to know before the US market open July 28, 2016 Last night the US Federal Reserve signalled the way to an interest rate rise before the US Presidential Election and investors are busy digesting the flood of earnings reports. Here's what you need to know before the US market open at 2:30pm. The pre-market is pointing lower ahead of the open but looks to be broadly [...]