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Oil jumps 8% on stimulus hopes, spending cuts by U.S. producers

Wednesday, March 11, 2020, 12:12 PM

Oil jumps 8% on stimulus hopes, spending cuts by U.S. producers

Oil prices jumped over 8% on Tuesday, bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of economic stimulus encouraged buying and US producers slashed spending in a move that could cut output. On Monday, US President Donald Trump pledged "major" steps to gird the US economy against the impact of the spreading coronavirus outbreak.

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Oil Drops 31% As OPEC Deal Collapse Sparks Price War, Global Markets Hit

Monday, March 9, 2020, 5:32 PM

Oil Drops 31% As OPEC Deal Collapse Sparks Price War, Global Markets Hit

Oil markets crashed more than 30 per cent after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. Brent futures suffered the second-largest decline on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf War in 1991.

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Reliance Industries Suffers Biggest Single-Day Loss In At Least 10 Years

Monday, March 9, 2020, 5:26 PM

Reliance Industries Suffers Biggest Single-Day Loss In At Least 10 Years

Shares of companies engaged in crude oil exploration business fell sharply after crude oil prices crashed in international markets. The operator of world's largest crude-oil refining facility at Jamnagar and operator of KG-D6 basin in Krishna Godavari basin Reliance Industries slumped as much as 13.65%, its biggest single-day fall in at least 10-years, to hit an intra-day low of 1,096.65, data from BSE showed.

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Stocks slide on Apple's virus warning, euro near three-year low

Wednesday, February 19, 2020, 8:16 AM

Stocks slide on Apple's virus warning, euro near three-year low

Gold rose and global equity markets slid after Apple Inc said it was unlikely to meet its sales guidance because of the coronavirus outbreak in China, a warning highlighting the epidemic's threat to global-growth and corporate profits. Apple said on Monday that manufacturing facilities in China that produce its iPhone and other electronics had begun to reopen, but were ramping up slower than expected.

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Saudi Aramco raises IPO to record $29.4 billion through greenshoe option

Sunday, January 12, 2020, 4:59 PM

Saudi Aramco raises IPO to record $29.4 billion through greenshoe option

State-owned oil company Saudi Aramco said it has exercised its "greenshoe option" to sell an additional 450 million shares, raising the size of its IPO to a record $29.4 billion. Aramco initially raised a then-record $25.6 billion in its IPO in December by selling 3 billion shares at 32 riyals ($8.53) but indicated it may sell additional shares through the over-allotment of shares.

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Crisis-hardened markets have learned to look past military flare-ups

Thursday, January 9, 2020, 9:21 PM

Crisis-hardened markets have learned to look past military flare-ups

Iran's missile attack on U.S. army bases in Iraq overnight sent gold blasting above $1,600 an ounce, boosted the Japanese yen by almost 1% and oil by $3 a barrel. But it took just hours for that safe-haven dash to fade and for world equities to resume their climb. Even September's attacks on Saudi oil installations had no lasting effect on crude prices.

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Trump says U.S. would hit 52 Iranian sites if American targets attacked

Sunday, January 5, 2020, 3:42 PM

Trump says U.S. would hit 52 Iranian sites if American targets attacked

President Trump has warned the US is "targeting" 52 Iranian sites and will strike "very fast and very hard" if Tehran attacks Americans or US assets. The president's remarks followed the US assassination of Qasem Soleimani, a top Iranian general, in a drone strike. Soleimani's killing was a major escalation between the two nations, and Iran vowed to take "severe revenge".

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Oil prices down but on track for large weekly gain

Friday, October 25, 2019, 8:11 PM

Oil prices down but on track for large weekly gain

Oil prices fell on Friday but were on track for strong weekly gains as support from a surprise draw in US inventories and possible action from OPEC and its allies to trim production further outweighed broader economic concerns. Brent crude was down 35 cents at $61.32 by 0830 GMT but the benchmark was set for a weekly gain of more than 3 per cent.

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British tanker leaves Iran after 10-week detention

Friday, September 27, 2019, 5:55 PM

British tanker leaves Iran after 10-week detention

The British-flagged Stena Impero tanker sailed out of Iranian waters on Friday, the owner said, after it was detained in July during a row with Britain that has stoked tensions in the Gulf. The Stena Impero left Iran's Bandar Abbas port on Friday morning bound for Dubai, where the crew would be repatriated, Sweden's Stena Bulk said, after being detained for 10 weeks.

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India's Iraq oil imports jump to a record in August - trade data

Friday, September 27, 2019, 5:38 PM

India's Iraq oil imports jump to a record in August - trade data

India's oil imports from Iraq surged to a record high in August as refiners replaced costly African imports with cheaper Basra crude, tanker arrival data obtained from industry and shipping sources showed. The world's third-biggest crude oil importer shipped in about 1.32-million barrels per day of Iraqi oil last month, about a third more than July and 29% higher than August-2018, the data showed.

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