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07-12-2016

3 Mins Daily Market Report

Oil prices fell on Wednesday on persistent doubts a planned crude production cut led by OPEC and Russia would be deep enough to end a supply overhang that has dogged markets for over two years. International Brent crude oil futures were trading at $53.69 per barrel at 0131 GMT, down 24 cents, or 0.45 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.37 percent, at 50.74 per barrel. Petroleum Exporting Countries (OPEC) and Russia la
06-12-2016

3 Mins Daily Market Report

Brent crude oil prices rose above $55 a barrel on Monday, trading at a fresh 16-month high, as optimism spread about the prospect of a tightening market after OPEC members agreed on a landmark deal to cut production last week. Monday's gains take the rally since the OPEC agreement was struck on Wednesday to 19 percent for Brent and 16 percent for U.S. crude. Last week's 12.2 percent increase was the largest one-week rise since February 2011. Brent crude oil futures, the global benchmark us
05-12-2016

Carnival's Princess Cruise Line to Pay "Largest-Ever" Fine for Intentional Dumping

Princess Cruise Line will pay a $40 million penalty for the illegal dumping of oily waste from the Caribbean Princess.
05-12-2016

Australia Limits Sulfur Content in Bunkers at Sydney Harbour to 0.1%

All cruise ships berthing at Sydney Harbour are now required to use fuel with no more than a 0.1 percent sulfur content.
05-12-2016

3 Mins Daily Market Report

Oil prices fell by one percent on Monday as a higher U.S. rig count unsettled markets amid nagging concern that output cuts, planned as part of concerted action between producer club OPEC and Russia, might not be as big as initially anticipated. Brent crude futures were trading at $53.89 per barrel at 0132 GMT, down 57 cents, or over 1 percent, from their last close. West Texas Intermediate (WTI) crude futures were at $51.49 a barrel, down 52 cents, or 1 percent. Traders said price fall
02-12-2016

3 Mins Daily Market Report

Oil prices extended gains early on Friday as producer cartel OPEC and Russia agreed to rein in a global oversupply in crude on Wednesday with analysts now focusing their attention on implementation of the deal. Still, traders said the market was optimistic about Wednesday's historic OPEC-Russia deal to reduce global output and help bring the oil market back into balance. U.S. West Texas Intermediate (WTI) crude futures were at $51.10 per barrel by 0037 GMT, up 5 cents from their last settl
01-12-2016

3 Mins Daily Market Report

Oil prices soared as much as 10 percent on Wednesday as some of the world's largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices. However, they were unlikely to skyrocket further in reaction to the deal and the rally may even be short-lived, traders and analysts said. The Organization of the Petroleum Exporting Countries agreed to cut production to 32.5 million barrels per day, Kuwait's oil minister said. The cuts include Iraq
30-11-2016

Hong Kong Moves to Enforce New Antifouling Regs on Ships

Hong Kong's new regulation prohibits the use of organotin compounds as biocides in antifouling systems on ships.
30-11-2016

3 Mins Daily Market Report

Oil markets were jittery on Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply that has seen prices more than halve since 2014. U.S. West Texas Intermediate (WTI) crude futures were at $45.38 a barrel at 0019 GMT, up 35 percent from their last settlement. International Brent crude futures were yet to trade. Traders said that the market was extremely nervous, and that prices could swing either way
29-11-2016

OPEC Focusing Pre-Vienna Diplomacy on Iran, Russia - Which Is Holding Firm on a Production Freeze, Not Cut

The OPEC cutback meeting is scheduled for November 30 With only a few days to
29-11-2016

Korea Maritime Institute Calls for Fuel Efficiency Boost Among South Korean Fleet

The Korea Maritime Institute issued a call for South Korea to boost vessel efficiency.
29-11-2016

3 Mins Daily Market Report

Oil prices pared gains after a source said OPEC experts ended their meeting on Monday without agreeing on concrete details of a planned reduction in oil output by individual countries. Details are supposed to be presented to an OPEC ministerial gathering on Nov. 30. OPEC was scrambling to rescue the deal on Monday, with analysts warning of a sharp price correction if the producer group fails. After falling as much as 2 percent, prices spiked in morning trade as Iraq's oil minister said the
28-11-2016

3 Mins Daily Market Report

Oil prices fell as much as 4 percent on Friday, dragged down by uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output deal. Futures extended early losses after Saudi Arabia said it will not attend talks on Monday with non-OPEC producers to discuss supply cuts. Brent crude oil futures were trading at $47.02, down $1.98, or 4 percent, by 1:35 p.m. ET (1835 GMT). U.S. West Texas Intermediate (WTI) crude futures settled down $1.90, or 4 percent, at
25-11-2016

3 Mins Daily Market Report

Oil trading was static early on Friday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity after the U.S. Thanksgiving holiday kept traders from taking big new positions. International Brent crude oil futures were trading at $48.97 at 0102 GMT, down 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.97 per barrel, up 1 cent from their last settlement. Traders said market activity was low due to the U.S. holiday, whi
24-11-2016

3 Mins Daily Market Report

Oil prices cut early losses after Iraq said it was willing to "shoulder responsibility" for some of OPEC's planned production cuts and as U.S. government data showed crude inventories fell last week. But gains were capped by investor doubts that OPEC will agree to a production cut large enough to make a significant dent in the global glut of crude. OPEC's deal faced potential setbacks from Iraq's call for it to be exempt. Baghdad had said it needs oil revenues to fight Islamic State milita
23-11-2016

3 Mins Daily Market Report

Oil prices moved little early on Wednesday with traders reluctant to dive in as uncertainty loomed over a planned OPEC-led oil production cut, and volumes low ahead of the U.S. Thanksgiving holiday on Thursday. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $46.09 at 0100 GMT, up 6 cents from their last settlement. International Brent crude oil futures were at $49.22 a barrel, up 10 cents. The Energy Information Administration (EIA) is due to publish official U.S.
22-11-2016

Crude Up On Positive Cutback Rumours - But OPEC Omits Details About How It Will Win Over Reluctant Members

Brent and West Texas Intermediate Friday rose 37 cents to $46.86 and 27 cents to $45.69 per barrel respectively
22-11-2016

3 Mins Daily Market Report

Oil prices rose to their highest level since October on Tuesday as the market priced in a potential output cut led by producer cartel OPEC, although analysts warned that a failure to agree a cut could lead to a ballooning supply overhang by early 2017. International Brent crude oil futures rose as high as $49.43 per barrel early on Tuesday, their highest since Oct. 31, and they were trading at $49.33 per barrel at 0110 GMT, up 43 cents, or 0.9 percent, from their last settlement. U.S. West
21-11-2016

Sri Lanka to Lease Port of Hambantota to Investors

Sri Lankan Prime Minister Ranil Wickremesinghe says the country will lease the Port of Hambantota to investors.
21-11-2016

3 Mins Daily Market Report

Oil prices rose around 1 percent on Monday as producer cartel OPEC moved closer to an output cut to rein oversupply that has kept prices low for over two years. International Brent crude oil futures were trading at $47.35 per barrel at 0023 GMT, up 49 cents, or 1.05 percent, from their last settlement. U.S. West Texas Intermediate (WTI) crude was up 0.98 percent, or 44 cents, at $46.14 a barrel. Traders said that markets were being supported by advancing plans by the Organization of the
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