Business News Middle East

  • NEW YORK, Oct 17- Oil prices fell on Wednesday, with U.S. futures slipping below $70 a barrel for the first time in a month, after U.S. stockpiles rose by 6.5 million barrels, almost triple what analysts had forecast, while exports dropped. Oil had been rising on worries about Iranian sanctions and tensions between the United States and Saudi Arabia after the death of...

  • *Plant near Venice already recycling disposable diapers. MILAN/ LONDON, Oct 17- A joint venture between Procter& Gamble and Italian healthcare group Angelini is working to create a sustainable recycling loop that would allow dirty diapers to be turned into plastic bottle caps and viscose clothing. Fater, a Pescara, Italy- based business that became a joint...

  • Brent crude was down 65 cents at $80.76 a barrel by 1325 GMT, after gaining $1.15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3. Official oil inventory data from the U.S. Energy Department's Energy Information Administration was...

  • Brent crude was down 25 cents at $81.16 a barrel by 1205 GMT, after gaining $1.15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3. Official oil inventory data from the U.S. Energy Department's Energy Information Administration was...

  • DUBAI/ LONDON, Oct 17- Saudi Arabia and Kuwait will struggle to resume oil production from jointly operated fields any time soon due to operational differences and souring political ties between the previously close Gulf OPEC allies, sources familiar with the matter said. Saudi Crown Prince Mohammed bin Salman visited Kuwait last month to discuss a...

  • DUBAI/ SINGAPORE, Oct 17- Kuwait Petroleum Corp set the price for Kuwait Super Light Crude at $2.30 a barrel above Oman- Dubai quotes for October and at a premium of $3.05 a barrel for November, a source with knowledge of the matter said on Wednesday. KSLC's OSPs are more than $2 a barrel below that of Saudi's Arab Super Light crude and 50 cents a barrel higher than...

  • Brent crude was down 10 cents at $81.31 a barrel by 0945 GMT, after gaining $1.15 in the previous three sessions. The global benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3. "Numbers from the American Petroleum Institute surprised the market, with U.S. crude oil inventories...

  • Brent crude was up 15 cents at $81.56 a barrel by 0735 GMT, after gaining $1.15 in the previous three sessions. The global benchmark, which hit a two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3. "Numbers from the American Petroleum Institute surprised the market yesterday, with U.S. crude oil...

  • *OPEC advised by lawyers to stop mentioning oil price- sources. *NOPEC legislation seeks to punish OPEC for price fixing. LONDON/ DUBAI, Oct 17- OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said.

  • West Texas Intermediate crude was up 25 cents, or 0.4 percent, at $72.17 a barrel by 0648 GMT on Wednesday, having settled up 14 cents. Brent crude was up 26 cents, or 0.3 percent, at $81.67 a barrel, after settling up 63 cents the session before. "The market is reacting to the unexpected decline as inventories tend to rise at this time of year," said Tomomichi Akuta, senior...

  • SYDNEY, Oct 17- Asian equities got some welcome relief on Wednesday after upbeat U.S. earnings reports drove a rebound on Wall Street and helped restore a little faith in emerging market stocks and currencies. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.7 percent and South Korea 1.2 percent, while spreadbetters pointed to opening gains...

  • LAUNCESTON, Australia, Oct 17- The crude oil price appears firmly in the hands of geopolitical concerns, with veiled Saudi threats over the disappearance of a journalist and the ramping up of U.S. sanctions against Iran getting most of the attention. The disappearance, and presumed murder, of Saudi Arabian journalist Jamal Khashoggi at the Kingdom's consulate...

  • West Texas Intermediate crude was up 15 cents, or 0.2 percent, at $72.07 a barrel by 0255 GMT on Wednesday, having settled up 14 cents. Brent crude was up 12 cents, or 0.2 percent, at $81.53 a barrel, after settling up 63 cents the session before. "The market is reacting to the unexpected decline as inventories tend to rise at this time of year," said Tomomichi Akuta, senior...

  • *Nikkei up more than 1 pct, but China stocks lag. SYDNEY, Oct 17- Asian equities got some welcome relief on Wednesday after upbeat U.S. earnings reports drove a rebound on Wall Street and helped restore a little faith in emerging market stocks and currencies. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.7 percent and South Korea 1.2 percent.

  • *Spot gold was up 0.1 percent at $1,224.70 an ounce at 0100 GMT. On Monday, it touched its highest since July 26 at $1,233.26 an ounce.. President Donald Trump heaped more criticism on the Fed in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public.

  • LONDON, Oct 16- Saudi Arabia is unlikely to employ its so-called "oil weapon" in the diplomatic crisis over the disappearance of a journalist after visiting the countrys consulate in Istanbul. Experience from the last time Saudi Arabia tried to use oil sales as a diplomatic instrument in 1973/ 74 shows such action does not work and the kingdom itself would be the...

  • SYDNEY, Oct 17- Asian equities got some much needed relief on Wednesday after upbeat U.S. earnings reports drove a rebound on Wall Street and helped restore a little confidence in emerging market stocks and currencies. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 percent and South Korea 1.5 percent. On Wall Street, the three major...

  • *Iran exports 1.33 mln bpd of crude in Oct. 1-14: Refinitiv. NEW YORK, Oct 16- Oil prices edged up in cautious trade on Tuesday as expectations of higher U.S. shale output and inventories vied with worries that crude supply from the Middle East could be disrupted by looming U.S. sanctions on Iran and growing tensions with top exporter Saudi Arabia.

  • *Iran exports 1.33 mln bpd of crude in Oct. 1-14- Refinitiv. NEW YORK, Oct 16- Oil prices edged up in cautious trade on Tuesday as expectations of higher U.S. shale output and inventories vied with worries that crude supply from the Middle East could be disrupted by looming U.S. sanctions on Iran and growing tensions with top exporter Saudi Arabia.

  • *Traders eye Italy, Brexit, Middle East developments. NEW YORK, Oct 16- U.S. "Following the extraordinary volatility in both stocks and bonds, we are seeing a bit of a calming here as traders are looking for new ranges," said John Canavan, market strategist at Stone& McCarthy Research Associates in New York.