The breed, prized for profitability and an ability to adapt to climate change, garners celebrity status in the Central Asian country
asia2 hours ago
Oil prices fell from recent highs for a second day on Friday as Texas energy firms began to prepare for restarting oil and gas fields shuttered by freezing weather.
Brent crude futures were down $1.16, or 1.8 per cent, to $62.77 per barrel, by 1150GMT, while US West Texas Intermediate (WTI) crude futures fell $1.42, or 2.4 per cent, to $59.10 a barrel.
Unusually cold weather in Texas and the Plains states curtailed up to four million bpd of crude oil production and 21 billion cubic feet of natural gas, according to analysts.
Texas refiners halted about a fifth of the nation’s oil processing amid power outages and severe cold.
However, firms in the region on Friday were expected to prepare for production restarts as electric power and water services slowly resume, sources said.
“The market was ripe for a correction and signs of the power and overall energy situation starting to normalise in Texas provided the necessary trigger,” said Vandana Hari, energy analyst at Vanda Insights.
Oil fell despite a surprise fall in US crude stockpiles in the week to Feb. 12, before the freeze. Inventories fell by 7.3 million barrels to 461.8 million barrels, their lowest since March, the Energy Information Administration reported on Thursday.
The United States on Thursday said it was ready to talk to Iran about both nations returning to a 2015 agreement that aimed to prevent Tehran from acquiring nuclear weapons.
While the thawing relations could raise the prospect of reversing sanctions imposed by the previous U.S. administration, analysts did not expect Iranian oil sanctions to be lifted anytime soon.
“This breakthrough increases the probability that we may see Iran returning to the oil market soon, although there is much to be discussed and a new deal will not be a carbon-copy of the 2015 nuclear deal,” StoneX analyst Kevin Solomon said.
The breed, prized for profitability and an ability to adapt to climate change, garners celebrity status in the Central Asian country
asia2 hours ago
Thousands of schools have suspended classes due to the heat, affecting more than 3.6 million students, education ministry data shows
asia2 hours ago
Despite the growing market share of domestic automakers, Teslas remain among the best-selling EVs in the Asian country
auto2 hours ago
The entire plan will see cow-breeding and poultry projects come up near the massive wheat farm and the dairy farm will form the third phase
uae2 hours ago
Modi, 73, remains resoundingly popular after a decade in office, and he is widely expected to win a third term
asia2 hours ago
With over seven years of experience in branding and social media, and three years in motion graphics and editing, Arkan's expertise spans a wide range of creative domains
kt network3 hours ago
Names of leading brands in various sectors revealed in a new report by Brand Finance
uae3 hours ago
Four workers died when the drone struck a condensate storage tank at Khor Mor Complex, Dana Gas said in a statement to the ADX
mena4 hours ago