Business

Oil prices build on gains on expectation of extended crude supply cut

Oil prices build on gains on expectation of extended crude supply cut

The OPEC meeting is scheduled on May 25, 2017, which could result in an official extension of major producers' production cut deal However, crude oil prices are near a five-month low due to near record U.S. The deliberations come as two OPEC members exempt from the cuts boost output. The rise in oil prices came after Saudi Arabian and Russian ministers said agreed supply cuts should extend into 2018.


Soaring oil helps BP and Shell drive FTSE to new high

Soaring oil helps BP and Shell drive FTSE to new high

Futures added as much as 1.8 percent in NY, on course for their highest close since May 1. Earlier in the day, Saudi Energy Minister Khalid Falih said that Russian Federation and Saudi Arabia had come to the conclusion that the Vienna agreement on oil output cuts should be extended until end of March of 2018.


Oil dives 5 percent; OPEC looks unlikely to deepen output cuts

Oil dives 5 percent; OPEC looks unlikely to deepen output cuts

US shale driller Chesapeake Energy Corp. posted its first quarterly profit since 2014 and braced shareholders for a production surge in the second half of the year as new natural gas and oil wells come online. In a sign of ongoing oversupply, the amount of oil stored on tankers in Malaysia's waters has surged again recently, after drawing down slightly in March and April, as unsold oil from OPEC, North America, and also Europe is stored close to Asia's main consumer hubs.



EasyJet reports half year loss due to weak sterling

The £ 236m loss reported by the low-priced carrier for the six months to the end of March compared with £18m in the same period past year. The drop, however, was in line with guidance and did not prevent total revenue from increasing 3.2% year-on-year to £1.83bn.



Cyberspace authority warns of ransomware attack

French carmaker Renault's assembly plant in Slovenia halted production after it was targeted in the global cyberattack. Affected bodies included a social security department in the city of Changsha, the exit-entry bureau in Dalian, a housing fund in Zhuhai and an industry watchdog in Xuzhou.


Portugal jubilant after singer's Eurovision victory

Portugal jubilant after singer's Eurovision victory

Italy's Francesco Gabbani and his dancing gorilla scored huge cheers in the IEC stadium with Occidentali's Karma while Portugal's Salvador Sobral's quirky tics and sweet voice on Amar Pelos Dois melted hearts. The song trailed Portugal by well over 200 points going into the televote, while Bulgaria's pop entry, Beautiful Mess by 17-year-old Kristian Kostov , grabbed enough support from the judges to be only 104 points down at the halfway mark.