Edition:
United States

Ayenat Mersie

Coffee industry should emulate wine, not soda: illycaffe chair

Oct 04 2018

NEW YORK Persistently low coffee prices for producers across the globe are a serious threat to the commodity, said the chairman of Italian premium coffee maker illycaffe SpA, who expects prices to begin taking a toll on production in coming years.

UPDATE 2-S. African sugar makes rare appearance in small ICE October expiry

Oct 01 2018

NEW YORK, Oct 1 Raw sugar from South Africa made a rare appearance in the cash delivery against an ICE Futures U.S. contract, exchange data and traders said on Monday, the latest sign of the impact of excess global supplies and changes in European Union policy.

Oil has steepest drop in a month as economic concerns threaten demand

Sep 13 2018

NEW YORK Oil prices fell more than 2 percent on Thursday, with Brent slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.

UPDATE 9-Oil prices steady as equity markets weigh, geopolitics support

Sep 07 2018

* Dollar up on U.S. August jobs report; trade tensions linger * S&P 500 drops as strong jobs data stoke U.S. rate hike fears * U.S. diesel, gasoline stocks up after lackluster driving season * U.S. oil drillers cut rigs for 2nd week in three -Baker Hughes (Adds CFTC data, Iraq news) By Ayenat Mersie NEW YORK, Sept 7 Oil prices were steady on Friday, with U.S. crude slipping on weak global equity markets while Brent inched up on geopolitical factors, including violent protests in Iraq. U.S. West Texas Intermediate (WTI) crude futures settled down 2 cents at $67.75 per barrel. Brent crude futures settled up 33 cents at $76.83 a barrel. For the week, U.S. crude lost almost 3 percent, while Brent was down 0.8 percent. Geopolitical developments lent Brent some support, as protests in the southern Iraqi city of Basra heated up and the civil war in Syria threatened to escalate, analysts said. "The situation in Basra has really flamed up ... that's giving Brent some help here," said John Kilduff, partner at Again Capital in New York. In post-settlement trading, Brent prices drifted higher after Iraqi protesters entered a 400,000 barrel per day oilfield facility operated by Lukoil and held two staff members hostage. U.S. oil prices had gotten a boost early in the week as the approach of Tropical Storm Gordon forced the closure of Gulf of Mexico oil platforms and threatened Gulf Coast refineries. Speculators in the week to Sept. 4 raised their bullish bets on U.S. crude to the highest in a month, the U.S. Commodity Futures Trading Commission said on Friday. "The market got too juiced up before the tropical storm ... a lot of the weakness in the week (since) has been unwinding from that," said Phil Flynn, analyst at Price Futures Group in Chicago. The storm ultimately weakened and moved away from oil-producing areas and energy companies restarted operations shut as a precautionary measure. The dollar rose on Friday against a basket of other currencies after the U.S. Labor Department's closely watched employment report showed U.S. job growth surged in August. A stronger greenback makes it more expensive to buy dollar-denominated commodities like oil. Escalating trade tensions along with the jobs data, which raised concerns about the possibility of a quickening pace of U.S. interest rate hikes, pressured global equity markets. Wall Street's three major indexes all moved lower, while the pan-European STOXX 600 had its worst weekly performance since the end of March. At the same time, U.S. oil prices remained weighed down by official data showing that U.S. gasoline inventories had risen by 1.8 million barrels while distillate stockpiles climbed 3.1 million barrels. "This bears all the hallmarks of a disappointing summer driving season. As a result, the alarm bells are now ringing that a gasoline glut will persist for the foreseeable future," Stephen Brennock of London brokerage PVM said. The U.S. rig count, an indicator of future output, fell in the week to Sept. 7, according to data from General Electric's Baker Hughes energy services unit. U.S. energy companies cut rigs for the second week in three. (Additional reporting by Ahmad Ghaddar in London and Henning Gloystein in Singapore; editing by Marguerita Choy, Bill Berkrot and G Crosse)

Oil slips as trade war worries outweigh Iran sanctions

Aug 31 2018

NEW YORK Oil prices slipped on Friday, pressured by renewed concerns that a global trade war could dent energy demand, although impending U.S. sanctions on Iran and falling Venezuelan output limited the decline.

Oil rises to multi-week highs on U.S. stock draw, falling Iran exports

Aug 29 2018

NEW YORK Oil prices rose more than 1 percent on Wednesday, with Brent at its highest in seven weeks and U.S. crude touching a three-week peak, supported by a drawdown in U.S. crude and gasoline stocks and reduced Iranian crude shipments as U.S. sanctions deter buyers.

Illinois attorney general sues Trump Tower for river violations

Aug 14 2018

CHICAGO Illinois' attorney general announced a lawsuit on Tuesday against Trump Tower in Chicago, alleging the violation of environmental laws and a threat to fish in the Chicago River.

U.S. crude oil output hits 11 million barrels per day for first time ever

Jul 18 2018

U.S. crude oil production last week hit 11 million barrels per day (bpd) for the first time in the nation's history, the Energy Department said on Wednesday, as the ongoing boom in shale production continues to drive output.

Oil rises on supply disruptions, large U.S. crude stock drawdown

Jul 10 2018

NEW YORK Oil rose on Tuesday, supported by a larger-than expected U.S. stock draw and supply concerns in Norway and Libya, though gains were tempered by the United States' indication that it would consider requests for waivers from Iranian oil sanctions.

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