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Oil price rises over 2% to 2019 highs on tightening supplies

NEW YORK: Oil prices rose more than 2 percent to their highest this year on Friday after an outage at Saudi Arabia's offshore oilfield boosted expectations for tightening supply, while progressing U.S.-Sino trade talks strengthened demand sentiment.

The international Brent crude benchmark rose $1.68, or 2.6 percent, to settle at $66.25 a barrel, its highest since November.  U.S. West Texas Intermediate crude futures settled up $1.18, or 2.2 percent, at $55.59 a barrel, and hit their highest this year in post-settlement trade at $55.80.  For the week, Brent ended more than 6 percent higher and WTI gained more than 5 percent.

Pompeo says to discuss security, Russia, China presence in Iceland visit

REYKJAVIK (Reuters) - U.S. Secretary of State Mike Pompeo arrived in NATO ally Iceland's capital Reykjavik on Friday and said he would be discussing security relations as well as China and Russia's growing presence in the Arctic.

Quick take:Yinson gains 4% on news of RM2.36bil JX Nippon contract

KUALA LUMPUR: Shares in Yinson Holdings Bhd were boosted in early trade Friday after announcing a RM2.36bil contract from JX Nippon Oil & Gas Exploration (Malaysia) Ltd.

Oil prices edge higher as financial markets pare some losses

NEW YORK: Oil prices edged higher on Thursday and Brent hit the highest level this year, but gains were capped after the steepest decline in U.S. retail spending since 2009 heightened investor fears of a global economic slowdown.

Brent futures were up 75 cents, or 1.2 percent, at $64.36 a barrel by 12:32 p.m. EST (1732 GMT), after hitting a 2019 high of $64.81, while U.S. crude rose 41 cents, 0.8 percent, to $54.31 a barrel, down from a session high of $54.68.

Yinson secures RM2bil contract from JX Nippon

PETALING JAYA: Yinson Holdings Bhd has bagged a RM2.36bil operation and maintenance (O&M) services contract from JX Nippon.

The scope of the contract is to undertake O&M works for the Nippon floating production, storage and offloading (FPSO) facility.

Dialog Group quarterly net profit up 18% to RM137mil on cost savings

PETALING JAYA: Dialog Group Bhd’s net profit for the second quarter ended Dec 31 jumped 18.2% to RM136.8mil.

Executive chairman Tan Sri Dr Ngau Boon Keat(pic) said in a statement that the group is pleased to have continued to deliver on its commitment to grow sustainable, recurring income and enhance shareholder value.

Commission seeks proposals for large-scale solar photovoltaic plant

PETALING JAYA: The Energy Commission (EC) has announced that it is requesting proposals for the development of a large-scale solar (LSS) photovoltaic plant.

“The LSS capacity to be tendered will be from 1MW to 100MW with a target aggregate capacity of 500MW in Peninsular Malaysia, which is expected to be commission in 2021,” the EC said.

Court overturns award to Hindustan Petroleum from Malaysia's M3nergy

NEW DELHI: An Indian high court has set aside an arbitration award of more than 8 billion rupees ($113.19 million) owed to India's Hindustan Petroleum Corp Ltd by Malaysia’s M3nergy, according to a court document reviewed by Reuters.

Rishab Gupta, a partner at the Indian law firm Shardul Amarchand Mangaldas that represents M3nergy, confirmed on Wednesday the Jan. 10 ruling was for the original 8 billion rupee amount given in 2017

Global oil supply to swamp demand in 2019 despite output cuts

LONDON: The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday

The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day.  "It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, however, limit any upside," the agency said.

Oil price gains on Saudi output cuts; rally limited by US output

NEW YORK: Oil prices rose almost 2 percent on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, but swelling U.S. crude inventories limited the day's gains

Brent crude futures settled up $1.19, or 1.9 percent, at $63.61 a barrel. The global benchmark touched a session high of $63.98, but pulled back after the EIA data was released.  U.S. crude futures settled up 80 cents, or 1.5 percent, at $53.90 a barrel, after touching $54.60 earlier in the session.