BP dampened hopes that it could plug its leaking Gulf of Mexico well sooner than forecast on Thursday, while a battle between the U.S. government and the oil industry over a deepwater drilling ban heads to court.
BP is aiming to plug its leaking Gulf of Mexico well by July 27, weeks sooner than forecast, according to a newspaper report on Thursday, while a battle between the U.S. government and the oil industry over a deepwater drilling ban heads to court.
BP boss Tony Hayward met with an Abu Dhabi state investment fund on Wednesday, part of a quest for cash to ward off takeovers and help pay for the worst oil spill in U.S. history.
BP boss Tony Hayward met with an Abu Dhabi state investment fund on Wednesday, part of a quest for cash to ward off takeovers and help pay for the worst oil spill in U.S. history.
Crude oil dipped on Wednesday, set to stretch its losing streak for the past six trading sessions, as global investors remained concerned that the world's economic growth was faltering.
World stocks posted their biggest gains in a month on Tuesday after recent drubbings pushed shares to attractive levels, while the euro rose as investors waded back into risky assets.
Tropical storm Alex slowed oil spill clean-up and containment work in the Gulf of Mexico and drove more petroleum into fragile Gulf wetlands and beaches on Thursday, with any permanent fix to BP Plc's ruptured deep-sea well still several weeks away.
Manufacturing growth cooled around the world in June, with China hitting its slowest pace in more than a year and growth in the United States and Europe also easing -- further evidence that the global economic recovery is moderating.
Oil rose on Friday due to concerns that a storm in the Caribbean may move toward the Gulf of Mexico, where oil facilities are clustered and BP continues to fight an oil spill.
A flexible Chinese Yuan (CNY) may create romm for other emerging market currencies to appreciate and thereby push up consumption of commodities in those economies in the coming months. This will prove positive for energy, gold and metals, according to an analysis by Bank of America-Merrill Lynch (BofAML).
In an attempt to better regulate its gold market, South Korea said Wednesday it will open a gold exchange inside its main bourse in January 2012.
China appeared to engineer a fall in the yuan on Tuesday to make clear that its newly flexible currency was not a one-way bet to appreciate, as markets reflected waning optimism over Beijing's new policy.
Crude oil fell below $78 per barrel on Tuesday as shares retreated and on expectations that a slow rise in China's currency would have a more limited impact on global demand than initially anticipated.
Crude oil gained more than one percent on Monday after China pledged to make its currency more flexible, raising expectations of higher demand from the world's second largest energy consumer.
Most Asian stocks rose on Friday, encouraged by a late rebound on Wall Street, while the euro hovered near 3-week highs against the dollar after a strong investor response to Spanish bond auctions.
BP Plc bosses weathered a week of anger in Washington but the energy giant's financial outlook faces renewed scrutiny from investors trying to gauge remaining costs and risks from the biggest oil spill in U.S. history.
Asian shares rose on Wednesday, led by electronics makers and resource stocks, after successful European debt auctions boosted hopes for global growth and lifted commodity prices.
Oil rose above $77 on Wednesday to reach the highest level since mid-May, tracking a recovery in global stock markets as risk appetite returns with easing concern about Europe's economy.
U.S. crude oil futures climbed on Tuesday after the euro and equities markets rose when debt auctions in Europe bolstered investor confidence in global economic recovery.
It is difficult to forecast the impact of severe tropical weather in the Gulf of Mexico region on crude oil production, because shut-in production in any particular year varies depending on the overall level of severe weather and the specific track of each storm (see Figure 1). The 2008 and 2009 hurricane seasons illustrate a wide range of oil production impacts.
Major Asian oil buyers including India and China bought comparatively less loads of West African oil in June. According to reports, Indian, Chinese Taiwanese and Indonesian end-users bought a total of 1.65 million barrels per day (bpd) of crude from the oil-exporting region in 52 full or part cargoes, down from 1.72 million bpd in 56 cargoes in May.
As driven by a late-rally in the Wall Street, WTI crude oil price ended the day with small gains. After market close, API's report showing a dip in crude inventory boosted the market further. However, we doubt if the strength can sustain as sovereign crisis in the Eurozone has shown intensified signs of contagion. Gold price retreated after hitting a new record at 1254.5. Yet, outlook is still bullish for the yellow metal as long as worries over deficits problems persist and uncertainty over glo...
