OPEC's Secretary General said on Sunday global oil markets were oversupplied, but it was too early to talk about the producer group taking action to halt the sharp price fall sparked by the euro zone debt crisis.
Ukraine said it will press for changes in the natural gas price formula fixed by Russia's Gazprom and its Naftohaz Ukrainy national oil and gas company. Ukrainian Prime Minister Mykola Azarov said here, We have agreed that we will work on this, since the formula does not satisfy us.
The Australian Dollar fell again overnight, trading to a low of USD0.9025 due to ongoing risk aversion.
Headlines often focus on big discoveries or major new sources for crude oil. This can obscure the fact that as much as 20 percent of the Nation's crude oil production comes from marginal-volume stripper wells. Oil stripper wells generally produce from reservoirs that are approaching the end of their commercial lives and are typically operated by smaller independent companies. By definition, oil stripper wells are those that produce no more than 15 barrels of oil equivalent per day over a twelv...
Global commodity prices dropped Tuesday as new doubts about Europe's ability to resolve the Greek debt crisis sparked a global flight from risky investments. Crude oil and other energy contracts tumbled, a day after oil hit an 18-month high. Prices for copper and other industrial metals also fell sharply. The declines in commodities were made worse by a spike in the dollar as investors sought safe places for their money. The rising dollar tends to sap demand from foreign investors for commoditie...
BP Plc struggled to stop oil gushing unchecked from a ruptured undersea well in the Gulf of Mexico on Tuesday and calmer weather raised hopes of reducing the massive oil slick and limiting its impact on the U.S. shoreline.
World oil prices extended gains in the first day trade of this month mainly on possible US supply drop on Gulf of Mexico oil slick while Greek bailout deal also helped. Light sweet crude for June delivery was seen trading at $86.59 a barrel at 12.00 noon Singapore time while Brent crude was at $87.65 a barrel at the same time in London. Analysts said expectations that the huge oil slick in the Gulf of Mexico could lead to delays in the delivery of crude oil in the US helped the black gold.
Higher oil prices boosted quarterly profits for Exxon Mobil Corp and ConocoPhillips , but Exxon saw its earnings hurt by recently enacted U.S. health reform legislation.
The US National Oceanic and Atmospheric Administration has today declared that the oil spill in the Gulf of Mexico is heavily leaking crude oil roughly 5000 feet below the surface. The agency maintained that the oil is leaking at the rate of 5000 barrels per day and not 1000 bpd as had been estimated earlier. Speaking to media, Rear Admiral Mary E Landry of the Coast Guard informed that the new estimate came from observations made in flights over the slick, studying the trajectory of the spill a...
Energy shares led stocks higher on Monday as economic data gave support to investors' bets the economy is improving.
The Dow and the S&P 500 cut losses on Wednesday, led by gains in the energy sector, and the Nasdaq briefly turned positive.
Just over four weeks ago we wrote that the duel between economic recovery and accompanying inflation versus economic stagflation and unemployment has kept crude oil futures within a $13.00 barrel trading range since October, 2009
As Argentina's oil battle with the United Kingdom rages on, the only other obstacle the South American country can throw at oil companies planning to drill near the Falkland Islands is to interdict U.K. ships or equipment - but regional expert Riordan Roett doubts the Argentines are stupid enough to do that.
U.S. stocks rose on Monday as miners and energy companies advanced on dollar weakness and investors bought recent high fliers as the quarter's end approached.
U.S. stocks rose on Monday as miners and energy companies advanced on dollar weakness and investors bought recent high fliers as the quarter's end approached.
U.S. stocks rose on Monday as miners and energy companies advanced on dollar weakness and investors bought recent high fliers as the quarter's end approached.
Sinopec , Asia's top oil refiner, will buy a stake in upstream assets in Angola for $2.46 billion and said it wanted more such deals, which could shield it from high oil prices that hit margins in the fourth quarter.
Motorists will be driving on the world's first green tires within the next five years, scientists predicted here today, thanks to a revolutionary new technology that produces a key tire ingredient from renewable feedstocks rather than petroleum-derived feedstocks.
World's second largest oil consumer, China imported 18.51 million tons of crude oil in February this year, according to General Administration of Customs of China. In a statement issued here, GAC said this was equal to 4.8 million barrels per day and is up 59.6 percent year on year.
Stocks were little changed on Monday as a late rebound in financial stocks offset nagging worries the Chinese government may tighten credit, a move that could slow growth in the global economy.
Crude oil prices tread water for the week as uncertainty about demand continued to weigh on the market. Prices were down slightly on the week, with the benchmark West Texas Intermediate settling on Friday at $81.24 a barrel, compared with $81.50 a week ago. Not even relatively bullish forecasts for oil demand, such as the International Energy Agency's report on Friday raising its forecast by 70,000 barrels a day for 2010, or the decline in the dollar could propel oil prices forward.
Stock index futures pointed to a pause on Wall Street on Monday after last week's strong rally fueled by better-than-expected U.S. jobs data.
