Bloomberg reported that West Texas Intermediate crude has reached its highest level in over 2 weeks as SPX approached a record on optimism that the economic stimulus will remain in order to bolster growth.
Bloomberg reported that according to Oil Movements, the Organization of Petroleum Exporting Countries (OPEC) will increase shipments by 60,000 bpd until mid-May due to a rising demand in Asia.
Bloomberg reported that crude oil options declined to a 2-week low at 20.58% as futures advanced on better-than-expected US jobless claims.
Bloomberg reported that Imperial Oil Ltd, one of Canada’s biggest oil producers, announced that sales from the C$12.9B Kearl oil-sands project will start in the third quarter. The project is expected to produce 110,000 bpd and grow to 345,000 bpd.
Bloomberg reported that China Petroleum & Chemical Corp. has made a profit of 2.2 billion yuan from processing crude for the first time since 2011 while PetroChina Co was able to cut refining losses to 1.56 billion yuan as China enters market-driven pricing to fulfill its energy needs
Bloomberg reported that major oil companies, Royal Dutch Shell Plc, BP Plc, Exxon Mobile Corp., and Total SA all reported lower quarterly profit as crude trades close to a 9-month low and spending costs rise.
InterOil Corporation (NYSE:IOC) announced that its founder and CEO, Phil Mulacek, will retire effective April 30, 2013 and InterOil Chairman Dr. Gaylen Byker will assume his duties on interim basis until the search for a new CEO is complete.
Bloomberg reported that Pakistan State Oil Ltd posted a 32% decline in its profits for the third quarter as power companies such as Kot Addu Power Co, Hub Power Co., and Karachi Electric Supply Co. delay payment of dues.
Bloomberg reported that West Texas Intermediate oil slipped 1 cent as data from Europe and China showed a slowdown in global manufacturing and equities continue to rise for a 3rd day.
BNK Petroleum (TSX:BKX) announced that its previously announced sale by BNK Petroleum US (subsidiary) to XTO Energy Inc. of its Tishomingo Field, Oklahoma assets for US$147.5 million has been closed.