Bloomberg reported that the Brent crude prices have slipped for the third day this week, touching its lowest price in three weeks. WTI for July delivery was down $1.61 to $92.67 a barrel.
Oil Market News Directory
The Washington Post reported that oil prices fell below $93 on the back of disappointing economic reports from Europe and the U.S.
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 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.
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.
Bloomberg reported that oil production at the Eagle Ford shale formation in Texas climbed 74%, yielding 471,258 barrels per day in February.
Reuters reported that the Syrian opposition will be unable to sell crude oil for at least a month because it lacks real executive power even as the European Union governments have eased sanctions on Syria to help them.