Indian crude oil basket rises
The Indian crude oil basket rose $1.56 a barrel to $115.87 (about Rs 5,050) on Friday due to sharp increases in global crude oil prices. For full story, click here
Archive for August, 2008
Crude Oil Keeps Korea in Red
According to the Ministry of Knowledge Economy and Korean Customs, the country accrued a whopping US$6 billion trade deficit this month alone, as of Aug. 20. A ministry official said: Crude oil is still being imported at over $130 a barrel. For full story, click here
Sinopec announces interim results
China Petroleum & Chemical Corporation reported its interim results for the six months ended 30 June, 2008. For full results, click here
Bigger crude oil export revenues for Vietnam
Vietnam is estimated to post a jump of 53.3 percent in crude oil export value (YOY basis), despite a10.8-percent decrease in export volume, in the first eight months of this year. According to the country’s General Statistics Office: Between January and August, Vietnam is set to export nearly 9 million tons of crude oil worth roughly 7.9 billion [...]
Oil declines on demand concerns
Oil prices declined on Monday as demand worries due to rising fuel costs outweighed supply concerns caused by a tropical depression in the Caribbean. James Crandell, analyst for Lehman Brothers, said; All the factors that have motivated the price down are still intact. For full news, click here
Benchmark: August 25
Barrel prices nosed upward of $115 on Monday, largely due to a sagging US dollar. Analyzing this in reference to last week’s barrel and dollar prices shows the extent to which crude is tied to currency differentials. The relationship is not one sided, either. For us Canadians, high oil prices are keeping our dollar near parity with that of our neighbours.
Benchmark: August 18
Barrel prices were pushed gently northward in early trading on Monday, as a confluence of factors threatened supply and made it an attractive alternative investment. The dollar’s decline relative to the euro increased anti-inflation hedging activities in commodities.
Tullow Oil rallies in anticipation of strong interim figures
TULLOW Oil shares rallied yesterday as UBS reported that the stock was worth a second look, after losing almost a third of its value from the highs of two months ago. For more information, click here For company’s website, click here
BP-Led Oil Pipeline to restart Shipments Next Week
The BP led Baku-Tbilisi-Ceyhan pipeline will restart tanker loadings next week following fire damage earlier this month. Murat Lecompte, external affairs director for BTC, said: The shipping schedule can be updated today for loadings to begin next week. For more information, click here
Robust Stockpiles of oil around the world
There are enough stockpiles of oil around the world that could see us through any foreseeable calamities on the world market. For more information, click here
