Archive for October, 2008

Oil rises to $64 in Asian trade

Oil bounced off a 17-month low on Wednesday in Asia as a rally in global stock markets boosted investor confidence. that the worst of a global economic slowdown and its impact on crude demand has been priced in. Gavin Wendt, head  mining & resources research at consultancy Fat Prophets, said:  Everybody is looking to Wall [...]

OPEC weekly oil prices keep declining

Weekly average oil prices of the Organization of Petroleum Exporting Countries fell to $61.53/ barrel last week, the lowest price since the end of March 2007. For full story, click here

Oil falls 3 percent to 17-month low

Oil fell more than 3 percent to another 17-month low on Monday, extending deep losses amid increasing doubts over whether world governments can tame a crisis that threatens towards global recession. David Moore, a commodities strategist at the Commonwealth Bank of Australia, said: I think OPEC has actually taken a fairly decisive step to cut production but [...]

Shell, BP likely to Post Higher Profit

Shell Plc and BP Plc are likely to announce that thier Q3 rsults rose from a year earlier while falling short of record Q2 profits, after crude fell 53 % from its July peak. For full story, click here For Shell Plc’s website, click here

ConocoPhillips plans for a cautious next year

ConocoPhillips will keep its capital spending budget flat inext year amid volatility in the commodity and credit markets, The company will also not be aggressive with drilling activities in North America. Chairman and Chief Executive James Mulva said: The temporary pullback in the lower 48 U.S. states and Canada would result only in delays, not cancellations, of projects [...]

NNPC starts Oil Exploration in Chad Basin

Nigerian National Petroleum Corporation has started oil exploration in Lake Chad basin, a project it abandoned some years back. For full story, click here For company’s website, click here

Oil gains in New York on demand concerns

Crude oil pared gains in New York due to concerns that global demand for fuel will slow as the U.S. and Europe.is likely to enter a recession phase. Russell Norton, head of commodity sales at Barclays Capital, said: The demand question is the current focus of the market. We’ve seen demand come off in the OECD countries [...]

Oil declines, OPEC Cut Won’t Be Enough

Crude oil declined, heading for its 4th weekly fall, as OPEC’s decision to cut output by 1.5 million barrels a day failed to ease concerns fuel demand will slump. Mike Wittner, head of oil-market research at Societe Generale SA, said: The market expected a cut of 1 to 1.5 million barrels a day, and it got [...]