U.S. crude oil futures were steady at higher levels late on Tuesday, after the industry group American Petroleum Institute announced rise in domestic crude stocks last week that was less than expected. For more information, click here
Oil prices were mixed in Asian trade on Wednesday as the market looked for signs of demand in a weakening global economy. For more information, click here
India’s Reliance Industries will import around 25 percent less crude oil on contract from Iran in 2009 in favour of cheaper oil from outside the Middle East. For more information, click here
India’s Oil & Natural Gas Corp (ONGC), hascut its crude oil output target by around 3.5% for the current financial year due to infrastructure shortages and technical issues. For more information, click here
India’s largest state-owned refiner, Indian Oil Corp (IOC), purchased up to 2.0 million barrels of Azeri crude for April loading in its third tender to buy sweet crude for the month. For full story, click here
U.S. crude oil futures declined 4 percent, sliding with Wall Street on concerns about the economy amid uncertainty about government steps to protect ailing banks. Phil Flynn, analyst at Alaron Trading in Chicago, said: The fall in stock prices (on Wall Street) is pulling crude futures down, but the earlier Petrologistics report on OPEC’s lower production [...]
Vietnam’s first refinery, Dung Quat refinery, will open on Sunday. For more information, click here
U.S. oil recovered earlier losses and rose above $40 a barrel on Monday after a report that said the U.S. government could end up owning as much as 40 percent of Citigroup improved sentiment among investors. For more information, click here
The weakening global economy is anticipated to have a strong impact on Oil demand in 2009 especially in the OECD (Organization for Economic Co-operation and Development) countries. For full story, click here
Kuwait restarted oil exports on Sunday after a halt caused by storm which also affected Iran. For more information, click here
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