Crude oil slipped in New York, paring this week’s gains, after an unexpected surge in initial jobless claims in the U.S. raised concern that fuel demand may slow in the world’s leading energy consumer. Anthony Nunan, an assistant general manager for risk management at Mitsubishi Corp. in Tokyo., stated: People are concerned that we could [...]
Foreign exchange gains, lower interest coupled with inventory gains have helped Indian Oil Corporation Ltd post a nine-fold jump in net profit for the first quarter of the current fiscal. For full story, click here
Brent crude futures eased towards $74 a barrel on Thursday, retracing some of the previous day’s jump as optimism faded about the pace of economic and oil demand recovery. For full story, click here
The Indian unit of U.K.-listed Cairn Energy PLC declared that it was on the verge of commencing oil production in the western state of Rajasthan. For full story, click here
In July Norwegian exports reached NOK 62.7 billion, while imports came to NOK 31.8 billion. The trade balance reached NOK 30.8 billion, up 39 per cent from June to July this year. Increased crude oil exports contributed to the July result. For full story, click here
Crude oil futures on Wednesday added another 1.18 per cent, extending its Tuesday’s gain on the Multi Commodity Exchange largely on the back of firming global trend on reports of a dip in its inventories in the US, the world’s leading energy consumer. For full story, click here
Imperial Oil Ltd. raised/reduced its purchase price for benchmark 40-degree gravity light crude oil at Edmonton by C$19 a cubic meter to C$454 a cubic meter, effective Friday. For full story, click here
Gasoline prices dipped by around $20 a tonne in Europe on Friday, slipping below the $700 mark for the first time this month as crude and U.S. futures for the motor fuel sold off and demand remained depressed. For full story, click here
Mexico expects its basket of crude oil exports, a key source of government revenue, to fetch around $53 per barrel in 2010. For full story, click here
Oil levels were nearing levels that would likely prompt an increase in supply from the OPEC. Such an action would likely cause oil prices to drop. Furthermore, evidence of a bottoming out of the recession is still a bit patchy. The latest data on industrial production for some of the larger countries continues to remain negative.
Get our independent commentary on oil trends and companies delivered to your inbox.
