Oil prices have risen steadily this quarter. Benchmark crude hit a 26-month high on Monday near $92 per barrel and is forecast by some analysts to be headed to $100, driven by quantitative easing in the United States and as data supporting robust growth in India and China drive demand. Analysts believe OPEC’s evident reluctance to increase output and the prospect of continued dollar weakness add to the case for costlier oil in 2011.
Africa Oil Corp. (CVE:AOI) reports that 99.5% of the Company’s share purchase warrants that were issued pursuant to a private placement in April 2009 were exercised as of the expiry date of December 23, 2010.
Sagres Energy Inc. (CVE:SGI) announces the planned spud of the Apoteri K-2 exploration well on the Takutu Block in Guyana prior to December 31, 2010.
Canacol Energy Ltd. (CVE:CNE) announces a US$ 106 million capital budget in 2011 for exploration and development activities in Colombia, Guyana, and Brazil.
Bloomberg reports that Oil traded near a 26-month high after a report showed U.S. retailers had their best holiday sales in five years.
Magnum Hunter Resources Corporation (AMEX:MHR) enters into a definitive agreement to acquire Appalachian Basin focused NGAS Resources, Inc. (NASDAQ:NGAS) for approximately $98 million (USD) in common stock and assumed liabilities.
The Vancouver Sun.com reports that oil prices are up, generating concerns labour shortages in Alberta’s Oil Patch
The Winnipeg Free Press.com reports that the loonie closed higher today, driven up by higher oil prices,
Reuters.com reports that Enbridge Inc (TSE:ENB) was forced capacity rations again, because of overbooking on pipelines, and the need to ration space.
The Winnipeg Free Press.com reports that demand from emerging markets, like China, will float commodity demand in 2011
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