Although Chevron was fined $28 million and had its drilling rights in Brazil suspended for the recent offshore oil spill at their Frade field, some industry experts suggest the company will be able to avoid a long-term ban.
The Bedford Report released research on BP PLC (NYSE:BP,LSE:BP) and ConocoPhillips (NYSE:COP).
Reports that on Thursday, BP Plc's (NYSE:BP) contract with Libya's National Oil Corporation is still valid.
BP and Reliance Industries intend to create a joint commercial interest to purchase, transport and market oil and natural gas. This partnership could prove important for the Indian economy.
All eyes are on oil majors, as they battle a refining slump. BP reports results Tuesday, followed by Conoco on Wednesday, Exxon and Shell on Thursday, and Chevron on Friday. Though the sector is up 20 per cent, refineries are struggling as demand remains limp. Is there a way out?
Crude prices in Asia slipped Friday on a stronger U.S. dollar and as traders sold off bets to lock in profits, but the overall rally is expected to continue on hopes that data on the global economy will stay bullish. Crude prices are down, but after we wake up tomorrow morning, they may hit $73 a barrel, traders said.
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