Bloomberg reported that West Texas Intermediate oil slipped 1 cent as data from Europe and China showed a slowdown in global manufacturing and equities continue to rise for a 3rd day.
The Guardian reported that a group of Ecuadorian politicians have auctioned off over 3 million hectares of Amazonian rainforest to representatives of Chinese oil companies in Beijing.
Bloomberg reported that the trade deficit in the United States widened and the gap grew by 16.5% as demand for crude oil import rebounded.
Reuters reported that Chinese oil company, CNOOC Ltd, which took over Canada’s Nexen Inc, has given the Canadian unit’s CEO freedom to run operations.
Reuters reported that Rosneft is planning to loan up to $30 billion from China in exchange for significantly higher oil supplies, which could make Beijing the biggest consumer of Russian oil.
The BBC reported that the United States has approved CNOOC's (NYSE:CEO,HKEX:0883) acquisition of Canada's Nexen (NYSE:NXY,TSX:NXY). The deal has already been okayed by Canadian authorities, so approval from the US means that the path for the sale is now clear.
Relations between Russia and Venezuela were boosted recently when Russian oil companies confirmed plans to invest $17.6 billion in the South American country’s energy sector.
Bloomberg reported that China’s oil demand will increase at a much faster rate this year than expected because of economic recovery, a report by Deutsche Bank AG said.
Bloomberg reported that oil has reached its highest in three months, with prices rising 0.8% as China’s exports accelerated.
Bloomberg reported that the price of palm oil has plummeted this week largely due to China’s cancellation of soybean purchases. China is the world’s biggest buyer of vegetable oils.
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