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
U.S. crude oil futures slipped further in post-settlement trading on Tuesday after the American Petroleum Institute’s inventory data showed that domestic crude stocks fell less than expected last week. Phil Flynn, analyst at Alaron Trading in Chicago, stated: The API data shows imports were up and that tempered the crude draw, which came out lower [...]
U.S. crude oil futures surged on Thursday, pushed to a 2009 peak above $64 a barrel by better-than-expected economic indicators and OPEC leaving output steady ahead of government oil inventory data. For full story, click here
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
It was a stock that people loved to hate. During the first half of 2008, investors cringed when they saw rallies in the price of oil. As crude surged to $150 a barrel last year, equity investors bemoaned the hit, and worried and gossiped about the outlook for consumer-oriented firms which would need to spend more on gas. Then the tide turned.
Crude oil futures are trading up $1.04 at $53.81 a barrel after receding $1.21 to $52.77 a barrel on Wednesday, when they slipped in reaction to the weekly oil inventory report. For full story, click here
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