Reuters reported that oil prices continued to fall after Monday's sell off, driven down by concerns about lack of economic growth in the United States and the news that OPEC producers favor an oil price of $100 per barrel.
Articles Tagged "oil producers"
Business Insider reports that shares in oil producer led gains today on the Asian markets.
International Energy Agency last week indicated that “three digit oil prices risk damaging” the economic recovery, offering a message that OPEC should raise output; however, OPEC responded the same day by saying that global supplies are sufficient to meet demand.
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?