Attempts are made to try out this argument, in a few diehard neoliberal New Economy circles, for example tracing problems reducing the USA’s extreme high, but falling trade deficit, to “stubbornly high” oil prices. Click here to access the entire Article
The Russian ruble weakened sharply in early trade Friday, moving close to levels not seen since early spring as international crude oil prices continued to dip. For full story, click here
U.S. crude prices have shot above the key 200-day moving average on Wednesday for the first time in more than eight months, adding to some analysts’ convictions that oil has found a new price floor at $60 a barrel. For full story, click here
Ecopetrol SA, Colombia’s state- controlled oil company, stated first quarter profit dipped 30 percent because of declining crude prices. For full story, click here
Crude oil explorer Vaalco Energy, Inc. News declared a loss in the first quarter, compared to a profit last year, reflecting heavy unsuccessful exploration costs and a significant dip in crude oil prices. For full story, click here
Oil traders who have been keeping as much as 100 million barrels of crude on tankers to profit from forward prices are likely to commence selling the cargoes as the incentive to store wanes. 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.
Exxon Mobil Corporation announced that it has recently posted a dip in profits by 58% to $4.55 billion in Q1 2009 against $10.89 billion in 2008 following a $100 fall in global oil prices. For full story, click here
Crude oil output growth from deepwater areas may stagnate due to current oil prices make it unprofitable to tap new deposits and large discoveries dwindle. For full story, click here
PetroChina Co Ltd, the world’s second-most valuable oil and gas producer after Exxon Mobil, posted a 36.2 percent drop in first-quarter earnings, its worst result in two years, as a steep dip in oil prices battered margins. For full story, click here
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