Oil rose for a second day on Wednesday, after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined. Oil has climbed 34 percent this year, tracking global equity markets on optimism that an economic recovery will spur demand for fuel. Additional support for crude prices came from the dollar, which fell to the lowest level against the euro since March, bolstering demand for commodities as a hedge against inflation.
Articles Tagged "profits"
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
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
Cairn Energy, the British oil exploration firm with large drilling interests in India, reported that it has swung into an operating profit during 2008 after a loss the previous year. Cairn chairman Norman Murray stated: The focus in 2009 is delivering production in Rajasthan on schedule and agreeing oil sales contracts with the buyers of [...]
Along with OPEC production cuts and healthy company numbers, (both discussed below) the market is clearly disjointed. The tenor of discussions in the business pages and networks lately suggests that Yeats was right, and the centre cannot hold. Recession or recovery, echo boom or bust, few are predicting prolonged instability somewhere between these extremes.
Oil prices are being pushed upwards by the impending arrival of tropical storm Gustav in the Gulf of Mexico. Gustav is projected to become “the largest hurricane in the Gulf of Mexico since Katrina”. Workers are already being evacuated from oil and gas rigs in the area, which has pushed up NYMEX oil futures past $117.
AUSTRALIAN Worldwide Exploration reported a staggering 647 per cent jump in its annual profit. Managing director Bruce Wood said: The result was driven by an amazing performance at the Tui oilfield in New Zealand and record oil prices, which set the scene for a perfect storm. Click here for full story. For company’s website, click here