Nippon Oil Corp. has planned to refine 10 percent more crude for domestic sale in August than July, although this is still nearly a fifth down on the year amid continued poor demand in the world’s No.3 oil consuming nation. 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.
Japan’s third-biggest oil refiner Idemitsu Kosan Co announced that it is likely to refine around 300,000 kilolitres (about 1.9 million barrels) less crude oil in April than a year earlier due to an adjustment in its refinery maintenance schedule. For more information, click here
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