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.
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, reported that its plan to invest $95 million a day isn’t easy after oil dipped more than $100 a barrel since July. For full story, click here
BP has cut-down its production forecast as well as capital spending on the expectation that low oil prices and reduced demand amid the global slump will last through this year and possibly into 2010. Chief Executive Tony Hayward, said: We therefore do not expect a quick recovery, and it would be wise to prepare for [...]
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