Oil prices gained as much as 1 percent with analysts offering further support; expecting a decline of 1 million barrels of U.S. oil supplies from 363.2 million last week. Oil inventories have not fallen nationwide for two consecutive weeks since January.
Brunei Shell Petroleum has posted its Seria Light crude oil official selling price at US$73.26 a barrel retroactively for July term supply, a dip of $0.12 from the previous month. For full story, click here
OPEC declared the world will need less crude oil from the group in 2013 than it did last year as the lingering impact of slump crimps demand and surging biofuels supply makes up for shrinking output elsewhere. For full story, click here
Crude oil surged after an industry report showed that US supplies of the fuel declined by one million barrels last week, increasing optimism that energy demand will recover soon. For full story, click here
PetroSA, South Africa’s state-owned oil company declared that it is in talks to secure crude supplies for its planned oil refinery at Coega, near Port Elizabeth. Sipho Mkhize, chief executive officer of the Cape Town-based company, stated: We had high-level discussions with potential suppliers. For full story, click here
Asia’s top refiner, Sinopec reported that it is considering adding four large commercial storage facilities capable of holding a total of 8 million tonnes of refined oil products, to boost its supply capacity. For full story, click here
After falling from $147 to $35 per barrel towards the end of last year, crude oil has once again gained and touched $45 per barrel on speculation that China's stimulus plan may spur demand for the commodity near term. However, some experts are of the view that this is not just speculation but real purchases driving the prices up.
Oil fell below $34 on Friday to its lowest level in almost five years as the global economic slowdown overshadowed OPEC’s record supply cuts. For full story, click here
Capgemini points out that the decline in oil prices is very bad news for future oil supplies. For full story, click here
Saudi Arabia’s company is looking to step up supplies to and cooperation with China in anticipation of an emergence from the global economic slowdown. For full story, click here For company’s website, click here
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