Crude prices drop as US GDP slows in second quarter
Crude oil prices were slightly lower in midday trade in New York, with the slide coming on slower growth in the US economy. The US Commerce Department reported that the nation’s gross domestic product grew just 2.4 percent in the second quarter after adding 3.7 percent in the first quarter. Prices regained some losses on [...]
Total Q2 profits surge 43%
French oil company Total SA has today announced second quarter profits soared 43% due to increasing production. The oil giant said profits reached €3.1 billion (£2.6 billion) for the April to June period, compared to €2.17 billion in the same period a year earlier, when earnings were hit by weak demand and prices amid the [...]
WTI, Brent crude prices see gains
Crude oil prices were higher Thursday as the US dollar weakened and new jobless claims dropped by 11,000 last week in the United States. September contracts for West Texas Intermediate crude were up $1.25 to $78.24 per barrel at just after 1 p.m. on the New York Mercantile Exchange, while Brent crude was most recently [...]
Exxon Q2 profits surge 91%
Exxon Mobil, which is the world’s largest oil company, has today announced profits nearly doubled in the April to June period – easily exceeding analysts’ expectations. The oil giant said net earnings rose to $7.56 billion, or $1.60 a share, against $3.95 billion, or 81 cents a share, in the same period a year earlier. [...]
Royal Dutch Shell Q2 profits surge 94%
Oil giant Royal Dutch Shell has today announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule. Shell posted profits of $4.5 billion (£2.9 billion) – a rise of 94% on the $2.3 billion reported a year ago. The Anglo-Dutch firm, which is Britain’s second largest oil company, has undergone a [...]
EIA: Crude stockpiles up 7.3 million barrels last week
Prices for crude oil were down again Wednesday after the US Energy Information Administration reported in its weekly inventories survey that stockpiles of crude were up unexpectedly last week. The EIA said that crude oil inventories added 7.3 million barrels last week, against an expected decline of 2.3 million barrels, to a total of 360.8 [...]
Disappointing data drags oil prices lower
The price of crude oil fell Tuesday on disappointing data about consumer sentiment and home prices in the United States. September contracts for West Texas Intermediate crude were down $1.97 to $77.01 per barrel in afternoon trade on the New York Mercantile Exchange, while Brent crude was last down $1.74 to $75.76 per barrel on [...]
Beleaguered oil giant BP reports major loss
Oil giant BP has today reported a massive loss of $16.9 billion in the three months to June as a result of the major oil spill in the Gulf of Mexico. The company added that costs related to the spill will reach $32.2 billion (£20.8 billion). Excluding oil spill and other non-operating costs, BP’s replacement [...]
News drives gains, declines in oil prices
Crude oil prices were slightly higher in early afternoon trade in New York Monday after bouncing in and out of gains all morning. At 1 p.m. in New York, September contracts for West Texas Intermediate crude had added a cent to $78.99 per barrel on the New York Mercantile Exchange, while Brent crude was up [...]
BP’s Tony Hayward to depart in October
As widely expected, it has been announced today that BP chief executive, Tony Hayward, will step down in in October. Fifty-three-year-old Hayward has faced severe criticism for the way he has handled the major oil leak and made an insensitive comment in May after saying “I want my life back”. His comments came after the [...]
Venezuela’s Chavez threatens oil cut to US
Oil supplies to the US are under threat after Hugo Chavez, Venezuelan President, said he will cut oil exports if US-allied Colombia launches a military attack against his country. President Chavez, a leftist and vocal critic of the US, broke-off diplomatic relations with Colombia last week over claims by the outgoing Colombian President, Alvaro Uribe, [...]
BP chief exec future in doubt
There is further speculation that oil giant BP is considering board changes, which could see the departure of chief executive, Tony Hayward. According to the BBC, he is likely to be replaced by his US colleague Bob Dudley, who is overseeing the clean-up operation. Last week, The Times reported that Mr Hayward would be stepping [...]
Lowered storm concerns send crude prices lower
Crude oil prices were lower in afternoon trade Friday as September contracts for West Texas Intermediate Crude dropped 34 cents to trade at $78.96 per barrel on the New York Mercantile Exchange. Brent crude had also dropped 34 cents at last report to trade at $77.48 per barrel on the ICE Futures Europe exchange in [...]
Storm prediction sends crude prices higher
The price of crude oil was significantly higher in afternoon trade Thursday on a forecast of bad weather in the Gulf of Mexico. The National Hurricane Center reported that a tropical depression had formed near the Bahamas and that it was likely to become a tropical story that could move into the Gulf of Mexico [...]
$1bn project set up to fund deepsea spill response unit
Major oil companies have agreed to fund a $1 billion (£650 million) pool in the wake of the Gulf of Mexico oil slick. The consortium, which comprises Exxon Mobil, Royal Dutch Shell, ConocoPhillips and Chevron, will invest in robots and capture vessels. The new Marine Well Containment Company will have the ability to deal with [...]
EIA: Crude stockpiles rose unexpectedly last week
The price of crude oil was a bit lower in midday trade in New York on Wednesday as the US Energy Information Administration reported that stockpiles were unexpectedly higher last week. The EIA said that US inventories of crude oil were up by 400,000 barrels in the week ending 16 July, to 353.5 million barrels, [...]
BP sells asset to fund clean-up operation
Oil giant BP has reached an agreement to sell assets in order to fund its clean-up operation, relating to the oil spill in the Gulf of Mexico. It has sold $7 billion (£4.6 billion) in assets to US-based oil production firm Apache Corp. As part of the deal, BP will receive a $5 billion cash [...]
BP’s Tony Hayward will not be resigning
BP’s chief executive, Tony Hayward, will not be stepping down from the oil giant – despite a newspaper claim that he would be departing in the next 10 weeks. A spokesperson for the company said: “He [Tony Hayward] has full support from the board and will remain in place.” Fifty-three-year-old Hayward has faced severe criticism [...]
Crude prices rise on storm threat
Crude oil prices were higher as the National Hurricane Center said a new storm beginning to brew near Puerto Rico could strengthen and pose a threat to oil production in the Gulf of Mexico. At about half an hour before the close of floor trade, August contracts for West Texas Intermediate crude were up 99 [...]
Crude prices up but off earlier highs
Crude oil prices were higher Monday, but by early afternoon they had fallen from earlier highs as August contracts for West Texas Intermediate crude was up 25 cents to $76.26 per barrel after having been as high as $77.73 per barrel earlier in the day. With August contracts expiring at the end of trade on [...]
Crude oil prices mixed as WTI declines, Brent crude gains