Crude prices fall on economy, after US inventories
Crude oil prices fell again on Wednesday as the US Energy Information Administration released its weekly US inventories numbers and after more disappointing news on the economy. New figures showed that the US trade deficit was up 50 $49.9 billion in June, its highest level in nearly two years as imports were at a record [...]
WTI prices drop below $80 per barrel
Crude oil prices were lower Tuesday on fewer imports into China and ahead of the US Federal Reserve’s latest decision on interest rates. Investors were also hesitant ahead of any news regarding whether the Fed will take any further steps to help out the US economy after last week’s jobs data. New data from China [...]
Crude prices see slight gains
Crude oil prices were a bit higher in early afternoon trade Monday, supported by speculation that the Federal Reserve will take new measures to help out the US economy after disappointing news on jobs last week, and on geopolitical tensions in two regions of the globe. There was a new incident between North Korea and [...]
Dragon Oil H1 profits up by one third
Independent oil development and production company, Dragon Oil, has today announced profits grew in the first half of the year by 31%. The company posted a profit of $137.6 million for the six months ended June, against a $105.0 million profit in the same period a year earlier. Revenues, meanwhile, grew 4.9% to $276.3 million [...]
Clean-up costs continue to soar at BP
BP has announced its total clean-up costs, relating to the Gulf of Mexico oil disaster, have surpassed the $6 billion mark. According to the company, costs have now reached $6.1 billion (£3.8 billion), including $319 million in compensation payments to businesses and individuals affected by the spill. Furthermore, the figure includes the cost of containing [...]
Crude prices drop nearly $2 per barrel
Crude prices were lower again Friday, with declines coming on a disappointing report on US jobs from the Labor Department there. While the unemployment rate held steady at 9.5 percent nationally in July, 131,000 jobs were lost to the economy overall as a number of temporary census jobs ended, against a predicted decline of 65,000, [...]
US jobless data hurts crude oil prices
The price of crude oil dropped in early afternoon trade Thursday, hurt by an unexpected gain in first-time jobless claims in the United States. The Labor Department reported that there were 19,000 more new claims for unemployment benefits filed in the United States last week than the week before, against an expected decline, contributing to [...]
Crude prices drop after US inventories data
Crude oil prices were lower in afternoon trade Wednesday after the US Energy Information Administration reported that crude stockpiles were down last week, but that gasoline and distillates inventories were up. The EIA said that crude oil in storage dropped by 2.8 million barrels to 358 million barrels, still 8.5 million barrels above last year’s [...]
Static kill was successful says BP
Oil giant BP has revealed its latest attempt to seal the ruptured well was successful. The “static kill” procedure involves pumping heavy mud into the well and eventually sealing it permanently with cement. In a statement earlier today, BP said after many hours of pumping mud into the well, the mud is controlling pressure inside [...]
Crude prices top $82 per barrel
Crude oil prices were up again on Tuesday, hitting a 12-week high above $82 per barrel after the US dollar weakened, making oil purchases less expensive for those using other currencies. The gains came even though equities markets were lower in Europe and the US, and although the US Commerce Department reported that consumer spending [...]
BP sells Colombian business
Oil giant BP has today announced it will dispose of its oil and gas exploration business in Colombia to national oil company, Ecopetrol and Talisman of Canada. The deal worth $1.9 billion (£1.2 billion) is part of BP’s plan to sell assets in order to fund its clean-up operation relating to the oil spill in [...]
Crude oil trades above $81 per barrel in New York
Crude oil prices soared above $80 per barrel Monday on gains in global equities markets as positive quarterly reports from corporations raised hopes that the economy is recovering and that demand for oil and products made with it will grow. Prices were up even as new data showed that China’s manufacturing activity contracted for the [...]
UK will not follow US and ban deep sea oil drilling
The Government has announced it will not impose a ban on deepwater oil drilling off the Shetland Islands, despite the events of the major oil spill in the Gulf of Mexico. Environmental campaigners have been pressing the UK to introduce a moratorium on deep sea drilling like the one imposed in the US in the [...]
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 [...]
Data, new rig fire send crude prices higher.