Jul 28, 2010
Categories: News
Oil declined for a second day in New York after an industry report showed US crude inventories rose and an index of consumer confidence fell more than forecast, bolstering speculation that growth and energy demand may falter. Oil dropped the most in more than three weeks Tuesday as the Conference Board’s sentiment index declined to 50.4 for July, the lowest in five months. Crude for September delivery dropped as much as 62 cents, or 0.8%, to $76.88 a barrel in electronic trading ... Read More
Jul 27, 2010
Categories: News
US crude oil inventories probably fell to a four-month low last week as imports declined and Tropical Storm Bonnie disrupted production in the Gulf of Mexico, a Bloomberg News survey showed. Stockpiles fell 1.75 million barrels, or 0.5%, in the seven days ended July 23 from 353.5 million the week earlier, according to the median of 11 analyst estimates before an Energy Department report tomorrow. The last time supplies were so low was March 19, when prices averaged $81.46 a barrel. Producers ... Read More
Jul 27, 2010
Categories: News
Crude oil traded near $79 a barrel for a fourth day in New York as concern over gains in US fuel supply outweighed rising equity markets. Oil settled unchanged at $78.98 a barrel on Monday after the Commerce Department said home purchases climbed 24% in June to an annual pace of 330,000, bolstering speculation the economic recovery would be sustained. Crude for September delivery was at $78.85 a barrel, down 13 cents, in electronic trading on the New York Mercantile Exchange at ... Read More
Jul 27, 2010
Categories: News
Caltex Australia Limited, the nation’s biggest oil refiner, said its Kurnell plant in southern Sydney operated normally as a propane leak from a gas pipeline prompted the removal of some workers. Emergency services are at the site and the propane pipeline is being depressurized after the “small leak,” Felicity Wilson, a Sydney-based spokeswoman for Caltex Australia, said by telephone. The leak was discovered around 9 a.m. on Tuesday. The oil and lubricating refineries at the site have not been shut down, she ... Read More
Jul 27, 2010
Categories: News
BP's embattled Chief Executive Officer Tony Hayward will be replaced by American Robert Dudley on October 1, the company said Tuesday, as it reported a record quarterly loss and set aside $32.2 billion to cover the costs of the devastating Gulf of Mexico oil spill. BP said the decision to replace Hayward, 53, with the company's first ever non-British CEO was made by mutual agreement. In a mark of faith in its outgoing leader, BP said it planned to recommend him for ... Read More
