Tag Archive | Oil prices

Oil prices weaken at end of week

SINGAPORE: World oil prices fell in the wake of weaker-than-expected US jobs data and at the end of a volatile week for global financial markets.

New York’s main futures contract, light sweet crude for delivery in March, lost 34 cents to 72.80 dollars a barrel. London’s Brent North Sea crude for March dropped 69 cents to 71.44 dollars per barrel.

Oil had also fallen in earlier trade amid slumping equities and a stronger dollar caused by European debt fears. Crude futures had slumped nearly four dollars on Thursday, mirroring plunging global stock markets, as the dollar strengthened after a surprise rise in US initial weekly jobless and a deepening debt crisis in Europe.

The euro bounced back above 1.37 dollars on Friday after the US jobs data, having earlier struck a near nine-month low at 1.3648 dollars as risk-averse investors moved into the safe-haven greenback.

Earlier this week, oil prices had soared as equity markets put in strong performances and manufacturing data from the United States reassured nervous investors.

Asian markets crude prices at the end of week falling

SINGAPORE: Oil prices lingered near $50 a barrel Friday in Asia as investors weighed a possible second-half recovery of U.S. crude demand against recent dismal economic data reflecting a severe recession.

Benchmark crude for May delivery fell 33 cents to $49.65 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.

Oil prices have bobbed around $50 a barrel this month as the current backdrop of high unemployment, weak consumer demand and falling corporate profits has tempered investor optimism about an eventual economic rebound.

Falling crude demand and rising inventories have kept prices from rising higher. Storage facilities for crude oil in the U.S. have been swelling since the end of February, bloating to a nearly 19-year high last week.

Oil prices c in Asian trade

SINGAPORE: Oil prices rose above 53 dollars in Asian trade Monday on hopes a global effort to lift the world economy out of recession would yield results.

New York’s main futures contract, light sweet crude for delivery in May, gained 60 cents to 53.11 dollars a barrel. Brent North Sea crude for May delivery advanced 37 cents to 53.84 dollars.

Investors believe that there will be cooperation to lift the world economy out of the recession (after the G20 summit). They are coming back into the market based on the belief that the economy is not as bad as it could have been.

HUBCO receives Rs35.458 bln from WAPDA

KARACHI: The Hub Power Company (HUBCO) has received a payment of outstanding amount of Rs35.458 billion from WAPDA through circular debt settlement arranged by the federal government.

According to HUBCO communique despatched to KSE, Rs30.156billion were immediately paid to Pakistan State Oil (PSO) in accordance with settlement procedure. After this settlement, the receivables against WAPDA are estimated at Rs27.8 billion while HUBCO has to pay Rs24 billion to PSO against the supply of furnace oil.

Oil refineries production sees over 4 per cent growth

ISLAMABAD: The total production of oil refineries has witnessed a growth of 4.14 percent during the corresponding fiscal year 2007-08.

The total production (energy and non-energy) by the refineries during the year amounted to 11.10 million tons as compared to previous year’s 10.66 million tons, posting a growth of 4.14 percent, according to official sources.

All the refineries, except National Refinery Limited (NRL) registered increase in production during the period, while the production by Bosicor refinery was significantly higher due to its increased production capacity resulting from revamping and de-bottle-necking of crude distillation unit.

PARCO’s annual growth for the year under review stood at 3735.8 tons against the previous year’s 3586.2 tons, showing increase of 4.17 percent.

NRL could not perform well in 2007-08 as its production fell to 2585.1 tons from last year’s 2664.5 tons, registering decrease by 2.98 percent.

While, Attock Refinery Limited and Bosicor Pakistan Limited exhibited good performance by attaining 5.39 percent and 16.29 percent respectively.

Oil weaker in Asian trade

SINGAPORE: Oil weakened in Asian trade Friday after an overnight rally driven by the surge in US equity markets, analysts said.

New York’s main contract, light sweet crude for May delivery dropped 29 cents to 54.05 dollars. Brent North Sea crude for May delivery was off 21 cents to 53.22 dollars.

Crude prices likely ran out of steam amid worries the worst is not over for the US economy, analysts said.

Oil prices up in Asian trade

SINGAPORE: Oil prices rose in Asian trade Monday, driven by optimism in the financial markets ahead of an expected US government announcement of a plan to sell toxic assets, analysts said.

New York’s main futures contract, light sweet crude for delivery in May, was up 30 cents to 52.37 dollars a barrel. The Nymex contract for April delivery expired on Friday.

Brent North Sea crude for May delivery gained 45 cents to 51.67 dollars.

“Right now, the crude oil market is primarily driven by the financial markets,” said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore. “What we are seeing in the crude oil market is a financial rally.”

The US government is expected to to unveil the plan as early as Monday to sell toxic assets weighing down the financial system.

US Treasury Secretary Timothy Geithner would detail the “Public Private Investment Programme” to entice hedge funds and other private investors into investing in bad assets choking banks’ balance sheets, US officials said.

World oil prices below 49 dollars

SINGAPORE: World oil prices retreated in Asian trade Wednesday after topping a two-month high above 49 dollars overnight on concerns over weak global energy demand amid the economic downturn, analysts said.

New York’s main futures contract, light sweet crude for delivery in April, fell 65 cents to 48.51 dollars a barrel in morning trade.

It had jumped 1.81 dollars in New York trade Tuesday to close at 49.16 dollars after hitting 49.82, its highest level since January 6.

Brent North Sea crude for May delivery was down 47 cents to 47.77 dollars. The April contract expired Monday at 43.98 dollars.

“Demand is still the key. Yet we still have to see the demand for oil and natural gas increase before we get too excited about a change in trend,” said Phil Flynn of Alaron Trading in the United States.

“Oil demand in the US is weak and we need to see that change… If oil closes above 50 dollars a barrel we may need to start getting a bit bullish.”

The market was also waiting for the release later Wednesday of the weekly US energy inventories report, which is closely watched because the United States is the world’s biggest oil consumer.

Analysts said speculation that the Organisation of Petroleum Exporting Countries (OPEC) would slash production during their next meeting in May should support prices.

OPEC, which pumps about 40 percent of the world’s crude, opted at their last meeting Sunday in Vienna to leave production quotas unchanged.

Oil prices retreat in Asia

SINGAPORE: World oil prices retreated in Asian trade Wednesday after topping a two-month high above 49 dollars overnight on concerns over weak global energy demand amid the economic downturn, analysts said.

New York’s main futures contract, light sweet crude for delivery in April, fell 65 cents to 48.51 dollars a barrel in morning trade.

It had jumped 1.81 dollars in New York trade Tuesday to close at 49.16 dollars after hitting 49.82, its highest level since January 6.

Brent North Sea crude for May delivery was down 47 cents to 47.77 dollars. The April contract expired Monday at 43.98 dollars.

Iraq: Oil prices may drag budget lower

BAGHDAD – Iraq’s parliament pushed back voting Saturday on this year’s budget and could be forced to make further cuts because of falling oil prices.

The latest delay in trying to ratify the current $64 billion budget proposal highlights the financial squeeze facing Iraq as declining oil revenues cut into reconstruction plans such as new roads and improved utilities — which the Shiite-led government hopes to use as showcases in national elections later this year.

The pinch has also brought calls by Prime Minister Nouri al-Maliki for proposals to diversify Iraq’s oil-dependent economy with expansion of agriculture and other trade. But Iraq’s plans for this year have been dragged down along with the price of oil, which is now less than $45 a barrel after hitting highs last summer of $150 a barrel.

A Sunni lawmaker, Ayad al-Samarraie, predicted the budget will face more trimming after several previous cuts from its original $79 billion. The current budget is based on a $50 a barrel projection.

“We don’t expect that oil will reach this price,” said al-Samarraie, a member of the chamber’s financial committee.

He urged lawmakers to take a comprehensive look at all spending, suggesting that more money go to electricity and other public projects at the expense of deeper cuts in other areas.

Shatha al-Mousawi, the Shiite member of the finance committee, called for possible sharp reductions in the National Security Adviser office, which was established shortly after the fall of Saddam Hussein in 2003. She said it has 377 employees and suggested cutting it to just 16.

“The studies and reports show that the falling oil prices will continue for two or three years,” she said.

It was unclear when the budget could eventually come for a vote.

Army Lt. Gen. Frank Helmick, commander of Multi-National Security Transition Command, told The Associated Press that the budget crisis would force Iraq to make some very difficult decisions about how to grow its security forces.

“They are many, many hard decisions that they are going to have to make,” he said.

He said U.S. military advisers have been making recommendations to the Iraqi security officials on possible ways to deal with the shrunken budget. An example, Helmick said, could be reducing the number of Abrams tanks sought by Iraqi forces.

He said essential services such as Iraqi police and military payroll, electricity and water could not be cut.

In Diyala province northeast of Baghdad, Iraqi forces arrested 11 suspected insurgents including the so-called “oil minister” of the self-styled Islamic State of Iraq, a purported political faction linked to al-Qaida in Iraq.

An Interior Ministry statement said Ali Mahmoud Mohammed and 10 other suspected insurgents were arrested in a raid in a Diyala village. No other details were given.

An al-Qaida front group announced the formation of an “Islamic Cabinet” in April 2007 in a bid to challenge the Iraqi government. The Cabinet purportedly includes the leader of al-Qaida in Iraq as “war minister.”

Iraqi authorities accuse Mohammed of hijacking oil tanker trucks, kidnapping and killing the drivers and blowing up oil pipelines.

In Baghdad, the head of the Iraqi High Tribunal said a mid-April trial date is planned for the first war crimes trial of Iraqis since the U.S.-led invasion.

Two members of Saddam’s former Baath Party are accused of executing two British soldiers taken captive by a mob in southern Iraq in 2003. The exact trial date has not been set, said Aref al-Shaheen, the head of the Iraqi High Tribunal, which was set up to hear the cases against members of Saddam’s regime.

The trials of Saddam and others have been under charges of crimes against humanity.

“It is the first case of war crimes … The two wounded soldiers were killed instead of given medical treatment,” said al-Shaheen.

At least 15 U.S. troops died in Iraq in February, including 12 who were killed in combat, according to an Associated Press tally. That compared with nine U.S. combat deaths in January.

A report from Iraq’s Interior and Health ministries said 211 civilians were killed and 437 wounded in February — compared with 138 killed and 303 wounded in January. The figures were given by officials from the ministries who spoke in condition of anonymity because they were not authorized to release the information.

___

Associated Press writers Sameer N. Yacoub, Sinan Salaheddin and Chelsea J. Carter contributed to this report

source : news.yahoo.com

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