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Daily: Brent crude trades higher on Mideast, Africa supply disruption worries
Brent crude increased on Tuesday, extending gains at about $103 a barrel on Tuesday following worries about supply disruptions in the Middle East and Africa. Meanwhile, Brent crude futures for August delivery rose 8 cents to $103.08 a barrel by 02:36 GMT after adding 0.82 percent the previous day. U.S. crude futures for August dropped 5 cents to $97.94 per barrel after settling up more than 1 percent on Monday.
read more... 03/07/2013
Scottish Power to invest 5.2 billion pounds in upgrading its power network
Energy giant ScottishPower has announced it plans to invest 5.2 billion pounds in upgrading its ageing power network. The energy firm has presented its proposals to Ofgem delineating the plans for expansion between 2015 and 2023. The investment would see more than 62 miles of power cables and 30,000 substations upgraded.
read more... 02/07/2013
Oil production worldwide increase on increased reserves
Global production of crude oil increased in 2012 as reserves estimates increased also. Last year, global production of oil amounted to almost 76 million barrels per day, an increase of about 3% in comparison to 2011 levels.
read more... 02/07/2013
Daily: British spot gas prices trade higher on weaker LNG delivery
Crude oil futures traded higher on Monday, the first day of the third quarter, with gains in U.S. crude surpassing the rest of the oil complex and driving the U.S. contract’s discount to Brent to a 2-1/2 year low amid a broad commodities hike. Brent crude for August traded 84 cents higher at $103.00 a barrel. U.S. crude settled up $1.43 at $97.99, quitting the spread at $5.01.
read more... 02/07/2013
UK unveils GBP 10 billion of financial guarantees for Hinkley Point nuclear reactor
The UK government has announced its initiative to encourage investment in nuclear power by offering 10 billion pounds (GBP) (15.2 billion US dollars, 11.6 billion euros) of financial guarantees to French generator EDF for the construction of a new nuclear plant at Hinkley Point.
read more... 02/07/2013