Sound Oil plc, an independent oil and gas company, which activates mainly in Indonesia and Italy, has announced a new gas discovery at Nervesa well, in Italy’s Po Valley. A further announcement on total estimated quantities at the site will be made in the coming months, with possible production envisaged for 2015.
read more... 25/07/2013
Crude oil prices dropped on Wednesday, dragged down by pessimistic data from China, with U.S. crude declining more harshly than Brent late in the session as traders took profits on the spread difference between two contracts. Brent crude edged $1.23 down on Wednesday to settle at $107.19 a barrel. U.S. WTI crude lost $1.84 to settle at $105.39, after closing 29 cents higher. Brent's premium to U.S. oil futures diminished to 56 cents in early European trade, then broadened in the U.S. afternoon, settling at $1.80.
read more... 25/07/2013
Norwegian oil and gas giant Statoil released a considerable second-quarter net profit, missing analysts' expectations, being hurt by weak prices, poor trading results and slightly lower volumes.
read more... 25/07/2013
In a move which aims to reduce oil exports to European market, Russia has recently announced that it intends to increase oil flows to Asia, making Beijing its top customer, which now imports a fifth of oil exports from the major crude oil producer in the world.
read more... 24/07/2013
U.S. oil futures traded above the global crude-market benchmark, North Sea Brent, for the first time since 2010 in intraday trading on Friday as signs of strong demand from U.S. refiners boosted spread trading and bets that the era of the U.S. discount was ending.
read more... 24/07/2013