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Live Crude Oil Prices |
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| Oil price could stay as high as $110 a barrel this year, says Opec |
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| The president of Opec has predicted that the price of oil could stay as high as $110 a barrel for the rest of the year, spurred by investors seeking to hedge themselves against the weakening US dollar. Chakib Khelil, the president of the global oil cartel, who is also the Algerian Energy Minister, said: “There are big pressures on Opec and some consuming nations would like to present Opec... |
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0 Comments - More Info - Bury Topic: OPEC Announcements (Source: business.timesonline.co.uk)
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| Oil price surges as traders close short positions |
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| Oil prices surged by more than $4 a barrel yesterday while gold, base metals and grains rose as the recovery from last week's sell-off in commodity markets gathered momentum. In energy markets, US petrol prices reached record levels after the latest weekly inventories data, which showed US refiners cutting back on production due to high crude prices and poor profit margins. |
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0 Comments - More Info - Bury Topic: Oil News Stories (Source: ft.com)
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| Greenland Thaw May Replace Dog Sleds With Oil Drills |
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| Deputy director of Greenland's Bureau of Minerals and Petroleum, said there may be more oil there than the entire past production of the North Sea. That's about 50 billion barrels, according to figures from Norway and the UK, the region's biggest producers. At $100 a barrel, that would be $5 trillion worth -- a potential windfall for the autonomous Danish territory's 56,000 inhabitants... |
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0 Comments - More Info - Bury Topic: Global Oil Supplies (Source: bloomberg.com)
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| Crude oil prices rise after Iraq attack |
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| Violence in Iraq pushed oil prices higher on Thursday amid heightened geopolitical concerns, but gold fell under pressure from a rise in the dollar. Nymex May West Texas Intermediate crude oil rose $1.10 to $107 a barrel after touching a high of $108.22, while ICE May Brent rose 88 cents to $104.87 a barrel after saboteurs attacked a key pipeline feeding the Basra export terminal in... |
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0 Comments - More Info - Bury Topic: Oil News Stories (Source: ft.com)
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| Japanese to refine more oil for China |
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| China National Petroleum Corporation is in talks to buy a 49 per cent stake in a Japanese oil refinery operated by Nippon Oil. It is the first investment in Japan by the Chinese company, which is seeking to overcome a chronic shortage of refining capacity. State-owned CNPC and Nippon Oil signed a letter of intent yesterday during a five-day trip to Japan by Hu Jintao, China's president. |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: ft.com)
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| Forget about peak oil and instead focus on peak power |
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| Investors and speculators have taken advantage of the situation and lifted oil prices to new records. Opec [the oil producers' cartel] blamed the runaway price on speculators and the US policies that have fuelled speculation, including lower interest rates and the weak dollar. But blame also rests on some Opec members. As oil prices have increased, so have their revenues. |
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0 Comments - More Info - Bury Topic: Peak Oil Concepts (Source: ft.com)
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| Friendly Colombia sitting on big oil reserves |
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| Colombia's heavy oil area could hold 20bn barrels of recoverable resources, giving the country greater reserves than leading producers such as Mexico and Algeria, its natural resources agency said. Foreign investment in Colombia's oil and gas industry is booming, and the country hopes to lift oil production to 1m barrels a day in the next decade, from about 550,000 b/d currently. |
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0 Comments - More Info - Bury Topic: Global Oil Supplies (Source: ft.com)
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| US oil firms come under pressure |
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| US lawmakers have taken oil giants to task over the industry's huge profits as ordinary Americans struggle with record fuel prices. Executives from five oil companies were forced to explain why they should continue to receive $18bn in tax breaks when they made $138bn profits in 2007. They were also criticised for not investing more in renewable energy. |
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0 Comments - More Info - Bury Topic: World Oil Company Updates (Source: news.bbc.co.uk)
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| Oil price edges up on Opec stance |
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| Oil prices have climbed towards $107 a barrel as the rally seen late last week continued. US light, sweet crude rose 59 cents to $106.82 a barrel, having leapt $2.40 on Friday. London Brent crude, meanwhile, gained 33 cents to $105.22.
The rises were helped as producer group Opec reiterated that it saw no need to increase output.
Investors have also been looking to move out of the weak dol |
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0 Comments - More Info - Bury Topic: OPEC Announcements (Source: news.bbc.co.uk)
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| Strong week for oil with petrol at record US high |
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| Commodity markets made a tentative start to the second quarter, but oil prices were heading for a strong finish to the week yesterday as the dollar weakened after disappointing US employment data. In its latest update on the global economy, the International Monetary Fund said the commodity price boom was more broad-based and longer lasting than similar episodes in the past.
The boom reflec |
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0 Comments - More Info - Bury Topic: Oil News Stories (Source: ft.com)
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