Europe
Monday, 22 April 2013 15:00
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LONDON: Oil futures steadied around $100 a barrel on Monday, retrieving only a fraction of the ground lost over the past three weeks due to worries about the world economy and the impact on fuel demand.Brent has lost nearly 10 percent since the start of April as growth in the United States and China -- the world's two largest oil consumers -- slowed, while recession in Europe deepened.June Brent crude slipped 4 cents to $99.61 a barrel by 0900 GMT after earlier briefly moving above $100 a barrel. US crude for June delivery was up 8 cents to $88.09 a barrel after a 3.6 percent loss last week."Brent failed to gain the $100 per barrel level on Friday so today we are starting with little momentum," said Oliver Jakob, analyst at Zug, Switzerland-based Petromatrix.Expectations of weaker demand growth have also hit other commodities, leading to a 1.4 percent fall in ...
LONDON: As the oil industry moves into ever deeper waters engineering firms Magma Global and Airborne are competing to develop piping that can take the heat and the corrosion of production in places such as Brazil and the Gulf of Mexico.For years steel piping has dominated oil and gas market but with projects in Brazil's pre-salt going beyond 2,000 metres under the sea and corrosive enhanced oil recovery techniques now used widely, companies are looking ...
LAUSANNE: Vivo Energy, a joint venture between oil trader Vitol, Royal Dutch Shell and Helios Investment Partners, will invest $200 million in Africa's fuel sector and plans within months to enter three new countries, its chairman said. Vivo, formed in 2011 when Vitol entered the African fuel storage and distribution business and took a 40 percent stake, is still dwarfed on the continent by France's Total but the new investment could narrow the gap. "We've ...
LONDON: Brent crude oil jumped by more than a dollar to $99 a barrel on Thursday, snapping a six-session losing streak, with dealers saying it looked oversold after losing 10 percent this month.Oil earlier fell to a fresh nine-month low amid a wider commodities rout triggered by data on Monday showing growth in China had slowed unexpectedly in the first three months of 2013.But investors saw that the slide had run out of steam, with ...
LONDON: Brent crude fell below $99 per barrel on Wednesday, weighed by the prospect of sluggish fuel demand in top consumers the United States and China and rising stockpiles of US crude.More bleak economic news came courtesy of the International Monetary Fund (IMF), which trimmed projections for this year and next - implying limited upside for oil demand growth.The North Sea benchmark has lost nearly 6 percent over the past five sessions in a wider ...
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