Tag Archives: Business Recorder

Oil prices rose for a second day on Friday as the market reacted to falling US inventories. Signs of strong Asian demand from both China and India also strengthened the market. Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p.m. ET (1712 GMT). …

Brent oil may rise into a range of $73.38-$73.80 per barrel, as it has broken a resistance at $72.71. The break is convincing, as it followed two corrections on June 9 and June 10. The break signals a continuation of the uptrend towards the range of $74.47-$75.55 range. Oil is …

Iraq’s president said Sunday $150 billion from oil had been smuggled out of the country since Saddam Hussein was ousted in 2003, as he introduced a law to fight endemic corruption. President Barham Saleh presented a draft law to parliament to fight corruption, recover stolen funds and hold perpetrators to …

US oil looks neutral in a range of $63.88-$65.45 per barrel. The bias seems to be towards the downside. The contract failed again to break a resistance at $66.52. The failure suggests the formation of a triple-top around this level. The pattern will be confirmed when oil breaks $63.88. It …

BP’s trading arm made nearly $4 billion in 2020, according to a copy of an internal BP presentation seen by Reuters, almost equalling the record trading profit in 2019 despite the collapse in oil demand caused by the pandemic. Trading revenue for majors such as BP and rival Royal Dutch/Shell …

Qatar Petroleum, the world’s top liquefied natural gas (LNG) producer, is cranking up the pressure on high-cost rivals with bold expansion plans that will boost supplies over the coming decade and potentially push prices down further. As competitors struggle to break even due to lower prices, the Qatari firm last …

Saudi Arabia, the world’s biggest oil exporter, beat Russia to keep its ranking as China’s top crude supplier in 2020, Chinese government data showed on Wednesday. Oil demand in China, the world’s top oil importer, remained strong last year even as the coronavirus crisis hammered global appetite. Chinese imports rose …

China’s natural gas output is expected to surpass crude oil production around 2025, China National Petroleum Corp (CNPC) oil and gas exploration expert Zou Caineng said on Friday. Domestic natural gas output from CNPC, China’s largest producer, topped 130 billion cubic metres (bcm) in 2020, up 11.6 bcm from the …

Energy giant Saudi Aramco said Monday it had hired banks to sell dollar-denominated bonds, to boost finances as the coronavirus pandemic weighs heavily on global demand for crude oil. This comes two weeks after the company, seen as Saudi Arabia’s main cash cow, posted a 44.6 percent slump in third-quarter …

US energy firms cut the number of oil and natural gas rigs operating to a record low for a 15th week even as higher oil prices prompt some producers to start drilling again. The US oil and gas rig count, an early indicator of future output, fell by three to …