LONDON, Nov 16 (Reuters) – European oil refiners can expect
margins to come back down to earth in 2013 as global capacity
returns, after a rollercoaster this year that saw them soar in
the second and third quarters on low oil products stocks and
The persistent strength of European refining margins since
the middle of the year has surprised traders and refiners, who
had grown used to very tough conditions.
LONDON, Nov 14 (Reuters) – Oil gained on Wednesday after two
days in retreat, supported by a retreat in the dollar.
Brent crude gained 54 cents to $108.80 a barrel by
0957 GMT, after ending 81 cents lower on Tuesday. U.S. oil
gained 34 cents to $85.72.
LONDON, Nov 13 (Reuters) – Exxon Mobil is in
advanced stages of discussions with potential buyers to take on
Iraq’s West Qurna 1 oilfield, Deputy Prime Minister for Energy
Hussain Shahristani said.
“There are sufficient number of interested buyers with the
financial resources and the technical know-how to buy their
interest,” Shahristani said on Tuesday.
LONDON, Nov 7 (Reuters) – Oil retreated on Wednesday,
cutting some of the sharp gains seen this week, as investors
turned their focus to problems facing the U.S. economy after the
re-election of President Barack Obama.
Oil rose sharply on Monday and Tuesday as investors started
to anticipate a clear U.S. election result that would end the
uncertainty that had contributed to weakness in previous weeks.
LONDON, Nov 2 (Reuters) – Oil fell on Friday as weak
European data reinforced a gloomy picture for the demand
outlook, with investors nervous ahead of U.S. non-farm payrolls
Euro zone manufacturing shrank for the 15th month running in
October as output and new orders fell, a survey showed,
reinforcing a view that demand for fuel in developed economies
will likely remain subdued.
LONDON/NEW YORK (Reuters) – A blast of Arctic air sweeping through Europe and snow storms in the United States this weekend are likely to push up already lofty diesel and heating oil prices, further burdening economies struggling to bounce back from recession.
Surges in demand combined with very low stocks on both sides of the Atlantic will exacerbate supply shortages that distributors are seeing in Europe and boost already lofty refining margins.
SINGAPORE, Oct 24 (Reuters) – Oil rose on Wednesday,
snapping a six-day losing streak, after economic data from China
suggested a gradual recovery in the world’s No. 2 oil consumer,
though weak European data kept the gain slim.
China’s economy is slowly picking up from its weakest period
of growth in three years, a survey of purchasing managers
signalled, with new orders and output at their highest in
LONDON, Oct 17 (Reuters) – Diesel and heating oil users in
Europe and the United States may wonder why they are paying near
record prices when recession has cut fuel demand and the price
of crude is well below record highs.
But while the world has enough crude, shrinking refinery
capacity in Europe and on the U.S. East Coast means consumers
will need to get used to regular price spikes as increasing
dependence on imports reduces supply security.
LONDON, Oct 17 (Reuters) – Brent crude oil fell on Wednesday
as lingering worry about the global economy overshadowed relief
that Spain avoided a ratings downgrade and optimism prompted by
firm U.S. corporate results.
Brent fell 33 cents to $113.67 a barrel by 0825 GMT.
The November contract, which expired on Tuesday, closed 73 cents
lower at $115.07, while December settled 40 cents lower at
$114.00. U.S. oil gained 9 cents to $92.18.
LONDON (Reuters) – Brent crude oil headed for its highest close in a month on Thursday, lifted by escalating tension between Syria and Turkey, maintenance in the North Sea and a supply crunch in oil products.
November Brent crude rose 69 cents to $115.02 a barrel by 4.56 a.m. EDT after a volatile session on Wednesday that saw the contract up to $115.59, its highest since September 17, before settling down slightly.