LONDON, Sept 30 (Reuters) – Ineos announced what it described as a “survival
plan” on Monday to keep in operation the petrochemical plant attached to its
refinery in Grangemouth, Scotland, involving job cuts and changing pension plans
to reduce costs.
The company would not specify the level of job cuts but said the closure of
a naphtha cracker by 2015 and other parts of the plant would lead to a loss of
LONDON, Sept 27 (Reuters) – Workers at the 210,000
barrel-per-day (bpd) oil refinery in Grangemouth, Scotland voted
on Friday in favour of strike action, raising fears of
disruption to North Sea oil supplies that could drive up the
benchmark oil price.
Steam from the Grangemouth refinery, owned by PetroIneos
, powers the adjoining Kinneil terminal,
which receives oil from a pipeline carrying North Sea Forties,
one of the four crudes that underpins the Brent oil benchmark.
LONDON, Sept 26 (Reuters) – Oil prices gained slightly on
Thursday despite easing geopolitical worries and an improving
supply picture, as traders sought bargains after sharp losses
earlier this month.
Brent oil gained 19 cents to $108.51 a barrel by
0843 GMT, after slipping to $108 earlier in the session. The
benchmark is down 4.8 percent so far in September, on track for
its biggest monthly fall since April.
LONDON, Sept 19 (Reuters) – Brent oil rose for a second day
on Thursday after the United States surprised markets by keeping
its monetary stimulus programme intact, but gains were capped
after Iran’s president vowed his government would never develop
Brent crude for November delivery gained 33 cents to
$110.93 a barrel by 1110 GMT, while U.S. crude was up 70
cents at $108.77.
LONDON/WASHINGTON (Reuters) – U.S. regulators are in talks to join European officials in their investigation of the oil markets, a European politician said, as both sides hunt for signs that trading benchmarks have been compromised.
But while the European Union has already raided the offices of major oil companies and price publisher Platts, the U.S. derivatives regulator has yet to launch a formal probe, two people familiar with the matter said.
LONDON, Sept 3 (Reuters) – Oil futures gained slightly on
Tuesday as firm Chinese economic data bolstered expectations of
demand growth, even as supply has tightened due to the collapse
of Libyan exports.
Brent crude was up 17 cents at $114.50 a barrel at
0835 GMT. U.S. oil rose 20 cents to $107.00 from Friday’s
settlement, as due to the Labor Day holiday there was no Monday
settlement for the U.S. benchmark.
LONDON, Aug 2 (Reuters) – Brent crude oil reached a
four-month peak above $110 per barrel on Friday as strong
economic data improved the demand outlook at a time of
disruption to production in Africa and maintenance limiting
North Sea supply.
Brent futures reached a high for the day of $110.09,
their loftiest in four months, before dipping 23 cents from the
open to $109.31 by 0854 GMT.
LONDON, July 23 (Reuters) – Brent crude oil fell below $108
per barrel on Tuesday as recent strong gains in prices fed into
worries about demand growth, with the global economic recovery
seen as fragile.
Brent futures lost 24 cents to $107.91 a barrel by
U.S. crude slipped 68 cents to $106.26 a barrel,
after pulling back sharply on Monday from last week’s 16-month
LONDON, July 16 (Reuters) – Brent oil rose towards $110 per
barrel on Tuesday, reaching a three month high, supported by
lower inventories, firm demand and concern turmoil in Egypt
could disrupt supply.
Brent crude gained 31 cents to $109.40 a barrel by
0919 GMT. U.S. oil added 12 cents to $106.44. It touched
this year’s high of $107.45 on July 11.
LONDON, July 12 (Reuters) – Oil held steady below $108 a
barrel on Friday, as concern about China’s demand outlook and
the prospect of growing non-OPEC supply offset lower inventories
in the United States and concern about possible disruption to
flows due to strife in Egypt.
Brent crude for August was 6 cents higher at $107.79
a barrel by 0857 GMT, after touching a low of $107.28. The
contract was nearly flat for the week after pulling back from
$108.93 on Thursday, the highest since April 3.