Reuters reported that Brent crude oil reached above $108 per barrel as concerns over the Cyprus debt crisis have eased. Signs that the US Federal Reserve will continue its stimulus programs have also helped Brent crude to recover from a 3-month low.
Bloomberg reported that the president of oil-rich Azerbaijan, President Ilham Aliyev, is considering making investments in Asian and Latin American markets.
Reuters reported that oil prices went down Friday, exacerbated by a drop in gasoline futures on talks that a large number of European gasoline is headed to the New York Harbor.
Iraq's oil production dropped sharply in October to 3.035 million b/d, a 200,000 b/d decline from September output of 3.235 million b/d although oil exports rose slightly to 2.624 million b/d, a new post-1990 record, oil ministry figures obtained Wednesday by Platts showed.
Norway's thriving oil sector is set for steady growth in the years ahead and a skills shortage, principally for highly trained engineers, is the biggest constraint, a new report said on Wednesday.
Oil fell as euro-area finance ministers met to arrange a bailout payment for Greece and as American leaders prepared to wrestle with a budget agreement.
Oil rose after German business confidence unexpectedly increased from the lowest level in two and a half years in November, signalling Europe’s biggest economy could gain strength.
The New York Times reported that coal's low cost compared to more environmentally-friendly options like wind and solar power is keeping it in demand in places like India, China and Europe. That means coal companies will be on the hunt for new reserves in locations such as Botswana, Mozambique and Mongolia.
The price of oil dropped back to near $84 a barrel on Friday as traders weighed evidence of substantial U.S. supplies against signs of recovery in China's economy.
A brief overview of gas price developments, supply and demand and significant market movers.
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