Tag: Oil Business
Oil prices mixed after Harvey, now Hurricanes Irma, Jose set to batter demand
Oil prices up on signs of market rebalancing Oil prices rose slightly on Thursday despite data from the United States Energy Information Administration showing an increase in US crude stocks. Benchmark Brent crude was up by 11 cents to $54.31/barrel by 12:55 p.m. EDT and US WTI was down 11 cents to $49.05/barrel. According to […]
Repsol selling $7.1B of assets to cope with weak oil prices
Repsol plan calls for 38 per cent spending cut between 2016-2020 Repsol, the international energy company based in Spain announced it will be selling 6.2 billion euros ($7.1B) in non-strategic assets and cutting spending over the next five years as part of a plan to increase efficiency and combat low oil prices. Low oil prices […]
Oil prices: Biggest one day gain since 2009, but analysts don’t anticipate sustained rally
Oil prices gain Thursday NEW YORK – Oil prices soared more than 10 per cent Thursday, its biggest one-day gain since March 2009, lifted by resurgent global stock markets and a report showing the U.S. economy grew faster than previously reported in the second quarter. U.S. oil rose $3.96, or 10.3 per cent, to $42.56 in New […]
Exxon profit falls by half to $4.2B, but oil production soars
Exxon refining, chemical operations performed well NEW YORK – Exxon Mobil Corp. profit dropped by half in the second quarter on sharply lower oil and gas prices around the world, but the company’s oil and gas production, which has been generally declining in recent years, surged. The company posted net income for the second quarter of $4.19 billion, down 52 […]
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