The British oil company BP took responsibility for the crisis in the oil patch in the Gulf of Mexico and will pay all expenses necessary to clean the oil spill, world agencies reported. The company management expects that the liquidation of stain will take two to three months. According to U.S. experts cleaning may cost about $ 3 billion. U.S. President Barack Obama has promised that the government will do everything in its power to address oil spills in the Gulf of Mexico. Obama visited Louisiana to inspect the activities address the spill and warned of the danger of an unprecedented ecological disaster. He blamed the disaster began on April 20, oil company BP, which owns the sunken oil platforms, and said that she will have to pay. However, U.S. federal law limits the liability of the company in case of an oil spill to $ 75 million addition, giant British undertook to “cover all legal claims for compensation for damages and losses incurred. As examples indicating loss of property of people and trade losses. Among the first victims of oil stain, which is approaching the coast of Louisiana and Alabama were local fishermen.
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Russia and Norway have decided its biggest problem in bilateral relations – the border in the Barents Sea and Arctic Ocean, Itar-Tass, reported Radio, because of disputed Arctic border the two countries which are the largest energy suppliers in Europe not yet developed its coastal sea areas where there are deposits of oil and natural gas. “We found a solution to the most complicated problem in bilateral relations over which we have worked over 40 years,” said Norwegian Prime Minister Jens Stoltenberg in a joint press conference with Russian President Dmitry Medvedev in Oslo. The disputed area 175 sq. km area is shared between Norway and Russia equally. The border line is balanced and satisfies both parties, said Stoltenberg. In his negotiations have been completed and will be a signed agreement.
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Crude Oil fell to just below 85 dollars a barrel during trading on Thursday after the U.S. dollar rose against most major currencies, while investors hesitated on the recovery of the global economy because of debts crisis in Greece. Demand for energy raw materials depends on the condition of the economy and the data in recent days showed that new applications for unemployment benefits in the U.S. have risen unexpectedly, the retail trade in Europe continues to shrink, while the euro zone economic growth is zero in the last quarter of 2009. Energy raw materials cheaper for a second day on Thursday after its price rises above 87 dollars a barrel to 18-month high earlier this week. U.S. light crude for delivery in May fell 49 cents, or 0.6 percent, and ended the session on Thursday at a level of 85.39 dollars a barrel. During today’s electronic trading on the oil market in New York raised its price slightly by 43 cents to 85.82 dollars a barrel. Less-traded oil futures June fell 58 cents, or 0.6 percent, to 86.03 dollars a barrel on Thursday, cited by MarketWatch. The price of energy raw materials fell for a bit to 84.38 dollars a barrel, its lowest level last week. That data also helped the Ministry of Energy of the United States on Wednesday, which showed that crude oil reserves of the largest energy consumer in the world have increased twice more than expected last week.
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The profits of one of the largest oil companies in the world – U.S. Chevron, declined by 37% annually during the last quarter of 2009 This is due to its subsidiaries in the refining of crude oil and marketing activities that go on in loss the end of last year. Poor results of their operations offset a rise in revenue from the sale of crude oil and natural gas, sent Wall Street Journal. Second largest market capitalization of its U.S. oil company after Exxon Mobil, reported a profit of 3.07 billion dollars or 1.53 dollars per share for the three months to the end of December 2009 over the same period of 2008, Chevron had a net profit of 4.9 billion dollars or 2.44 dollars per share. The revenues of oil giant increased by 7.7% yoy to 48.68 billion dollars. The financial results of the California-based company, however, did not respond to the expectations of analysts for earnings per share of 1.70 dollars for the last quarter of 2009. Shares of Chevron risen by 0.2 percent to 73.37 dollars about two and a half hours after the start of today’s session of the New York Stock Exchange.
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The sentiment in the oil market last night were determined mainly by the news that came from Asia. They led to a strengthening of sales and pessimism about the black gold. Major concern was the news that the economic growth of South Korea has slowed down during the last quarter of last year. This is due to problems with exports shrinking demand and reducing government spending. This derail investors and led to a decline of oil prices retreat from 1,3 per cent on yesterday’s closing price on the stock exchange in New York to 74.32 dollars per barrel. It was also deleted all achieved during Monday trade grew by around 1 per cent to 75.26 dollars per barrel. Contribute to negative attitudes and the retreat of the leading stock indexes in Asia. Despite yesterday’s finale of green marketing in the U.S., which brought about the increased minimum measures of U.S. stock market again today, the red color predominates in the Asian region. As a result, the indexes marked the seventh consecutive decline, which had not happened for the past two years, transmit Bloomberg.
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China should take advantage of the shock waves created by the crisis in Dubai to buy gold and oil. Such is the opinion of a senior Chinese official, who cares for the supervision of some of the biggest companies in the Asian country. According to Syaonan Ji, who is chairman of the supervisory board of large companies in the committee for the supervision and administration of state assets (State-Owned Assets Supervision and Administration Commission – SASAC), purchases may be effected by means of foreign exchange reserves of China, transmit Market Watch. “Although it is unclear to what extent the crisis in Dubai will affect local and global economy, it will continue for some time and this may give China investment opportunity to use part of their reserves to buy gold and oil,” said Syaonan today. The Commission, headed Syaonan which is directly subordinate to the State Council of China and is responsible for management of state companies. Therefore, his opinion may be regarded as a signal that such intentions truly are discussed. Commentary is consistent with China’s overall strategy to increase physical stocks of key raw materials such as gold, copper and other commodities.
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The second largest company in the U.S. oil sector Chevron said its profit for the third quarter with 51 percent less than the same period of 2008, bad result is driven by low fuel prices for the period, reported Reuters. Chevron oil company is just another showing a sharp drop in profits after the other giants Exxon Mobil, Shell and PetroChina. The positive financial result of Chevron for the period July-September is the amount of 3.83 billion dollars or 1.92 dollars per share from 7.89 billion dollars or 3.85 dollars per share a year earlier. Excluding one-time revenues profits distributed per share amounted to 1.71 dollars, which is above analysts’ expectations of 1.47 dollars for security.
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Crude oil price fell for a second day after government data that oil stocks have risen more than expected. According to information from the energy ministry’s reserves of crude oil grew by 2.86 million in analysts’ expectations of growth of around 1.4 million barrels. The decline in crude oil was supported by the growth of the dollar against the euro. At 8:20 local time on the rate was 1.4715 EUR / USD at 1.4735 EUR / USD at the end of trading yesterday. U.S. light crude for November delivery fell by 87 cents, or 1.3 percent to 68.10 dollars per barrel. Yesterday’s contract was down by 3.9 percent to 68.97. Brent with delivery in November fell by 61 cents, or 0.9 percent to 67.38 dollars a barrel on the London Stock Exchange.
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Crude oil starts week with new quotes and retreat back again below the level of 72 dollars per barrel. However, movements in the price of black gold remain in a relatively narrow range and it is possible to stabilize the quotations later in the day. The main reason for the fall in oil prices today, analysts estimate is the increase in the rate of the dollar. As a rule, the appreciation of the dollar entails a decline in interest in investing in commodities. For the oil price rises are needed more evidence to show that the global economy is heading towards recovery, reported Bloomberg. Since the beginning of the year so far, oil has risen by 61 percent, but is not yet clear whether the situation improves significantly, the agency adds. This morning, oil contracts with delivery in October cheaper with 0.43 percent at 71.30 dollars a barrel in electronic platform of exchange in New York.
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The price of crude oil continues to trading about 68 dollars a session in a row after opening the Asian markets. The reason for the stabilization of the rate decision is expected in the oil cartel OPEC to alter quotas for oil production further. Currently she is 24.845 million barrels per day.
Recent data from the energy ministry in the United States showed that crude oil stocks are 13 percent more than last year to 343.4 million barrels. Reserves of Diesel and heating oil reached its highest level since 1983 – 163.6 million barrels. The price of U.S. crude for October delivery rose 25 cents to 68.27 as of 8:30 local time on after earlier drop by 0.7 percent to 67.54 dollars. For last week’s contract marked decrease of 6.5%, which was the biggest of the week ended June 10. Brent with delivery in October rose by 50 cents, or 0.8 percent to 67.32 at 8:30 CET.
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