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 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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The price of crude oil continued to rise in Asian trade after the adjustment of the GDP of the United States confirmed the initial data (1% decrease), something that most economists did not expect because of its forecast for a decline of 1.5%. U.S. light crude for delivery in October cent increase with 0.7 percent in early Asian trade, having briefly passed over 73.03 dollars a barrel. Consequently, the value of the material gave up 72.55, or by 6 cents above the closing yesterday. Brent with delivery in October fell by 1 cent to 72.50 dollars a barrel in electronic trading on the London Stock Exchange.
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The Organization of oil exporting countries (trust) is still predicted in its monthly report published in Vienna, some stabilization in demand for crude oil in 2009, followed by a slight growth in 2010, forward AFP, cited by BGNES. “The outlook for global demand for crude oil in 2009 with a fall of 1.6 million barrels per day remains unchanged” compared to forecasts released in July, the cartel in their monthly report. For 2010 he continues to forecast “stop shrinking global demand for oil increased by 0.5 million barrels per day. The data are the same as those in the July report that the demand for crude oil in the world in 2009 will be 83.91 million barrels per day and 84.41 million barrels per day next year or 0.59% more than this year.
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The world economy can not withstand the high growth of oil prices, says chief economist of the International Energy Agency (MEA) Fatih Birol, cited by Financial Times. In the words of Birol, if the values remain more time above $ 70 per barrel, the economic recovery may be delayed or even stopped. In the first week of August, crude oil prices, variety “Brand”, reached its highest quotation of the beginning of the year – $ 73.75 per barrel, states the British newspaper. Of high prices, according to Birol most will suffer from poor African countries located south of the Sahara desert. It is recommended to increase investment in oil extraction. If the investment for production and prospecting of oil does not continue after a few years the world will have big trouble, chief economist forecasts for MEA. It specifies that the increased demand for oil in China will be the main factor that will affect oil prices because it can lead to higher demand and low supply in the world. And then the battle for economic development will be very cruel, especially in 2011 and 2012, the Birol.
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The price of crude oil rose to its highest value for the last 3 weeks due to expectations that rising indexes in Asia would be a precursor to global economic recovery, thus increasing consumption of raw material delivered Bloomberg. The U.S. light crude oil with delivery in September rose by 82 cents or 1.2 percent to 68.87 dollars per barrel in early Asian trade. This is the highest price during the session from July 2nd onwards. A variety of Brent with delivery in September rose by 84 cents or 1.2 percent to 71.16 dollars per barrel in electronic trading on the London Stock Exchange. The price of crude oil is going to increase last weeks, but is far away from the high speculations levels of the beginning of the year.
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Oil stocks in U.S. companies has fallen more than market expectations last week, but while stocks of gasoline have increased over the estimated, showing that there is some oversupply. U.S. Department of Energy today reported a reduction in U.S. oil stocks for the week to July 3 with 2.0 million barrels, to 347.3 million barrels, which is 17.8 percent above the levels of the same period last year. Consensus expectations were for the market decline in oil stocks of U.S. companies with 2.0 million barrels per. But the reserves of the companies in the U.S. gasoline rose by 1.9 million barrels, to 213.1 million barrels, as were 1.7 percent above levels from the same period last year.
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