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Oil price touches $105.2 marking 3 years highest

Brent crude had jumped 2.6% by late afternoon to $105.2 a barrel, its highest level since before the 2008 financial crisis. European energy companies are evacuating some staff from the country, which is a major oil and gas producer for the European market. Sources said, the price of oil has risen in response to the ongoing turmoil in Libya for last five days. Meanwhile shares in Italian oil firm ENI - which is active in Libya - ended Monday trading 5.1% lower. The Italian company said on Monday that its operations were unaffected by the violence. Italy buys about one-third of Libya's oil and gas exports, making it the country's biggest customer by far. ENI has been buying gas from Libya for decades, and is at the centre of a close political relationship between the two countries, according to one analyst. In 2008-09, the Libyan government had considered buying an up-to- 10% stake in ENI , although the investment did not go ahead. Some 13% of the company's reven...

Oil price hits at 94.74 USD marking two years highest

Oil hovered around its highest levels in more than two years on Friday, supported by cold weather across the globe, appetite for risk assets and signals from OPEC it would not arrest the rally. European benchmark ICE Brent crude for February closed 48 cents down at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008. Global benchmark U.S. crude futures, which hit a 26-month high of $91.63 on Thursday, did not trade on Friday with the NYMEX floor closed for the Christmas holiday. Brent, trading at a premium to U.S. crude, has surged partly due to a severe cold snap in continental Europe and Britain. Heavy snow stranded thousands of Christmas travellers in Europe on Friday, threatening to prolong chaos at airlines and rail networks and further boost fuel demand. Analysts said oil could continue its rally on strong global demand and falling inventories in 2011, which promises to be a strong year for risk assets as confidence about the global econ...