LONDON (AFP) — Oil prices dropped some two dollars on Monday on concerns that a deepening global economic downturn could spark a slump in demand for energy, analysts said.
The market was also weighed down by news of a possible resolution to the ongoing Russia-Ukraine gas supply crisis, they added.
Traders also tracked developments in the Middle [...]
By T.L. HAMILTON
Westinghouse Electric Company has awarded Chicago Bridge & Iron a second contract to build the containment vessels for a nuclear power plant expansion in the southeastern United States.
The engineering, procurement, fabrication and construction contract is valued at $150 million.
“It’s an exciting award for us,” said Jan Sieving, spokesperson for CB&I, which has administrative [...]
COLUMBUS, Ohio – Oil prices tumbled below $50 a barrel Monday as National Bureau of Economic Research reported that the U.S. economy has been in a recession since December 2007 and the Dow Jones industrial average fell nearly 700 points.
A tandem of bleak economic reports led to an early decline even before the NBER report [...]
By Alaric Nightingale and John Martens
Nov. 19 (Bloomberg) — BW Gas Ltd., the world’s biggest operator of liquefied-gas tankers, Euronav NV and TMT Co. Ltd. said they may divert ships away from Somalia after an escalation in piracy led to the capture of a Saudi Arabian supertanker.
BW Gas is urging its customers to avoid the [...]
CAIRO (AFP) – An Egyptian court on Tuesday ordered a freeze on controversial gas exports to Israel, saying parliament must first be consulted on the 15-year deal with Egypt’s former foe, a judicial source told AFP.
But Israel expressed confidence that the Egyptian government would not allow any interruption to gas deliveries under the deal despite [...]
ALGIERS (AFP) – Algeria and Argentina signed an agreement Monday to boost cooperation over civil nuclear energy as part of Argentine President Cristina Kirchner’s tour of northern Africa.
The energy deal was signed by Algerian Energy and Mining Minister Chakib Khelil and Argentina’s Minister for Federal Planning Julio de Vido.
Meanwhile, Kirchner met with Algerian President Abdelaziz [...]
By PABLO GORONDI, Associated Press Writer
Oil prices fell below $56 a barrel Monday as news that Japan fell into recession highlighted investor fears that a global economic slowdown will hurt crude demand.
By midday in Europe, light, sweet crude for December delivery was down $1.23 to $55.81 a barrel in electronic trading on the New [...]
Article from: Agence France-Presse
KUWAIT is prepared to cut its oil output if its partners in OPEC decide to slash production, the oil minister says.
“Kuwait will not hesitate to support the world oil market and will cut production… based on an agreement between OPEC members,” Mohammad al-Olaim told the official KUNA news agency.
He called [...]
Experts divided on where costs go from here
by Ryan Randazzo - Nov. 15, 2008 12:00 AM
The Arizona Republic
$1.99 a gallon.
Yep, it’s real. Gas prices in Arizona have hit a 20-month low, with a rare few stations offering fuel under the $2 mark.
Declining demand for oil worldwide has helped push down the average price per gallon [...]
Bangkok: the largest rice exporters in the world, Thailand, plan, barter commodities between rice and crude oil with Iran in order to reduce the stock during the harvest later.
“In the upcoming harvest season and concerns will be excess stock and we plan to swap the largest commodities, namely rice with crude oil from Iran [...]
