SYDNEY – Under a plan to supply China with Australian coal, Waratah Coal Pty Ltd. said it has won the financial backing of Metallurgical Corporation of China Ltd., or MCC, for its planned US$5.15 billion thermal coal project in Queensland state.
The plan has several hoops to jump through before the first cargo leaves port, but [...]
LONDON (AFP) – World oil prices fell under 60 dollars per barrel on Tuesday, pressured by the strengthening US currency and weaker European equities, as traders awaited this week’s crucial OPEC output meeting.
New York’s main futures contract, light sweet crude for delivery in July, retreated 1.88 dollars to 59.79 dollars a barrel.
London’s Brent North Sea [...]
Investors respond to a weaker dollar, rising stock prices and grim economic reports.
By Ben Rooney, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — The price of oil fell Tuesday, after a big rally in the previous session, as dour economic reports darkened the outlook for already weak demand for oil and gasoline.
A weaker dollar and rising stock [...]
SINGAPORE (Reuters) – Oil rose toward $48 a barrel on Wednesday, recovering from a tumble of more than $100 off July peaks, but the upside could be limited, with further signs of weakening oil demand expected in upcoming weekly U.S. oil data.
Prices have lost more than 13 percent since last week to stand at three-and-a-half-year [...]
Falling oil prices will spur a recovery in demand for crude, according to Tony Hayward, chief executive officer of BP Plc, Europe’s second-biggest oil company.
Oil’s 54 percent drop from its July record in New York was caused by higher OPEC output, slower economic growth and lower U.S. consumption, Hayward said in a speech to the [...]
SINGAPORE — Oil prices fell below $70 a barrel Wednesday in Asia as investors shrugged off a looming OPEC production cut after company forecasts suggested the U.S. may be headed for a severe economic slowdown that crimps crude demand.
Light, sweet crude for December delivery dropped $2.73 to $69.45 a barrel in electronic trading on [...]
LONDON – Oil prices fell below US$69 a barrel Wednesday as investors shrugged off a looming OPEC production cut after company forecasts suggested the U.S. may be headed for a severe economic slowdown that would crimp demand for crude.
Light, sweet crude for December delivery dropped US$3.37 to US$68.81 a barrel in electronic trading on the [...]
By STEVENSON JACOBS, AP Business Writer
NEW YORK – Oil prices rebounded back above $71 a barrel Friday as traders bet that OPEC will announce a sizable production cut at an emergency meeting next week in an effort to stem crude’s stunning collapse.
The downward momentum on oil has grown more feverish in recent days, lopping more [...]
Julia Kollewe and Angela Balakrishnan
guardian.co.uk,
Investors, who piled into oil and other commodities earlier in the year as a hedge against inflation and the weak dollar, are now cashing out in search of safer havens
Oil prices fell further today after the International Energy Agency cut its oil demand growth forecast for 2008 to the [...]
SINGAPORE, Oct 6 (Reuters) - Oil prices slumped 2 percent on Monday, falling for a fourth day as traders feared efforts to contain the spreading credit crisis would fail to stave off a deeper decline in oil demand.
It was a relatively quiet weekend in the U.S. financial sector after Friday’s passage of the landmark [...]
