LONDON: Libya has agreed to supply oil to four major European trading houses in 2012, a senior National Oil Corporation (NOC) source said, amounting to at least 9 percent of its crude exports, in a break from a policy of restricting sales to (...)
BENGHAZI: Libyan oil firm Agoco has promised to give half its early crude oil production to trading firm Vitol as payment for fuel supplied to rebels during the uprising against Muammar Qaddafi.
Ahmed Majbri, chairman of the Arabian Gulf Oil Co. (...)
BENGHAZI: Muammar Gaddafi was last tracked heading for Libya's southern border, the man leading the hunt told Reuters, though Burkina Faso again denied on Wednesday any plan to offer the deposed leader refuge.
After the arrival in neighboring (...)
BENGHAZI: Scores of Libyan army vehicles have crossed the desert frontier into Niger in what may be a dramatic, secretly negotiated bid by Muammar Qaddafi to seek refuge in a friendly African state, military sources from France and Niger told (...)
BENGHAZI: Commodities trader Glencore has signed its first contract to deliver fuels to Libya's interim council, industry sources said, in a further sign that rival Vitol is losing its position as top supplier to rebels that are now interim (...)
BENGHAZI: The chief executive of Italian oil firm Eni was in eastern Libya on Monday to meet with members of the rebel government, a spokesman for Libya's rebel transitional government said.
Paolo Scaroni is the first oil chief to visit the (...)
MILAN/LONDON: Italian oil company Eni led the charge back into Libya on Monday as rebels swept into capital Tripoli, hailing the end of Muammar Qaddafi's rule and warning Russian and Chinese firms of contract revisions.
Qaddafi's fall will reopen (...)
LONDON: Oil prices reversed gains on Thursday after a smaller-than-expected decline in US jobless claims dampened hopes for growth in the world's top oil consumer, offsetting sharp dollar falls.
The number of Americans filing new claims for (...)
LONDON: The oil industry is bracing itself for new regulation, welcoming moves to prevent market abuse, but tighter position limits could stifle liquidity and bring greater price volatility.
The new rules, being drawn up by the US Commodity (...)
LONDON: Oil producer group OPEC said on Monday it was worried about the unrest in Egypt but saw no reason to boost output to cool prices at the moment and would add more supply only if it saw a shortage in the market.
Oil prices have spiked (...)
LONDON: The International Energy Agency (IEA) said on Tuesday that OPEC leader Saudi Arabia had stealthily boosted output to cool an oil price rally, while OPEC accused the agency of providing inconsistent oil price views.
Tensions between oil (...)
LONDON: Iran's assertion that it has side-stepped some international sanctions and become self-sufficient in gasoline is political propaganda, experts say, but it could become a reality as early as 2013.
U.S.-led sanctions have scared off Iran's (...)
LONDON: Oil reversed early losses and rose towards $78 a barrel on Thursday after a bounce in equities overshadowed earlier news pointing to flatter economic growth in the world's number two oil consumer China.
European shares turned positive (...)
LONDON: Oil prices changed direction on Tuesday after several days of declines and rose to near $73 a barrel as rallying equities boosted expectations for the pace of global fuel demand growth.
US crude for August delivery rose 85 cents to $72.99 (...)
LONDON: Oil prices edged down to hover below $77 a barrel on Wednesday after a surprise hike in crude inventories in the world's top energy consumer the United States dampened risk appetite for commodities.
US crude inventories jumped 579,000 (...)
LONDON: Oil prices fell to near $75 a barrel on Friday after gaining about 5 percent this week as investors weighed prospects that the European debt crisis could slow fuel demand growth even in emerging markets such as China.
News that the (...)
LONDON: Oil prices slid below $72 a barrel on Wednesday and looked set to fall for a third straight session after a raft of negative data stoked concerns about the impact of the European debt crisis on the still fragile global fuel demand (...)
LONDON: Oil fell below $68 a barrel on Thursday to its lowest in nearly eight months, under pressure from concern that the euro zone debt crisis will cut both risk appetite and demand for oil.
Worries that the Greek fiscal problems could spill (...)
LONDON: Oil steadied around $76 on Friday as commodities across the board held their ground after dropping on US President Barack Obama s proposed reforms of banks trading.
Crude recovered from a one-month low as a weaker dollar and an unexpected (...)
LONDON: Oil prices fell towards $68 a barrel after dropping nearly 4 percent in the previous session as a surprise jump in US crude and product stocks stirred doubts that prices may have run ahead of demand fundamentals.
US crude for November (...)
LONDON: Oil prices fell towards $72 a barrel on Thursday after rising more than 5 percent this week as swollen US distillate stocks such as diesel offset positive sentiment in other markets.
US crude was down 14 cents at $72.37 a barrel by 1116 (...)
LONDON: Oil fell towards $71 on Thursday, after touching 10-month highs earlier this week, as swollen crude and distillate inventories in the United States, the world s largest fuel consumer, weighed on sentiment.
US crude for October fell 32 (...)