NEW YORK: Oil prices edged higher on Monday, after bullish data from Asia and Europe, but sharp spikes in new coronavirus infections around the world tempered gains.Brent crude rose 30 cents, or 0.7 per cent, to $41.32 a barrel by 11:12 a.m. EDT (1512 GMT). US crude rose 44 cents, or 1.1 per cent, to…
Oil prices that had been declining in the morning, the day erased losses and began to rise.Investors shifted attention to the prospects for economic recovery and hopes for new monetary stimulus after the people’s Bank of China (PBOC) promised to use new monetary policy tools to maintain adequate liquidity, Trading Economics writes. The cost of…
In Dubai on Friday, the temperature reached 40 Celsius, nothing surprising for this time of year. Yet Verkhoyansk in Siberia, north of the Arctic Circle, hit 38 degrees, an Arctic record. This shocking occurrence, in one of the coldest places in the world during winter at -50 degrees, warns the petroleum industry that rapid, transformational…
China’s state-owned oil companies—Sinopec, CNOOC, PetroChina, and Sinochem—are discussing an arrangement to buy crude oil together instead of individually, to avoid bidding wars and gain more bargaining power, unnamed sources in the know told Bloomberg. The group has already secured the support of the central government and its first step as a collective buyer would…
Oil and gas company BP has sold its global petrochemicals business to Ineos for $5 billion, part of its plan to shift activities to renewable sources of energy. The company said in a statement Monday that the overlap of the petrochemicals business with the rest of the company is “limited” and that it takes “considerable…
TUNIS, A tribal leader in Libya’s oil-producing region on Monday indicated tribes there were ending a blockade on output and exports, saying “we opened the oil”, and have handed authority to eastern-based forces to negotiate a restart in production. However, some other tribal leaders in the region did not take part in the issuing of…
The listed arm of China National Offshore Oil Corporation (CNOOC) said on Monday that it had made a significant discovery of oil and natural gas in the eastern part of the South China Sea. A discovery well at the Huizhou 26-6 discovery in the Pearl River Mouth Basin in the Eastern South China Sea was…
The automotive industry moved a step closer to the commercial launch of hydrogen-powered vehicles in India with the government-instituted automotive industry standards committee (AISC) submitting a final draft on its regulations. This is the second time the government is considering a new type of fuel. Similar guidelines for electric vehicles were finalised earlier.In India, currently…
NEW DELHI: Indian Oil Corp (IOC), the nation’s biggest oil firm, on Monday said it will set up a new technology development centre focussed on clean and alternative energy solutions. The new centre at Faridabad on the outskirts of the national capital will be the second R&D campus of IOC, the company said in a…
New Delhi: Sugar mills have contracted to supply 170 crore litres of ethanol to oil marketing companies (OMCs) for the year ending November and out of that 92.5 crore litres have been delivered so far for blending with petrol, according to industry data. The OMCs have been able to achieve over 5 per cent blending…
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