Energy Sector

Crude Oil Prices Rise Above $73

Oil prices mounted after the Energy Information Administration report a massive decline in crude oil and gasoline stocks for the week ended Aug. 10, 2007. Crude stocks were depressed by 5.2 million barrels, whereas gasoline stocks came down by 1.1 million barrels.

Additionally, worries over the new weather anticipate that a Tropical Storm Dean could pass over the south of the Gulf of Mexico stimulated oil to climb further.

IFC To Lend $150 Million To Petronet LNG Ltd

International Finance CorporationNew Delhi: International Finance Corporation (IFC) will provide $150 million as loan to publicly owned Petronet LNG Ltd (PLL) to construct a liquefied natural gas (LNG) import and regassification workstation in South India.

Oil Prices Slip Below $72

Oil prices dipped on Monday carrying on its downtrend since last week on US demand worries amidst troubles in the subprime mortgage area.

New York’s main futures contract, light sweet crude for next month delivery went down 15 cents to USD 71.62 per barrel.

In London, the value of Brent North Sea crude for the coming month delivery came down 16 cents to settle at USD 70.23 a barrel.

For September delivery, natural gas also closed down USD 0.026 at USD 6.794 per million BTUs.

Indian Govt. Plans To Dilute Stake In Oil India Along With Oil India IPO

Oil India LimitedThe government is making plans to offload its stake from Oil India (OIL).

Oil Slips Below $71 Over US Economy Concerns

On Friday, oil and gas futures declined below USD 71 per barrel on news of US subprime troubles and worries over the US economy.

For next month delivery, light, sweet crude descended 61 cents to USD 70.98 each barrel on the New York Mercantile Exchange (NYMEX).

On the other hand, gasoline rates for next month delivery vanished 0.3 cents to USD 1.93 per gallon.

In London, September Brent crude lost 33 cents, to USD 69.88 a barrel on the ICE Futures exchange.

Oil & Gasoline Prices Edge Downward

Oil and GasOil and gas futures fell on Wednesday after a governmental announcement displayed an unforeseen slump in refinery action and big declines in oil and gasoline stocks. Oil and gas futures jumped at once after the report’s release, and then traded volatile for the whole day.

For next monthe delivery, light, sweet crude delivery descended 27 cents to USD 72.15 per barrel on the NYMEX, and the gasoline came down 0.65 cent to USD 1.9377 each gallon.

Pages