Canada 'could be a global oil giant'

19/05/2009

Developments in oil sands extraction techniques have had a slingshot effect on Canada's rankings as a global oil supplier, a new report claims.

According to IHS Cambridge Energy Research Associates (IHS CERA), new extraction techniques mean that the North American country now has the world's second largest recoverable reserves, usurping Russia and behind Saudi Arabia.

The new report from the group claims that as such, Canada could become a key strategic ally for its immediate n...

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Oil pushes towards $60 once more

19/05/2009

Crude oil prices have continued to rise in New York this morning (May 19th), after making steady gains yesterday which took near-term futures towards $60 (£38.70) a barrel.

On the New York Mercantile Exchange, the June delivery crude contract had risen 65 cents to trade at $59.68 a barrel at 06:08 Eastern Time.

Yesterday's gains came as US equity markets rallied, stoking optimism that the country's economy is beginning to recover.

Toby Hassall, research analyst a...

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Nigerian attacks stoke supply concerns

18/05/2009

The continued fighting between armed forces and Nigeria's main rebel group has stoked fears over oil supply and have pushed prices of both crude and heating oil upwards.

The Movement for the Emancipation of the Niger Delta (Mend) has been involved in the most intensified fighting seen in the country in months, with two pipelines destroyed by the group.

Although a number of hostages have reportedly been ...

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Crude gains after weak close on Friday

18/05/2009

Headline crude oil futures trading on the New York Mercantile Exchange rose during electronic trading this morning (May 18th), partly rebuilding losses seen at the end of last week.

By 05:49 Eastern Time, the June delivery contract was trading at $56.99 (£36.37) a barrel, up 65 cents on Friday's closing price.

Bloomberg reports that that upward movement comes as many investors feel that the losses of more than $2 on the barrel seen on Friday were excessive.

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Heating oil wobbles on Nymex

15/05/2009

Wholesale heating oil prices dropped in New York Mercantile Exchange (Nymex), during trading this morning (May 12th).

By 06:03 Eastern Time, the June delivery heating oil contract was trading at $1.4808 (97.69p), down 1.3 cents on yesterday's closing price.

The losses came as crude futures traded around the $58-a-barrel m...

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Oil steady at $58

15/05/2009

Crude oil futures trading on the New York Mercantile Exchange rose fractionally above yesterday's closing price during electronic trading this morning (May 15th).

By 05:17 Eastern Time, the June delivery contract was trading at $58.66 (£38.67), up 0.4 cents.

Earlier in the day, the commodity fell 16 cents, with investors eyeing up a gloomy demand report from the International Energy Agency (IEA).

The Paris-based group reported that demand will fall 2.56 million ba...

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Heating oil stocks rise

14/05/2009

Total stocks of heating oil continued to rise in the US, despite an overall drop in supplies of crude.

Latest figures from the US Energy Information Administration show that total heating oil stocks rose by around one million barrels in the week ending May 8th 2009.

Stocks now stand at 147.5 million barrels, the administration claims.

Following the publication of the data, read more

Oil prices continue drop

14/05/2009

The price of oil has continued to slide in trading today following the announcement from the International Energy Agency that it expects demand to fall over the course of the year.

Despite reaching new highs of above $60 (£40) per barrel earlier in the week, crude oil futures on key exchanges around the world have fallen in value.

Heating oil has also dropped in price following the release of the I...

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Oil breaks $60 per barrel

13/05/2009

Crude oil prices rose to break the psychologically significant $60 (£40) barrier in trading yesterday (May 12th).

Prices however slipped back below this level in trading this morning, remaining around $59 per barrel.

The American Petroleum Institute (API) released its latest figures for US stockpiles on Tuesday, indicating a drop in the size of US crude inventories.

A poll of analysts conducted by Reuters predicted that there would be in increase of around 1.4 mil...

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Oil nears $60 once more

12/05/2009

After recovering from early losses yesterday, crude oil prices have moved closer to the $60 (£39) mark during electronic trading on the New York Mercantile Exchange (Nymex).

Near-term crude contracts - along with heating oil futures - had a poor start to the week as investors in the East sold off their contracts to collect profits made on the gains of the past few weeks, expecting that further rises were un...

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