Oil slipped below $53 a barrel on Friday on a developing view that OPEC ministers gathered in Cairo this weekend may decide to delay any cut in supply until they meet again in December.
London Brent crude was down 45 cents at $52.68 by 9:40 a.m. EST. Brent looked more representative of market sentiment than U.S. crude as trading in the United States was still subdued because of the Thanksgiving holiday weekend.
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Brunei Shell Petroleum has awarded Astrata an extension through September 2008 to its current location- based services contract for oil and gas exploration activities.
This contract extension is the latest addition to Astrata Group’s growing list of new revenue contracts, including its recent record-breaking USD($)93 million telematics contract, which the company believes is the largest single contract in the history of the telematics industry.
Mark Tuttle, Head of Geomatics for Brunei Shell, commented: “Astrata has proved itself to be a capable and reliable supplier of onshore location-based services meeting their contractual requirements in a timely and professional manner.”
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In market trading on Tuesday oil prices dropped bellow $71 a barrel. Traders shifted focus from threat of Hurricane Dean on U.S energy facilities in the Gulf of Mexico to worries about global stock markets.
hightlight condition, sweet crude for September delivery lost 36 cents to $70.76 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell 86 cents to settle at $71.12 a barrel Monday.
As supply worries faded, concerns about the battered stock market’s drag on global demand came to the forefront once more.
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172 coal miners missing for four days in Huayuan mine and nine others in smaller mine run by another company.
Families of miner trapped on Thuesday complaining it had ignored safety warning halt work.
The miners have been trapped since Friday afternoon when a dike collapsed, several hours after other mines in the area had pulled their workers ti the surface because of flooding fears.
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Mexico Oil Company, Pemex oil exploration and production evacuating 18,000 employees from offshore oil rig as Hurricane Dean. The company shutting down production in oil producing region.
Pemex oil company was crosses condition storm with Yucatan Peninsula. Condition oil rig before shutting down production, 80% of Mexico oil is extracted.
On sunday, Other oil company, Petroleos Mexicanos began evacuating employeess from 100 rig in southern Gulf of Mexico.
Temporarily closing the 407 undersea rigs in Campeche Sound will production loss 2.7 million barrels of oil and 2.6 billion cubic feet of natural gas a day. 1.7 million barrel oil a day exported from three Gulf ports.
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Financial market in london reported, London miner’s strongly on Monday. Last week in market slow growth after the Federal Reserve moved to reassure financial market.
(reported from marketwatch.com, looking other news)
On Friday investor taking shap gain, this respond after cutting discount rate 0.5% from the Federal Reserve.
Before the action by the Fed, equity markets around the globe had been on track for heavey losses last week.
Effect Federal Reserve action could have on the global economy. Mining sector very sensitive to economic-growth perception, because they supply to fastest growing economies in the world.
Hallin Marine has signed two new contract for provider of subsea solution to the oil and gas solution. Value adding from this contract 3-1/2 pence to 70-1/2. The new contract combine estimated value of $9.5 mln.
Highlight from sharewatch :
Hallin has also been awarded a 2.0 mln usd contract with repeat client Seaway Heavy Lifting to provide Saturation Diving Services in support of the BCP-B2 Booster Project offshore of the West Coast of India.
BP plc and Rio Tinto Group stock fell in U.K. stock, after oil and metal prices dropped.
Retreat from Northern Rock Plc, a third session after analysts lowered their share-price estimate on Britain’s.
Share Index reported from Bloomberg :
100 Index lost 127.5, or 2.1 percent, to 5981.8 at 8:14 a.m. in London. The FTSE All-Share Index decreased 2.1 percent to 3094.15. Ireland’s ISEQ index sank 2.7 percent to 8146.89.
BP, Europe’s second-largest oil company, slid 2.5 percent to 528.5. Royal Dutch Shell Plc, the region’s biggest, decreased 1.9 percent to 1816.
Crude oil futures fell from a one-month high in New York. Investor sold to cover losses in equity market. Forecaster altered the track of a tropical storm away from Gulf of Mexico.
Reported in July consumer prices edged up by smallest amount in eight month as gasonline prices.
Consumer inflation rose by a tiny 0.1 percent last month, smallest advance since price were flat last November. Core inflation volatile energy and food.
The inflation performance was economist expectation. The declining inflation pressures will give the Federal Reserve room to cut interest rate.
Chief economist at Naroff Economic Advisors, said :
“Inflation is not the beast that is devouring the economy. The Fed should understand this.”
Tropical storm was forecast to miss oil and gas infrastructure in the Gulf Mexico.
Highlight condition oil and gas exploration
September delivery lost 53 cent to $72.80 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract rose 95 cents to settle at $73.33 a barrel Wednesday.
September Brent crude fell 66 cents to $70.98 a barrel on the ICE futures exchange in London.
New forecast, Tropical Storm Dean could pass to the south of the Gulf Mexico.
Trader in market has worried, Tropical storm bearing down on the Caribean from the central Atlantic, and then damage oil and gas infrastructure in the Gulf, cutting supplies.
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