Mining Exploration News

Crude oil’s price has risen back above $50 a barrel for the first time in ten weeks, pushed higher by a weaker dollar and hopes of an economic upturn.
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Crude-oil futures fell for a third session Wednesday, tumbling 9.3% to close below $36 a barrel as government data showed inventories at a key delivery point hit a record.
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Margins turn positive after recent fall in global oil prices.

State-run oil marketing companies (OMCs) are planning to put expansion of their retail outlets back on track as lower international crude oil prices have enabled them to register profits on most of the petroleum products they sell.
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Oil prices tumbled below $50 a barrel Monday as National Bureau of Economic Research reported that the U.S. economy has been in a recession since December 2007 and the Dow Jones industrial average fell nearly 700 points.

A tandem of bleak economic reports led to an early decline even before the NBER report was released, and a huge sell-off on Wall Street was enough to send crude prices down fast on the belief that energy demand is deteriorating.
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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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Oil prices rose above $58 Monday as cold weather heading into the East drove up heating oil and natural gas futures and a government report showed a surprise jump in U.S. industrial output.

Light, sweet crude for December delivery gained 60 cents to $58.20 a barrel on the New York Mercantile Exchange. Read More…

Russia, the world’s second-biggest oil producer, will pursue an “independent” strategy on oil production, ignoring the Organization of Petroleum Exporting Countries’ moves to cut output, said Finance Minister Alexei Kudrin.
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Less can be more, at least in the view of independent petroleum producers grappling with how to adjust their operations to plunging natural gas and crude-oil prices.

In the past two weeks, energy producers have issued a near-uninterrupted string of improved third-quarter earnings announcements. Read More…

Dave O’Reilly, the 61-year-old chairman and chief executive of Chevron, the fourth-largest publicly traded oil company in the world, heard all the rhetoric on energy throughout the contentious 2008 presidential campaign along with everyone else.

Now that the votes are counted and Democrat Barack Obama has been elected, the hard work begins — addressing a beaten-down economy and its lifeblood, energy.
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