London Commodity Markets - Strong dollar affects crude oil prices

Brent crude oil consolidated below $118 per barrel on Monday, underpinned by expectations of improving global growth and continuing tensions in the Middle East.

Trading volume was limited as the US market was closed due to the President Day’s holiday and as the International Petroleum (IP) Week, a gathering of industry professionals, kicked off in London, analysts said.

Oil Investment News - Large oil discovery in Ireland is good news for the North East

THE discovery of huge oil reserves in Ireland could bring a serious boost to the North East’s fast-growing oil services industry.

The region is looking for opportunities after Irish offshore exploration company Providence Resources this week announced estimates of up to 2.8 billion barrels of recoverable oil 30 miles off the Cork coast.

NOF Energy, the organisation representing more than 200 North East firms in the oil and gas sector shore renewables, believes the find will encourage significant investment in the area, which will require the support of established and robust supply chains.

Chief executive George Rafferty said: “The continued importance of oil and gas to the North East economy is undeniable and this significant discovery in Ireland demonstrates that this is an industry that is definitely of the here and now.

Crude Oil Investment - Oil posts biggest gain in 2 months, tops $91

Tensions between Syria and Turkey gave oil prices their biggest jump in two months Thursday, while refinery outages boosted wholesale gasoline prices.

Oil settled at $91.71 per barrel, up by $3.57, or 4 percent, on the New York Mercantile Exchange. The rise follows a decline of 4 percent on Wednesday.

London Commodity Markets | Oil futures hold to gains, off session highs

SAN FRANCISCO — Crude-oil futures held on to their advance Monday, with support from U.S. manufacturing data that showed a surprising expansion in September.

 

Prices ended off session highs, however, and were easily outpaced by natural-gas futures, which ended nearly 5% higher on expectations of colder weather ahead. Natural gas settled at its highest since early December.

Spotlight on crude oil exploration

This short video explores the subject of 3D seismic exploration for crude oil
Petroleum or crude oil is a naturally occurring flammable liquid found in geologic formations beneath the Earth's surface..
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