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Oil jumps above $63 on higher Asian stocks
Oil prices jumped above $63 a barrel Monday in Asia as regional stock markets rallied on a massive Chinese economic stimulus plan, which could underpin demand for crude.
Chinese Steel Industry Plans Iron Ore Mine From Australia’s iron ore producers
Futher evidence that Australia’s iron ore producers face tougher price negotiations emerged yesterday with the release of a report that suggests the Chinese steel industry is operating at a loss.
The Chinese steel industry has already bought more than $10 billion worth of Australian iron ore this year and is preparing to enter the next round [...]
OPEC Try To Stabilise Crude Oil Prices $70 to $90
OPEC will likely implement a production cut when it meets for an emergency meeting in Vienna on Friday, as it tries to stabilise global crude oil prices at around $70 to $90 a barrel, analysts said.
The cartel, which typically steers clear from price target discussions, has in recent weeks become more vocal about the sort [...]
Iran Mining Exploration Sector Prepare 15 Major Oil and Gas Projects
Iran is preparing more than 15 major oil and gas projects involving a “new method” to attract local and foreign investment, the head of Iran’s state-owned energy firm told state radio yesterday.
It was not clear if the “new method” meant a revision of Iran’s “buy-back” terms for oil and gas deals which have been unpopular [...]
Australia’s Newcastle Coal Price Drop 3.5 Percent From a Record
Thermal coal prices at Australia’s Newcastle port, a benchmark for Asia, fell for the first time in 12 weeks, dropping 3.5 percent from a record.
The weekly index for power-station coal prices at the New South Wales port declined $6.79 to $188 a metric ton in the period ended July 11, according to the globalCOAL NEWC [...]
Oil Down More Than $8 In Two Days
The price for a barrel of oil fell nearly $5 Tuesday, a two-day swing of more than $8 as traders took profits and fears of a supply disruptions eased.
But analysts warned the pullback could be fleeting.
“The plunge is really a temporary bull correction and is viewed by the market as a buying opportunity,” said Victor [...]
Oil Mining Trade Inventory Report, Oil Prices Ease in Asian Trade Ahead of U.S.
Mining Investment and Trade News, Oil prices eased in Asian trade on Wednesday ahead of a weekly report on U.S. energy stockpiles and after OPEC’s president rebuffed calls for the cartel to boost output.
New York’s main oil futures contract, light sweet crude for August delivery, fell 19 cents to $136.81 a barrel after rising 26 [...]
Oil Mine Exploration in Saudi Arabi, Army of Asian Workers Races to Finish Oil Oasis
Mining Investment and Exploration News, Deep in the Saudi desert, 28,000 Asian workers are racing to get a giant oil processing complex ready to help King Abdullah keep a vow to meet world demand for crude.
In a years time, the Al-Khurais field will be supplying 1.2 million barrels a day of Arab light crude to [...]
Mining Exploration Companies In Asian Trade and Market
Most Asian stocks rose, as gains by oil producers countered a drop among mining and financial shares.
Cnooc Ltd., China’s biggest offshore oil producer, advanced after starting output at a new field and after crude climbed above $138 a barrel. Catcher Technology Co. climbed in Taipei after Goldman, Sachs & Co. upgraded the stock.
BHP Billiton Ltd. [...]
