mineral exploration project – commodity prices – mining stock- trade and market

Market Roundup

Crude Oil prices fell yesterday, but a bounce by equity markets pulled crude futures well above lows and allowed traders to shrug off data showing combined U.S. crude and product stocks rose to the highest since weekly records began in 1990.

In Focus

- U.S. commercial crude and product stocks rose last week to the highest level since the U.S. government began tracking weekly data, government data showed Wednesday, a sign fuel supply is outpacing demand amid a slow U.S. economic recovery.

- China’s diesel exports...

Parallel Petroleum Corporatio, PLLL Acquisition Co. and PLLL Holdings, LLC, entities formed for the purpose of acquiring Parallel Petroleum Corporation and wholly owned subsidiaries of an affiliate of Apollo Global Management, LLC, today announced the completion of the tender offer for all of the outstanding shares of common stock of Parallel, including the associated preferred...

Crude oil futures inched closer to a fresh one-year high in Asia Friday, as market sentiment remains optimistic on dollar weakness and seemingly improving fundamentals.

Oil prices slipped below $81 a barrel Thursday, retreating from a 2009 high, as a wobbly U.S. dollar steadied against other currencies.

Because commodities are traded in dollars, a strengthening U.S. currency makes them more expensive – and less attractive – to international investors.

Matra Petroleum which has been waiting for an interim generator to arrive on site at Well-13 on the Sokolovskoe field in Orenburg, Russia in order to get drilling underway, has announced that it has not arrived and in fact the rig has been now hooked up to the local electricity supply.

Oil and gas producer BHP Billiton oil production growth target of BHP Billiton’s annual 10 percent increase. Operation BHP Billiton’s first quarter declined due to weather disturbances.

BHP Billiton reported their oil production increased 18 percent from the previous year, oil production reached 41.2 million barrels in the three months...

Occidental Petroleum Corp., an oil and gas exploration and production company, said on Friday it agreed to buy Citigroup Inc’s controversial commodities trading unit Phibro for roughly its net asset value. Occidental said its net investment in Phibro is expected to be about $250 million.

Phibro’s management team, headed by...

Indian Oil Corp, the country’s biggest petroleum products retailer, is unlikely to be affected by the surge in global oil prices as the average price of Indian imports was still around $63 to $64 a barrel, its chairman said on Friday.