Mining Companies Exploration and Investment News

Crude oil rose to an eight-week high as investors purchased oil and fuel futures amid returns that have outpaced other securities.

“The financial flow may soon send prices to $85, even if that’s not justified by physical demand,” said Kyle Cooper, a managing director at energy consultant IAF Advisors in Houston. “You’re seeing a lot of money move into the market.”

Oil has advanced 80 percent over the past year, greater than the Dow Jones Industrial Average’s 59 percent increase. Futures traded in a $1.66 range today, drifting between gains and losses, as equities and the dollar fluctuated.
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Crude oil rose for a second day on speculation improving world demand and OPEC supply restrictions will help slow growth in stockpiles.

A report tomorrow in the U.S., the world’s largest oil consumer, will probably show consumer confidence is at its highest in a month, according to a Bloomberg News survey of economists. (continue reading…)

BP has been making some interesting points about the outlook for the natural gas market, most recently in a very thoughtful article in Foreign by Christof Rühl, the company’s chief economist. It is a theme that BP is likely to highlight in its strategy presentation to investors on Tuesday.
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The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) reached 72.21U.S. dollars per barrel last week, the highest point of this year, OPEC said Monday.

After hovering for six weeks, OPEC weekly average oil price exceeded 70 dollars to 72.21 dollars. In addition, it also registered the largest weekly increase, which was up 4.33 dollars compared to the previous week, since the end of March. (continue reading…)