Oil prices are lower in early morning trade ahead of the release
of the latest weekly crude inventories data, with many analysts
expecting stockpiles to increase. China reported October crude
imports falling from their record highs in September. Still,
Goldman Sachs stated in a report that it sees oil prices
considerably higher from current levels by 2012.
Gold is falling on profit-taking, having reached record highs in
the previous session. Yet the yellow metal too is expected to trend
higher in the longer term amid persisting global uncertainties and
At 0755 ET, Brent crude is down 0.3% at $88.03 a barrel, while
light sweet crude is down 0.4% at $86.39 a barrel, and natural gas
is up 0.5% at $4.23 a million British thermal units.
Gold is down nearly 1% at $1,386.70 an ounce, while silver is
down 4.9% at $27.50 an ounce, and copper is down 1.7% at $3.97 a
The energy exploration arm of China National Petroleum Corp.,
PetroChina Co. (
), and Royal Dutch Shell plc (RDSA) have signed an agreement to
study energy projects in Canada and China. Specifically, the two
companies will jointly evaluate the Daning coal bed methane block
in the Ordos basin of Inner Mongolia as well as in Canada.
Gastar Exploration Ltd (
) will buy 59,000 acres in the Marcellus shale from an undisclosed
seller. In September, Atinum Partners had sold half its interest in
the shale to a unit of South Korean investment group Atinum
Partners for $70 million.
Savanna Energy Services Corp (SVY) returned to the black in the
third quarter as its operations in North America recovered.
Earnings reached 1.2 million Canadian dollars, or 2 Canadian cents,
compared to a loss of 4.5 million Canadian dollars, or 6 Canadian
cents. Analysts had expected earnings of 2 Canadian cents a
In the mining sector, AngloGold Ashanti Ltd (
) sold its 10.17% stake in Canada's B2Gold Gold Corp (
). The money raised will be used to fund AngloGold's exploration
activities in Colombia, including its joint venture project with