Oil continued to fall in early morning trade Friday, as the
dollar's value rose against major currencies, making crude more
costly as a result.
Prevailing concerns about Greece's financial health and the
state of the euro zone in general has been been weighing down on
the European currency. Traders will be looking to next week's
European Union summit meeting to see whether Athens will be able to
secure financial aid from fellow EU members. In the meantime, the
allure of commodities in general is expected to be muted.
At 0750 ET, Brent crude is down 0.7% at $80.88 a barrel, while
light sweet crude is down 0.8% at $81.54 a barrel, and natural gas
is up 0.9% at $4.12 a million British thermal units.
In Australia, Arrow Energy Ltd. (
) shares were halted from trading as speculation grew about whether
Royal Dutch Shell plc (
) and PetroChina Co. (
) together will raise their bid to buy out the Brisbane-based
energy explorer. It had been expected that the two companies would
jointly pay about $3 billion for Arrow.
Meanwhile, London-based oil explorer Gulfsands Petroleum (
) said it rejected an unsolicited takeover bid Friday, which
reportedly was from an Indian company other than Oil and Natural
Gas Corp (
). The Financial Times reported that the bid was offered at 350
pence a share, which would value Gulfsands at around $644.4
As for BP plc (
), its gasoline-making ultraformer at its refinery in Texas City,
Texas, will halt production for process equipment repairs from
Friday. The company filed an environmental report with the Texas
Commission on Environmental Quality.
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