Oil Lower as Dollar Gains, Arrow Energy Shares Halted on Higher Bid Expectations

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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. ( AOE ) shares were halted from trading as speculation grew about whether Royal Dutch Shell plc ( RDSA ) and PetroChina Co. ( PTR ) 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 ( GPX ) said it rejected an unsolicited takeover bid Friday, which reportedly was from an Indian company other than Oil and Natural Gas Corp ( ONGC ). The Financial Times reported that the bid was offered at 350 pence a share, which would value Gulfsands at around $644.4 million.

As for BP plc ( BP ), 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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AOE , BP , GPX , ONGC , PTR , RDSA

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