Oil is faltering in early morning trade amid persisting worries
about the strength of U.S. economic recovery in particular, while
European shares are trending lower. Hurricane Earl, meanwhile, will
skirt the Gulf of Mexico and instead head towards the Virgin
Islands later in the day, which is also contributing to weaker
Gold is nudging up slightly but the yellow metal is expected to
remain range-bound as traders eye the release of the latest monthly
U.S. jobs data Friday. The unemployment rate is expected to gain
slightly, which in turn would push up demand for safe haven assets
such as gold.
At 0755 ET, Brent crude is down 0.6% at $76.23 a barrel, while
light sweet crude is 0.5% weaker at $74.83 a barrel, and natural
gas is up 0.5% at $3.72 a million British thermal units.
Gold is up 0.1% at $1,239.40 an ounce, while silver is up 0.6%
at $19.18 an ounce, and copper is 0.9% higher at $3.41 a pound.
BP plc (
) has placed some of the blame for the Gulf of Mexico oil spill on
its engineers responsible for the deep sea oil well, according to
media reports about the company's own internal probe into the
environmental disaster. The report found that engineers misread
pressure data that indicated an imminent blowout.
Chevron Corp (
) will invest $500 million to explore two wells in Turkey's Black
Sea together with state-owned Turkiye Petrolleri AO, according to
daily Sabah. Chevron and Turkiye Petrolleri will be equal partners
in the venture, and Chevron will pay $50 million upfront to share
the Turkish group's exploration license.
The CEO of Dubai's oil tanker group Gulf Navigation Holding PJSC
(GULFNAV), Per Wistoft, is looking to buy new crude carriers as the
company banks on an uptick in global demand bolstering shipping
volumes, according to Bloomberg.
Lukoil OAO's (LUKOH) CEO Vagit Alekperov said that the Russian
group should not buy back its remaining shares from ConocoPhillips,
according to daily Vedomosti.
In the mining sector, Resolute Mining Ltd (
) said it increased output of the precious metal by 16% to 352.302
ounces in the latest fiscal year compared to a year ago. The surge
was due to a rise in output at its Syama operation in Mali.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.