Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



ENERGY TECH
Oil prices firm on Middle East unrest

by Staff Writers
London (AFP) March 24, 2011
World oil prices crept higher on Thursday as as traders eyed further unrest in the Middle East and North Africa and kept an eye on Portugal's debt crisis.

Brent North Sea crude for delivery in May inched up six cents to $115.61 a barrel in late afternoon London deals.

New York's main contract, light sweet crude for May, known as West Texas Intermediate, rose 12 cents to $105.87.

Oil rose for a third straight day on Wednesday amid more signs of rising demand and continued turmoil in crude exporters Libya and Yemen, pushing the WTI contract to $105.75, its highest close in two years.

"Crude oil prices extended gains ... following ongoing geopolitical tensions in Libya, Yemen and Syria that raised concerns about escalating political unrest across Middle East and potential serious oil supplies disruptions," said Sucden analyst Myrto Sokou on Thursday.

"It seems that the oil markets have already priced in the devastating earthquake and tsunami disaster in Japan while the renewed tensions in Libya, Yemen and Syria continue to dominate the markets, causing further volatility and nervous trading."

Prior to the start of the unrest, Libya was producing 1.69 million barrels of oil a day, according to the International Energy Agency, but has now almost ground to a halt.

Meanwhile, inventory data released on Wednesday suggested that US consumption growth is steady despite rising prices.

US crude oil inventories rose by 2.1 million barrels last week but gasoline (petrol) stockpiles dived by 5.3 million barrels.

The market is closely following the level of gasoline reserves ahead of the summer driving season in the United States starting in May, when many Americans hit the roads on holiday, pushing up fuel demand.

Elsewhere, anti-government demonstrations continue to be held in Yemen, Bahrain and Syria and there are fears that the unrest could spread to oil-producing kingpin Saudi Arabia.

In Europe, all eyes were on Thursday's EU summit, set to be dominated by rising expectations that indebted Portugal could soon be forced to request a multi-billion-euro bailout.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


ENERGY TECH
China warns against S.China Sea oil exploration
Beijing (AFP) March 24, 2011
China warned Thursday against any oil exploration without its consent in waters it claims in the South China Sea after the Philippines announced plans for possible drilling. Manila's Department of Energy said Wednesday that UK-based Forum Energy had completed a seismic survey for the Reed Bank, near the disputed Spratly Islands. The Spratlys are called the Nansha Islands in Chinese and c ... read more







ENERGY TECH
Power outages could hamper Japanese recovery: IMF

Power outages could hamper Japanese recovery: IMF

Lights out as Tokyo lives with power crunch

Japan faces prolonged energy crunch

ENERGY TECH
Nigerian oil sector faces election trouble

China warns against S.China Sea oil exploration

Oil prices firm on Middle East unrest

Upgrading The Vanadium Redox Battery

ENERGY TECH
GL Garrad Hassan Helping To Realize Largest US Wind Farm Development

K-State Research Channels Powerful Kansas Wind To Keep Electricity Running

GL Garrad Hassan Announces The WindHelm Portfolio Manager

American Electric Technologies Announces Deployment With Emergya Wind Technologies

ENERGY TECH
DTE Energy Seeks Solar Panel Equipment

OPEL Solar Enhances Solar Project For Aquarion Water Company

Optimal Yields With Photovoltaic Systems

Solar Window Pioneer Announces Pilot Installment Of Solar Windows

ENERGY TECH
Saudis focus on nuclear, solar energy

Russian wants U.S. nuclear technology

Fukushima: France sets check of reactors by year end

More than 200,000 Germans march against nuclear power

ENERGY TECH
Maquipucuna Cloud Forest In Ecuador Yields New Species (Of Yeast)

Can Biochar Help Suppress Greenhouse Gases

Groups protest Kenya biofuel project

CO2 Emissions From Biomass Combustion

ENERGY TECH
What Future for Chang'e-2

China setting up new rocket production base

China's Tiangong-1 To Be Launched By Modified Long March II-F Rocket

China Expects To Launch Fifth Lunar Probe Chang'e-5 In 2017

ENERGY TECH
Intervention Offers 'Best Chance' To Save Species Endangered By Climate Change

Climate change: UN parties complete inventory of pledges

Northern Peatlands A Misunderstood Player In Climate Change

Ancient Hhyperthermals A Guide To Anticipated Climate Changes


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement