. Energy News .

Oil prices mixed on Europe, China worries
by Staff Writers
New York (AFP) Dec 15, 2011

Crude oil prices closed mixed Thursday as investors worried about Europe's escalating sovereign debt crisis and China's slowing economy.

The benchmark New York futures contract failed to hold onto gains made earlier in the session despite better-than-expected US economic indicators.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for January, finished the session at $93.87 a barrel, a decline of $1.08 from Wednesday's closing level.

In London, Brent North Sea crude for delivery in January rose 17 cents to settle at $105.09 a barrel.

The WTI contract had shed more than 5.0 percent in New York Wednesday amid fading hopes that the crisis plan unveiled at last week's European Union summit was enough to resolve the eurozone debt crisis.

"Nothing has changed," said Tom Bentz at BP Paribas.

"The market is still very much concerned about the EU problem and the slowdown in China."

Adding to fears of contagion from the debt crisis were weaker data from China, the motor of the global economy and the world's biggest energy consumer.

China's manufacturing activity contracted for the second straight month in December while foreign direct investment fell for the first time in 28 months in November

The New York market earlier had been boosted by a sharp downturn in US weekly jobless claims, which fell to a three-year low last week, and Spain's surprisingly successful government debt sale.

The Commerce Department also reported the US current account deficit fell to its lowest level in almost two years in the third quarter, thanks in large part to growing exports.

In other oil market developments, Iraqi Prime Minister Nuri al-Maliki told AFP on Thursday that oil giant ExxonMobil has promised to reconsider an exploration deal with Iraqi Kurdistan that Baghdad has strongly opposed.

"We had a meeting with (Exxon) in Washington and we discussed the contracts, some of which are located in disputed areas," Maliki said.

"They promised to reconsider their decision," Maliki said.

ExxonMobil on October 18 inked a deal with Kurdistan to explore for oil and gas in six areas, but Baghdad regards any contracts not signed with the central government as invalid.

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

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries


. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

US holds first post-spill Gulf drilling rights sale
Washington (AFP) Dec 14, 2011
The US government on Wednesday staged its first auction of rights to drill offshore in the Gulf of Mexico since last year's catastrophic oil spill, attracting more than $337 million in bids. ConocoPhillips and ExxonMobil led 20 firms that bid in the western Gulf sale 218, which made available 3,913 unleased blocks covering more than 21 million acres - about the size of the state of South Ca ... read more

Quebec launches cap-and-trade program

Americans Bullish That Advanced Energy Can Solve Problems and Strengthen Economy

Carbon capture safe, scientists say

Arsenic in water near coal-fired US plants: monitor

Elemental 'cookbook' guides efficient thermoelectric combinations

New oil leak found in Brazil: officials

Pentagon chief sees close partnership with Libya

Mexico faces contentious shale gas bonanza

Lawrence Livermore ramps up wind energy research

More than twenty UK wind farm sites adopt Natural Power’s ForeSite wind forecasting service

Campbell Scientific selects ZephIR wind lidar technology for US wind market

British wind turbine factory said a 'go'

Home Solar Program Lights Way for Energy Savings in California and Abroad

US Solar Energy Industry Sets Record for Installations

Solar power development in US Southwest could threaten wildlife

Renewable Energy to be Fastest Growing Market in Malaysia

Small reactors could figure into US energy future

Westinghouse and KEPCO Nuclear Fuel Joint Venture

Small reactors called U.S. nuclear future

Britain gives interim OK for French, US nuclear plant plans

Turning Pig Manure into Oil Fosters Sustainability in a Crowded World

US Biofuel Camelina Production Set to Soar

Switchgrass as bioenergy feedstock

US Navy in big biofuel purchase

Two and a Half Men for Shenzhou

China honors its 'father' of space efforts

Philatelic Cover Reveals the secret names of second Taikonaut team

First Crew for Tiangong

Quebec to start emission caps as Canada exits pact

Canada provides aid to drought-stricken Afghanistan

Mexican farmers despair over record drought

Study finds climate changes faster than species can adapt


The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. 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 Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement