Paul Gordon News
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China’s growth in power consumption will slow to 8.6 percent this year, from 11.7 percent in 2011, according to HSBC Holdings Plc.
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Oil for April delivery rose as much as 30 cents, or 0.3 percent, to $106.85 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.83 at 1:06 p.m. Sydney time. Prices are 8.5 percent higher this month and up 10 percent in the past year.
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Crude oil for April delivery slid 41 cents, or 0.4 percent, to $109.36 a barrel in electronic trading on the New York Mercantile Exchange at 12:03 p.m. Sydney time.
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Oil traded near the highest level in nine months as speculation that tension with Iran will disrupt supplies countered concern a faltering economy will curb demand.
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Brent oil rose as much as 35 cents, or 0.3 percent, to $120.40 a barrel after a European Union official said euro-area finance ministers reached agreement on a second bailout package for Greece. Futures for April settlement were at $120.33 a barrel on the London-based ICE Futures Europe exchange at 11:13 p.m. Singapore time, after earlier dropping as much as 45 cents.
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Oil rose in New York after Iran’s oil ministry website reported that the nation halted crude exports to French and British companies.
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China’s first price increases in 10 months for gasoline and diesel may signal a policy shift to limit the refining losses that discouraged production in the world’s biggest energy consumer.
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PetroChina Co.’s Daqing field plans to have sales exceeding 8 billion yuan from overseas this year, parent China National Petroleum Corp. said in its online newsletter today.
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Rio Tinto Group’s Chief Executive Officer Tom Albanese said he won’t be considered for an annual bonus this year after the company posted a 59 percent decline in net income.
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Mirae Asset Securities Ltd. lowered its rating on Asia’s energy sector to “neutral” from “overweight” amid recent share-price gains in Chinese oil companies.
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