Bush Comments Buoy Oil Markets

Thursday, January 18, 2001
U.S. oil prices rose Thursday as traders jumped at buying opportunities after OPEC's agreement on production cuts sent prices falling Wednesday. Crude oil for February delivery traded up 28 cents at $29.88 per barrel early Thursday afternoon on the New York Mercantile Exchange (NYMEX). "There's a feeling that perhaps we've run the course of the down side and the market could start making a move up, at least for the short term," said Nauman Barakat, vice president of energy futures trading at ABN Amro in New York. NYMEX crude ended 69 cents lower at $29.60 per barrel Wednesday, after moving down more than a dollar as traders pocketed profits. Traders sold off after the Organization of Petroleum Exporting Countries decided to cut output by 1.5 million barrels a day, or more than 5 percent, beginning Feb. 1. Comments by President-elect George W. Bush in an interview with Reuters that Iraqi leader Saddam Hussein was "a big threat" that must be contained -- by military force if necessary -- also supported prices. NYMEX crude wavered early between positive and negative territory amid confusion over contradictory weekly stocks data.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Proforma DAs on the Go

DA-Desk has launched a new service under its PortSpend ManagementTM solution, the Proforma Disbursement Account (PDA) Approval Mobile App. The mobile app is available

The Submarine Electricity Transmission Market Is Expected to Reach $25 Billion in 2024

According to a new report from Navigant Research, the global submarine electricity transmission market is expected to grow from $16.8 billion in 2015 to $24.8 billion in 2024.

Energy

DNV-GL Approves Kongsberg Engine Room Simulators

Kongsberg Maritime has received DNV-GL certification for three of its latest engine room simulator models designed to provide in-depth training on the K-Sim Engine simulator platform.

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

Gazprom, Gasunie Sign Framework Agreement - LNG

At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1332 sec (8 req/sec)