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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Electronics

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

USCG Updates Rules for Arrival/Departure Notices, AIS

Final rule on vessel requirements for Notices of Arrival and Departure and Automatic Identification System published in Federal Register   U.S. Coast Guard (USCG)

Energy

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0872 sec (11 req/sec)