Oil rises as US fuel-supply drop counters crude-stockpile gain
Oil rose as an increase in US crude inventories was countered by a drop in fuel stockpiles in the world’s largest oil consumer.
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Oil rose as an increase in US crude inventories was countered by a drop in fuel stockpiles in the world’s largest oil consumer.
MULTINATIONALS Accenture and SAP beefed up their partnership by developing two innovative digital solutions to help oil-and-gas companies enhance their bottom line.
OIL ministers at the Organization of the Petroleum Exporting Countries (Opec) agreed to cut production of crude for the first time in eight years on Wednesday, a move that may produce ripple effects from global financial markets to the US economy, and all the way to the corner gas station.
OIL-and-gas exploration firm Basic Energy Corp. (BEC) has sought the go-ahead of the Department of Energy (DOE) for it to unload 80 percent of its stake in a geothermal service contract (GSC) to Desco Inc.
PETRON Corp. posted a 47-percent increase in earnings from January to September this year to P7.4 billion, from the P5.1 billion it registered in the same period a year ago.
Oil rebounded amid a broader market rally ahead of the US election as Algeria remains confident Organization of Petroleum Exporting Countries (Opec) will set output quotas at its next meeting to manage production.
Oil dropped for a third, day after industry data showed US crude stockpiles expanded, as Russia reiterated it would prefer freezing output at current levels rather than cutting.
Singapore, which is vying to become a regional center for the trading of liquefied natural gas (LNG) in Asia, picked Royal Dutch Shell Plc. and Pavilion Gas Pte. Ltd. as its next suppliers of the fuel.
The Department of Finance (DOF) has excluded micro, small and medium enterprises (MSMEs), as well as low-income electricity consumers with gross sales of P3 million or lower, from the impact of the proposed increase on the excise tax on oil.
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