BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Oil prices soar by over $5

11 Jul 2008 08:27 GMT

Crude rallies on Iran and Nigeria supply fears. Petrobras workers' strike supports bullish sentiment.



Oil prices jumped by more than $5 on Thursday following US political tensions with Iran and the threat of an oil workers strike in Brazil.

Crude oil for August delivery on the New York Mercantile Exchange (NYMEX) soared $5.60 to settle at $141.65 per barrel yesterday, the largest one-day increase since June 6th. Prices had earlier reached an intra-day high of $142.13 per barrel.

London Brent crude prices for August delivery shot up to $142.03 per barrel, up $5.45 on the previous day.

According to union representatives, Brazil's Oil Workers Confederation is planning a five-day strike from July 14th. Approximately 4,500 employees of Petroleo Brasileiro SA (Petrobras) are expected to take part in the protest to get full pay for the day they return to the mainland after a 14-day shift at sea on platforms in the offshore Campos Basin.

Meanwhile, Iran yesterday carried out further missile launches yesterday following comments made by Condoleezza Rice. The US Secretary of State had warned the Middle East's second largest oil producer that the United States would defend its allies after Iran test-fired a missile it said is capable of reaching Israel.

In Nigeria, the threat of disuption to oil production supported bullish market sentiment. The Movement for the Emancipation of the Niger Delta vowed to resume atacks on oil facilities following Britain's recent pledge to back the government in the conflict there. The militant group said it would call off its unilateral cease-fire from midnight on July 12th.

In Asian trade, WTI crude for August delivery traded at $142.15 per barrel at 07:59 GMT, up $0.50 on the previous day. Meanwhile, Brent crude on the Intercontinental Exchange (ICE) was pegged at $142.32 per barrel, $0.29 higher than yesterday's settlement price.






Related Links:

Crude holds steady in early trading
Oil prices nosedive by over $5

Latest News:

Rotterdam achieves best quarter since Q2 2016, but nears worst calendar year this decade
Vitol to acquire Noble Group's oil liquids business
Corvus to power first hybrid fish farm processing vessel
Drop in oil rigs, geopolitical tensions and OPEC comments keep prices in upper 50s
Oil and fuel oil hedging market update
Second large LNG-powered bulker launched for ESL Shipping
MHI targets development of gas-fuelled ships
Wartsila in maintenance deal for eight LNGCs running on dual-fuel engines
Kandla invites bids to provide shore power to ships: source
Brent dropped as traders apparently went for profit-taking
Oil and fuel oil hedging market update
Peninsula Petroleum to launch bunker supply operation in LA/Long Beach




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
Directory
Africa
Asia
Central America
Middle East
North America
North Europe
Oceania
South America
South Europe
Directory
Germany
Gibraltar
Greece
Hong Kong
Italy
Japan
Netherlands
Panama
Russia
Singapore
South Africa
South Korea
Spain
Turkey
United Arab Emirates
United Kingdom
United States
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Events
Upcoming Events