October 2012
31st October 2012
Top Priority for Congress = Brazil Oil Royalties
Brazil'sCongress has a short list of priorities for legislation during the rest of this year, with the most pressing being approval of a law changing the distribution of royalties from oil production.
The goal is to give more money from new wells to nonoil-producing states. Producing states oppose cuts in their share, saying they face more environmental risk and, therefore, deserve more money. Read more »
5th October 2012
Positive US Economy Reports = Oil Up!
Oil prices rose Thursday October 4, 2012 after positive U.S. economic reports offset some of the pessimism about global growth prospects.
Benchmark oil for November delivery was up 20 cents to $88.33 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. On Wednesday, oil fell $3.75, or 4.1 percent, to $88.14 per barrel in New York. That was the biggest decline since May 4.
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