Crude oil prices down as dollar rises
A mixed trend is witnessed during oil trading in the Asian market as the commodity rate remained less than $75.
Decrease in demand in USA also lowered the oil purchaseLight Sweet Crude Oil for November delivery is up by 13 cents to $74.84 cents. London Brent North Sea deals reached $77. 79 cents.
BP puts well cap in place to stop spill
NEW ORLEANS: BP said it had installed a cap meant to halt the flow of oil from its ruptured Gulf of Mexico well on Monday and the Obama administration issued a new moratorium on deepwater oil drilling.
The British energy giant said it had installed the 40-ton containment device on the sea floor a mile (1.6 km) beneath the ocean surface and said “the stack completes the installation of the new sealing cap.”
BP said it would test the integrity of the well and the ability of the device to completely seal off the flow of oil on Tuesday. If it works, it would mark the first time since the well blow-out on April 20 that BP has managed to halt the leak, if only temporarily.
But BP said success was not certain. “The sealing cap system never before has been deployed at these depths or under these conditions, and its efficiency and ability to contain the oil and gas cannot be assured,” it said in a statement.
Depending on tests of the device, BP will either keep it closed entirely or use it to resume siphoning oil to ships on the surface. If it works effectively, the cap should either hold all the oil in or allow it to be safely captured and funneled to the surface.
BP said it will permanently block the oil flow in August with a relief well being drilled deep beneath the seabed which will intercept the original well and plug it.
Interior Secretary Ken Salazar unveiled the new deepwater drilling moratorium, worded differently from an earlier drilling ban after a US appeals court struck down the original moratorium last week.
Shares in BP surged and sources said the British energy giant is in talks with US energy concern Apache Corp and others to sell assets worth up to US$10 billion.
Oil prices edge down in Asian trade
SINGAPORE: Crude prices edged down in Asian trade Tuesday as traders fretted over performances by the US retail and corporate sectors, analysts said.
New York”s main contract, light sweet crude for August delivery, fell 36 cents to 74.59 dollars a barrel in the afternoon. Brent North Sea crude for August shed 38 cents to 73.99 dollars.
Oil prices rise in Asian trade
SINGAPORE: Oil prices edged up in tepid Asian trade Wednesday after recent falls caused by concerns about the US economic recovery, analysts said.
New York”s main contract, light sweet crude for delivery in August, rose 10 cents to 72.08 dollars a barrel. Brent North Sea crude for August delivery gained 13 cents to 71.58 dollars.
Crude markets climbed in the wake of seven straight sessions of losses as wary traders bought up crude in a listless market, analysts said.
Oil eases in Asian trade
SINGAPORE: Oil prices slipped slightly in Asian trade Thursday, losing some of their steam from Wednesday as investors’ awaited further news on Europe”s debt crisis and its impact on the commodity.
New York”s main contract, light sweet crude for June, eased nine cents to 83.13 dollars a barrel. Brent North Sea crude for June delivery was down nine cents to 86.07 dollars per barrel.
Traders were eagerly watching Europe”s reaction to Greece”s mounting difficulties as debt markets increasingly punish Athens, dealers said.
Oil extends gains in Asia
SINGAPORE: Oil prices extended gains in Asian trade Monday after a rise in US home sales stoked optimism for a firmer rebound in the world”s biggest economy, analysts said.
New York”s main contract, light sweet crude for delivery in June, rose 41 cents to 85.53 dollars a barrel. Brent North Sea crude for June was up 35 cents to 87.60 dollars.
Sales of newly constructed single-family houses in the United States jumped by nearly 27 percent in March compared to the previous month, raising hopes the recovery was gaining traction.
No obligation exists to cede title of PTCL properties: Waqar
ISLAMABAD: Federal Minster for Privatisation Senator Waqar Ahmed Khan said on Tuesday that there was no contractual obligation to transfer titles of the state-land where the Pakistan Telecommunication Company Ltd. (PTCL) offices stand to private investors.
“It was not our contractual obligation to transfer or mutate the property in the name of PTCL,” he said. “However, the government intends to facilitate them and has approached provinces, who have agreed to do it on 50 per cent rate,” the minister informed the National Assembly’s Standing Committee on IT Telecommunication that met on Tuesday with Muhammad Barjees Tahir in chair.
The privatisation commission officials told The News that so far about 94 per cent of the land has been transferred to the PTCL.
The officials said that according to the Share Purchase Agreement (SPA), the government was required to provide clear titles of 100 per cent properties of PTCL (3,384 in number) by January 12, 2008.
A balance of 161 non-transferred properties, including 71 in Punjab and 45 in Sindh, remains outstanding. There are also private properties, which are under litigation and not under the control of federal or provincial governments, the officials said.
The government has so far been unable to resolve its issues with the UAE telecom giant Etisalat due to which, the latter has withheld $799 million privatisation proceeds.
The privatisation minister told National Assembly’s Committee that the present leadership would not compromise on transparency of the process. He assured that the matter would be resolved in an amicable manner and the government would get the $799 million, which were now over due.
The government since 2006 has received Rs26.95 billion dividend income, while Etisalat received Rs11.27 billion dividend income against its 26 per shareholding.
Last month, Senator Khan told the National Assembly that the privatisation of PTCL was not transparent and was made contrary to rules and procedures.
The house has also referred the subject matter to the National Assembly Standing Committee on Privatisation for probe.
Etisalat holds management control along with 26 per cent shares of PTCL, which was in 2006 for $2.6 billion.
The UAE firm has withheld the payment, saying that the government has failed to transfer properties in Punjab and Sindh provinces to the new management.
Although official quarters maintain that SPA requires the government to provide clear titles of 100 per cent of PTCL properties, Senator Khan urged the members of the Committee to form their opinion and recommendations. “We are the custodians of the assets of the people of Pakistan and our mandate is to work for welfare of the people of Pakistan.” he said.
He further informed that the then Minister highlighted all the irregularities committed during the privatisation process of PTCL and sent them to the Cabinet, which gave approval and validated the deal.
Earlier, the Chairman National Assembly’s Standing Committee Barjees Tahir observed that the country’s interest was not safeguarded in the PTCL deal.
Oil climbs in Asian trade
SINGAPORE: Oil climbed above 84 dollars in Asian trade Wednesday as European governments reopened their airspace to more flights following a shutdown caused by ash from an erupting volcano in Iceland.
Prices also had a boost from regional equities markets, which were buoyed by a rise in US stocks. New York”s main contract, light sweet crude for delivery in May, jumped 36 cents to 84.21 dollars a barrel. Brent North Sea crude for June rose 47 cents to 85.27 dollars.
Oil tumbles below 82 dollars in Asian trade
SINGAPORE: Oil tumbled below 82 dollars in Asian trade Monday, extending last week”s losses as financial markets reeled from the impact of fraud charges against Wall Street icon Goldman Sachs, analysts said.
New York”s main contract, light sweet crude for delivery in May, was down 1.49 dollars at 81.75 dollars a barrel. Brent North Sea crude for June tumbled 1.11 dollars to 84.88 dollars.
Oil rebounds in Asian trade
SINGAPORE: Oil prices rebounded in Asian trade Friday after falling on concerns about demand stemming from a build-up in US crude inventories, analysts said.
New York”s main contract, light sweet crude for delivery in May, rose 40 cents to 85.79 dollars a barrel. Brent North Sea crude for May was up 41 cents to 84.22 dollars.
Crude prices were lifted by a stronger equities performance in Hong Kong and China, but analysts said the market could pare back gains later in the day.
