Exxon Mobil, the world’s largest company by market value, said net income exceeded $10 billion for a third consecutive quarter as rallying crude prices made up for the biggest production decline in three years.
Oil prices fell on Wednesday after weekly data showed a sharp increase in U.S. crude inventories, while investors remained cautious about Europe’s ability to agree on a plan to address its debt crisis.
US oil prices shot to a 12-week high today in a second day of frenetic spread trading, with dealers racing to claw back a record discount versus Europe’s Brent as they gave in to evidence of tightening supplies.
Brent was steady above $111 on Tuesday as looming concern over Europe’s economic health kept prices in check, while U.S. oil rose for a third straight day, boosted by improved company earnings.
Oil prices tumbled more than 2 percent Wednesday, as stock markets fell and government data showed a U.S. economy that remains weak.
Brent crude futures fell below $110 on Tuesday, after China’s economy grew a shade below expectations in the third quarter, failing to dispel fears of slowing growth in the world’s second largest oil consumer.
Iran’s oil reserves stand at 158 billion barrels, the ISNA news agency reported on Sunday, signalling a slight rise in the Islamic Republic’s estimate.
Oil prices rose 3 percent on Friday, posting a second straight weekly gain, on lift from stronger-than-expected U.S. retail sales and optimism about the prospect that European leaders can reach a deal to address the euro-zone debt crisis.
Iran said on Wednesday that it was ready to boost its gas exports to neighbouring Turkey, after Turkish Botas ended its deal with Russia’s Gazprom , a senior official told the semi-official Mehr news agency.
IEA cut demand estimates by 210,000 barrels a day and said Libyan output will rebound to 600,000 barrels a day by year’s end. Brent oil rose in London on speculation that Europe’s debt problems will be resolved and after the U.S. said Iran was linked to a plot to kill the Saudi Arabian ambassador to Washington.
