Russia will produce more than 500 million tonnes of oil in 2011, while also steering its coal industry towards developing Eastern world rather than “stagnating” West, Energy Minister Sergei Shmatko said on Saturday
The price of the 12-crudes basket of the Organization of Petroleum Exporting Countries (OPEC) went up USD 1.29 on Wednesday to settle at USD 111.40 pb, from USD 109.48 pb Tuesday.
Brent crude steadied around $111 on Monday as the dollar weakened and after a hurricane swept up the U.S. east coast, with no reports so far of serious damage to refiners and terminals.
Crude oil began futures trading on the NYMEX in 1983 and is the most heavily traded commodity.
The price of futures Asian Nymex Crude oil was at USD 84.10 per bbl, down slightly 0.02% from previous settlement, while the Natural Gas slipped 0.08% to USD 3.89 per MMBtu.
Brent oil fell in London, narrowing its record premium to U.S. futures, as investors bet that Libyan production may recover after rebels entered the capital city of Tripoli in a push to force out leader Muammar Qaddafi.
Oil futures inched down Friday, leaving behind modest gains on the back of a weaker dollar to track stocks lower near closing time.
Oil prices were higher in Asian trade Wednesday but sentiment was subdued after the meeting of French and German leaders failed to ease market concerns over the eurozone debt crisis.
Iran has signed a contract worth $1.5 billion with a consortium of local firms to develop the third phase of the south-western Darkhovin oil field, Oil Ministry website SHANA reported.
Brent oil prices closed off Friday’s trading session to end a mixed trading week near $108 a barrel as volatile currency and stock markets around the world continue to have a large influence on the price of oil.
