Jun 8, 2011
Energy shares are higher in late-session trading as crude futures surge over 2% during the session only to pare back some gains. The July contract finished over $100 a barrel. Light, sweet crude oil for July delivery finished up 1.7% to $100.74 a barrel. OPEC did not reach an agreement on crude oil production as six countries opposed a Saudi Arabia-led coalition to raise output. In late-session energy news, (NYSE:PBR) Petroleo Brasileiro said it expects to triple crude oil production over the next 10 years as it develops recently discovered offshore oil fields. Meanwhile, Exxon Mobil (NYSE:XOM) shares are higher after the company said this morning that it made three deepwater discoveries in the Gulf of Mexico. The discoveries have a combined estimated reserves of 700 million barrels of oil equivalent.
Oil & Gas Post
Promote Your Page Too
No comments:
Post a Comment