Sinopec Sees Lower Profit on Soaring Crude Prices
Summary from United States, from articles in English
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U.S. refiners have been converting plants to handle the thicker Canadian crude as supplies for lighter crude continue to tighten, much to the consternation of environmental groups. (article 5)
Industry officials estimate that the region could yield as much as 175 billion barrels of oil, which would make Canada second to Saudi Arabia in crude oil reserves. (article 5)
Due to the strict control over refined oil prices in the People's Republic of China, a distortion to the correlation of the refined oil prices and crude oil prices occurred the company said in the statement. (article 4)
NEW YORK - Oil prices fell below $130 a barrel for the first time in more than a month Thursday, as a dramatic slide entered a third day along with a sharp sell-off in natural gas. (article 3)
The darkening gloom that hangs over the U.S. economy spread to the oil markets Tuesday, sending the cost of crude tumbling $6.44 a barrel in the largest one-day plunge since 1991. (article 1)
In a wild day of trading, the cost of light, sweet crude oil for August delivery closed at $138.74 a barrel on the New York Mercantile Exchange. (article 1)
The losses, together with Tuesday's drop of $6.44, bring oil close to $13 below last week's all-time peak. (article 2)
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Source articles
- Oil falls sharply as economic gloom spreads (L.A. Times, 07/16/2008, 588 words)
- Oil steady after sharp losses on slowing U.S. demand (Washington Post, 07/16/2008, 402 words)
- Oil drops below $130 for first time in a month (msnbc.msn.com, 07/17/2008, 595 words)
- Sinopec Sees Lower Profit on Soaring Crude Prices (msnbc.msn.com, 07/17/2008, 237 words)
- Big oil companies to spend $7 billion on flow from Canada - (baltimoresun.com, 07/18/2008, 241 words)
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