logo-loader

Oil prices rise amid growing confidence in Europe

Last updated: 14:04 07 Feb 2013 GMT, First published: 15:04 07 Feb 2013 GMT

no_picture_pai

 

Oil prices advanced again today buoyed positive signs for European economies.

ECB chief Mario Draghi highlighted a ‘growing confidence’ in the Eurozone today as the Europe’s central bank held rates at 0.75%.

Elsewhere the focus is also on the US, after the US Energy Department yesterday revealed a smaller than expected rise in oil inventories. And the amount of crude stockpiled at the key delivery hub of Cushing, Oklahoma, actually declined.

In London trading Brent Crude futures were up 50 cents trading just above the $117 marker, while America’s West Texas Intermediary futures were steady at $96.50.

Norwegian oil major Statoil gave an indication it is confident that high oil prices will be around for some time as it revealed plans to increase capital spending over the next three years - committing more than $20bn a year to bring new fields into production in Brazil, East Africa and the North Sea.

 

Chesnara reports strong 2023 results with improved cash generation and...

Chesnara PLC (LSE:CSN) chief executive Steve Murray discusses the company's full-year results for 2023 with Proactive's Stephen Gunnion, describing them as strong and particularly highlighting £53 million in commercial cash generation and a dividend coverage of around 150%. The company has...

1 hour, 49 minutes ago