Oil prices have risen for the second consecutive day after US government data showed domestic crude inventories fell to their lowest levels since February 2015, easing worries about oversupply that have weighed on markets in recent weeks.
West Perth-based oil junior Triangle Energy has revealed a leak at its Cliff Head oil platform, about 300 kilometres north of Perth, although the company said the spill was substantially less than 10,000 litres.
Oil prices have risen as the market shifts focus to the possibility of increased Chinese demand, drawing attention away from oversupply worries and trade tensions between China and the United States.
Shares in Carnarvon Petroleum have received another boost today after the company said it had discovered more oil and gas at Dorado-1 in the Carnarvon Basin.
Oil prices have edged lower as the focus turned to oversupply worries, moving away from escalating tensions between the US and Iran, which had driven prices higher early in the session.
Oil prices rose at the end of last week as a weakening dollar and lower expected August crude exports from Saudi Arabia supported the market, offsetting concerns about US-China trade tensions and supply increases.
Global benchmark Brent crude dipped on Thursday as concerns about mounting supply returned after a brief rally earlier in the session on comments that Saudi Arabia's exports would fall in August.
The much anticipated Browse LNG project has taken a step forward with partners arriving at an early stage agreement on pricing to pipe gas through an existing Karratha plant, while a proposed second train at Pluto LNG now looks likely to be much larger.
Oil prices rose on Wednesday after US government data indicated bullish demand for gasoline and distillates, which overshadowed a surprise build in US crude inventories and US crude oil production hitting 11 million bpd for the first time.
Perth-based Southern Cross Electrical Engineering has secured a number of new contracts across the country in the commercial, resources and telecommunication sectors.
Brent crude has strengthened, recouping some of its losses from the previous session as market focus returned to concerns about spare capacity following a warning from the International Energy Agency (IEA).
Global benchmark Brent crude oil has had its biggest one-day drop in two years as escalating US-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.
Tap Oil has urged shareholders to reject a $29.8 million takeover bid from major shareholder Risco Energy Investments, after independent expert BDO valued the company well above the offer price.
Oil prices were mixed at the end of last week as a Canadian supply outage supported US crude prices, while an increase in production from OPEC's biggest exporter Saudi Arabia pushed Brent lower.
Crude prices ended the overnight session slightly higher after a volatile day in which the US benchmark passed $US75 a barrel for the first time in more than three years before turning negative and later recouping its losses.
Oil futures have fallen as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid escalating trade disputes with the United States.
Oil prices have dipped amid escalating trade disputes between the United States and other major economies, although crude markets remained tight due to supply disruptions, high demand, and the looming US sanctions against Iran.
Oil prices have climbed with US crude hitting a three-and-a-half year high, bolstered by supply concerns due to US sanctions that could cause a large drop in crude exports from Iran.
Oil prices have jumped as plunging US crude stockpiles compound supply worries in a market already uncertain about Libyan exports, a production disruption in Canada and Washington's demands that im
Crude futures have jumped more than two per cent and US oil topped $US70 for the first time in two months as Washington pushed allies to halt imports of Iranian crude, which would constrain global supplies.
Oil has fallen as investors prepare for an extra one million barrels per day (bpd) of oil to hit markets after OPEC agreed to raise production and as US equity markets slipped on trade war fears.
Oil prices have soared after oil producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand.
Global benchmark Brent crude has fallen more than two per cent ahead of a meeting of the Organisation of the Petroleum Exporting Countries, where producers were expected to boost output to stabilise prices.
WorleyParsons has been awarded a contract extension for engineering services at Chevron’s Gorgon and Wheatsone LNG projects, while NRW Holdings has received a $93 million extension to its Stanmore Coal contract.
Oil has fallen ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets.
ConocoPhillips has set up a design competition between two engineering groups led by Technip Oceania and MODEC for the key facilities at its Barossa gas project in the Timor Sea while WorleyParsons subsidiary Intecsea has been awarded a separate contract for subsea infrastructure.
Oil prices have risen in volatile trade as market participants lower their expectations for how much OPEC might increase production and investors assess the impact of a trade dispute between the United States and China.
