"Oil Rises to a Six Month High After Saudi Forecasts $75 a Barrel"
Oil rose above $63 a barrel for the first time in six months after Saudi Arabia’s oil minister said crude is likely to touch $75 by the end of the year. Asian demand has begun to recover and prices at $75 a barrel will be healthy for economic growth, Ali al-Naimi said today in Vienna, where OPEC will meet this week to discuss production targets. A government report tomorrow is forecast to show that U.S. gasoline supplies fell for a fifth week.....Complete Story
"ExxonMobil's Financial Strength, Strategy Build Value for Investors"
Exxon Mobil Corporation's financial strength and industry leading performance continues to provide shareholders with superior value while delivering energy to fuel economic growth and protecting the environment, the corporation said today at its Annual Meeting of Shareholders. "Despite the volatile economic times, ExxonMobil remains committed to investing in integrated solutions to the energy challenge," said Rex W. Tillerson, chairman and chief executive officer. "Our disciplined and consistent performance.....Complete Story
"Precision Drilling Chief Neveu Sees Slow Summer"
Precision Drilling Trust, Canada’s largest oil well driller, is bracing for a continuation of a slump caused by low commodity prices. “It looks like a lousy summer for drilling,” Chief Executive officer Kevin Neveu said at a conference in Toronto. “The only difference between this downturn and other downturns is customers are running through their contracts.” Precision has about 18 rigs that are idle and fully paid for under contracts, Neveu told analysts at the Raymond James Oilfield Services conference.....Complete Story
