Nirmal Bang has come out with its report on crude oil. According to the research firm, crude oil prices are trading higher on NYMEX today. Prices are expected to remain firm on account of overall optimism of liquidity in the financial markets.
Crude oil futures inched up in choppy trade yesterday, ahead of a European Central Bank meeting and a U.S. August payrolls report and as investors await central bank action in the face of slowing economic growth. U.S. crude stocks fell sharply last week as Hurricane Isaac's passage through the Gulf of Mexico shut in production and closed ports, data from the industry's American Petroleum Institute showed on Wednesday. International commodity trading firm Glencore International Plc has agreed to supply gasoline, diesel and other oil products to Western Refining's WNR.N subsidiary York River Fuels LLC, expanding its footprint into the U.S. products market.
Venezuelan state oil company PDVSA said Wednesday that six new projects in the Orinoco heavy oil belt are expected to start production by the end of the year, setting yet another target for development of a delay-plagued region vital to increased production in the country. Venezuela's Petropiar oil upgrader has restarted after a maintenance shutdown that began in July, said a person involved in the project. Royal Dutch Shell Plc is restarting some process units at its 75,000 barrel per day Sarnia, Ontario, refinery, the company said on Wednesday on a community information line.
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