Crude Oil futures are trading slightly higher in Asia Tuesday, though catalysts to really move crude significantly in one direction or the other appear to be on short supply.
On the New York Mercantile Exchange, light, sweet crude futures for May delivery rose 0.07% to USD93.42 per barrel in Asian trading Tuesday after settling 0.37% at USD93.04 a barrel on Monday in the U.S.
The Bank of Japan’s massive new monetary easing program was seen as the catalyst to lift oil higher Monday. The Bank of Japan conducted its first government bond purchasing operation early Monday when it bought JPY1.2 trillion in Japanese government debt maturing in five years or more.
Elsewhere, Brazil announced it will allow Chevron to resume oil production. The Brazilian government halted Chevron’s activities there after a small 2011 spill at the Frade Field. Chevron is the second-largest U.S. oil company. Brazil is vying with OPEC member for the title of South America’s largest oil producer.
On Monday, Russian media outlets reported that state-run Gazprom will partner with Royal Dutch Shell to develop offshore Arctic oil fields. Russia’s Arctic region is believed to be home to some of the last great untapped oil discoveries in the world.
Gazprom and Shell may also partner on exploration activities off the coast of South Africa. Shell is Europe’s largest oil company.
French oil giant Total said there are enough oil resources in Uganda’s Lake Albert region to justify construction of a new pipeline there. The area is believed to be home to as many as 2.5 billion barrels of oil. Total is Europe’s third-largest oil company.
Meanwhile, Brent crude for May delivery fell 0.10% to USD104.72 per barrel on the ICE Futures Exchange. - investing.com
On the New York Mercantile Exchange, light, sweet crude futures for May delivery rose 0.07% to USD93.42 per barrel in Asian trading Tuesday after settling 0.37% at USD93.04 a barrel on Monday in the U.S.
The Bank of Japan’s massive new monetary easing program was seen as the catalyst to lift oil higher Monday. The Bank of Japan conducted its first government bond purchasing operation early Monday when it bought JPY1.2 trillion in Japanese government debt maturing in five years or more.
Elsewhere, Brazil announced it will allow Chevron to resume oil production. The Brazilian government halted Chevron’s activities there after a small 2011 spill at the Frade Field. Chevron is the second-largest U.S. oil company. Brazil is vying with OPEC member for the title of South America’s largest oil producer.
On Monday, Russian media outlets reported that state-run Gazprom will partner with Royal Dutch Shell to develop offshore Arctic oil fields. Russia’s Arctic region is believed to be home to some of the last great untapped oil discoveries in the world.
Gazprom and Shell may also partner on exploration activities off the coast of South Africa. Shell is Europe’s largest oil company.
French oil giant Total said there are enough oil resources in Uganda’s Lake Albert region to justify construction of a new pipeline there. The area is believed to be home to as many as 2.5 billion barrels of oil. Total is Europe’s third-largest oil company.
Meanwhile, Brent crude for May delivery fell 0.10% to USD104.72 per barrel on the ICE Futures Exchange. - investing.com
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