Crude prices rose on Friday after losses of more than 3 percent a day earlier, with investors treading cautiously ahead of key U.S. employment data that will help gauge the health of the world's largest economy and oil consumer.
Brent and West Texas Intermediate crude futures are on track for their biggest weekly losses since mid-January, hit by oil inventory builds and weak U.S. manufacturing data.
Investors are also skeptical that Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia will agree to cut production at a meeting in Algeria later this month despite Saudi Arabia's efforts to boost prices.
The end of the U.S. driving season and the prospect of building inventories create downward risk for the oil price and may see further pressure on energy stocks today.
Investors are looking ahead to non-farm payroll data later in day to gauge the health of the U.S. economy, with a strong reading seen boosting the chance of a Federal Reserve interest rate hike soon.
A rate rise may strengthen the U.S. dollar, which could depress oil prices as it would make the dollar-denominated commodity more expensive for holders of other currencies. (CNBC)
Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas)
Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports.
The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy.
OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless
Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay
Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members