Oil prices tumbled more than five per cent overnight, falling for the third straight session as the market grappled with reports that US supply would continue to surge even if demand weakens as global growth deteriorates, which many expect.
Oil prices fell about one per cent overnight on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over global economic growth and fuel demand.
SPECIAL REPORT: Three businessmen will have more impact than most on the state’s economic future, with Peter Coleman leading an oil and gas revival, Chris Ellison building a lithium empire, and Rob Scott reshaping Wesfarmers.
Oil prices have dropped about two per cent, weighed down by falling US stock markets, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.
The cost of building the Ichthys LNG project has blown out again, with French group Total saying it has increased by $US5 billion to $US45 billion, but project operator Inpex is disputing the extent of the increase.
Oil prices climbed one per cent overnight after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner than they had previously thought.
GE subsidiary Baker Hughes and McDermott International have been picked for front end engineering and design work on Western Gas’s Equus project, under a contract arrangement whereby they will see the project through to commissioning.
Oil prices have risen, bolstered by export cuts from Libya and planned OPEC-led production cuts, pulling back briefly after the United States reported a smaller-than-expected crude inventory drawdown.
Oil prices ended the week more than two per cent higher after OPEC members and allies like Russia agreed to reduce output to drain global fuel inventories and support the market, but the gains were
Oil prices dipped overnight ahead of a meeting of the world's biggest exporters, who will discuss cutting output to help shore up prices and curb excess supply.
Oil prices pared gains in a volatile trade overnight as fears flared that demand would stall due to a trade war between the US and China, and that Russia remained a stumbling block to a deal to cut global crude supply.
Valmec has secured $25 million worth of construction contracts, including at Mineral Resources’ Wodgina project, while fellow local contractor Weststar Industrial was awarded a $4 million contract at Rio Tinto’s West Angelas mine near Newman.
Oil prices jumped nearly four per cent after the United States and China agreed to a 90-day truce in a trade dispute and Canada's Alberta province ordered a production cut, while exporter group OPEC looked set to reduce supply.
SPECIAL REPORT: There has been a notable reduction in the number of high-earning executives in WA, though some individuals do well year after year, research by Business News has found.
Oil prices edged lower due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organisation of the Petroleum Exporting Countries and Russia would agree some form of production cut next week.
Shares in Matrix Composites & Engineering have jumped 16 per cent today to trade at 43 cents each, after the Henderson-based oil and gas services company announced it had won a $15.3 million contract.
As the debate continues from the state government’s recent decision on fracking, it is worth considering some of the potential projects that may proceed.
Oil reversed course and rose as much as three per cent overnight after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.
Oil prices fell more than one per cent overnight, in conjunction with sagging stock markets after US President Donald Trump threatened more tariffs on Chinese imports ahead of the coming G20 summit.
The state government will lift a ban on fracking in prospective areas of Western Australia after an independent inquiry found the petroleum exploration practice to be low risk.
Oil prices have risen about three per cent, clawing back some of the previous session's steep losses, although gains where capped by uncertainty over global economic growth and further signs of increasing supply, including record Saudi production.
Oil prices have slumped up to nearly eight per cent to the lowest in more than a year, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output.
ANNIVERSARY SPECIAL: Via a mix of good fortune and planning, WA has positioned itself as supplier to the fast-growing economies of Asia rather than a competitor. This article is part of a special series to mark Business News' 25-year anniversary.
Oil prices dipped overnight after US inventories swelled to their highest level since December adding to concerns about a global crude glut but OPEC talk of an output cut limited losses.
ANNIVERSARY SPECIAL: The ranks of WA’s largest public companies have changed dramatically over the past two decades, but Wesfarmers has been a constant near the top. This article is part of a special series to mark Business News' 25-year anniversary.
Oil prices rose about $US1 a barrel a barrel overnight, bouncing from the lowest levels in months, after US government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.
Vikas Rambal’s Perdaman Industries has signed up Canadian engineering company SNC Lavalin as lead contractor on its $4 billion Karratha urea project, one day after announcing a gas supply deal with Woodside Petroleum.
