Oil Updates — Crude rises on provide issues; Sri Lanka woos international oil companies; Vaar Energi raises dividend
RIYADH: Oil costs rose on Tuesday for a second day on growing issues about tightening European provide after Russia, a key oil and pure gasoline provider to the area, lower gasoline provide by means of a serious pipeline.
Brent crude futures for September settlement rose $1.51, or 1.4 p.c, to $106.66 a barrel by 0339 GMT, extending a 1.9 p.c achieve in yesterday.
US West Texas Intermediate crude futures for September supply elevated $1.36, or 1.4 p.c, to $98.04 a barrel, having gained 2.1 p.c on Monday.
Disaster-hit Sri Lanka woos international oil companies amid gas shortages
Disaster-hit Sri Lanka invited on Tuesday expressions of curiosity from oil firms in petroleum-producing nations looking for to import and promote petroleum merchandise because the Indian Ocean island opens its market amid acute gas shortages.
“An commercial was revealed immediately calling for expression of curiosity for oil firms to import, distribute and promote petroleum merchandise in Sri Lanka,” Kanchana Wijesekera, the ability and power minister, mentioned on Twitter.
Norway’s Vaar Energi raises dividend
Norway’s Vaar Energi raised its quarterly dividend on Tuesday whereas posting a barely smaller-than-expected rise in second-quarter working earnings, boosted by rising oil and gasoline costs following Russia’s invasion of Ukraine.
Vaar, majority owned by Italy’s Eni, reported April-June earnings earlier than curiosity and taxes of $1.67 billion, up from $361 million a 12 months in the past however lagging a mean analyst forecast of $1.76 billion from Refinitiv SmartEstimate.
Fireplace erupts at Donetsk oil depot
A serious hearth broke out at an oil depot within the Budyonnovsky district of Russian-backed Donetsk Folks’s Republic in japanese Ukraine after Ukrainian troops shelled the province, Russia’s TASS reported on Tuesday, quoting a reporter on the scene.
No casualties or accidents have been reported to this point because of the hearth, which was tens of meters excessive, TASS added.
(With enter from Reuters)