Oil turns lower as profit-taking creeps in
Oil turned lower in Asian trade Thursday as dealers took profits after gains earlier in the week, analysts said.
Oil turned lower in Asian trade Thursday as dealers took profits after gains earlier in the week, analysts said.
Oil prices pushed back above $93 per barrel Monday as sentiment in financial markets was shored up by the formation of an Italian government and expectations of an interest rate reduction from the European Central Bank later this week.
The price of oil rose Tuesday as the dollar fell against the euro following weak US jobs data.
Oil prices paused Thursday after climbing more than $4 in less than a week ahead of the reopening of banks in financially troubled Cyprus.
Philex Petroleum Corp., led by businessman Manuel V. Pangilinan, posted a net loss of P1.09 billion last year, a reversal of the P537 million in net income registered in 2011.
Local pump prices are expected to increase this week and continue their rally due to an improving global economic recovery and rising tensions in Middle East.
Petron Corp., the country’s biggest oil refiner and retailer, has earmarked P51.9 billion for its consolidated capital expenditures this year to further strengthen its foothold in the local and Malaysian oil markets.
The Department of Justice (DoJ) dismissed the smuggling case against a leading independent oil industry Phoenix Petroleum Philippines Inc.
For the eighth consecutive week, local oil companies are slashing prices of petroleum products effective Monday to reflect the continued downtrend in the international oil market.
Phoenix Petroleum Philippines Inc. posted a 3-percent growth in net income in the first quarter this year to P190.6 million, from P185.1 million in the same period last year.
Congress would be inclined to return the oil industry to a regulatory regime–albeit on a limited basis–as long as the middle class joins militant groups in protesting the predatory pricing of petroleum companies, even if only in social media like Facebook and Twitter. With neophytes comprising more than a third of the 16th Congress, Ako [...]
MANILA, Philippines–PTT Philippines Corp., a subsidiary of Thailand’s largest oil firm, is bent on increasing its investments and presence in the country, despite the difficulties encountered by industry players in the past, according to the Department of Energy (DOE). Energy Secretary Jose Rene D. Almendras recently told reporters that PTT Philippines responded favorably to the [...]
