Afternoon Coffee: Oil Roundup – Prices Rise, Company Profits Fall and Oilfied Equipment Becomes Readily Available Kaitlyn McAvoy - April 28, 2015 12:18 PM | Categories: Afternoon Coffee | Tags: General News Oil prices rose today, with Brent increasing 20 cents to $65.03 a barrel and US crude futures hitting $57.04, up 5 cents. The rise in prices came after Iran seized a cargo vessel, reportedly belonging to the US, causing more geopolitical tension. The overall slump in oil prices lately, however, have dragged profits down for BP and Total. BP reported a 20% loss and Total lost 22%. More used oilfield equipment is hitting the market as companies scale back exploration activity due to the decline in oil prices. There is about 10% more equipment for sale currently than a year ago. The machinery is also about 20% cheaper than this time last year. Corruption charges have hit China’s largest oil refiner Sinopec. The company’s general manager is under criminal investigation due to suspected illegal activity. SIGN UP for the Spend Matters newsletter Dirty Rotten Spendrels Discuss this: Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Notify me of follow-up comments by email. Notify me of new posts by email.