Afternoon Coffee: Oil Roundup – Prices Rise, Company Profits Fall and Oilfied Equipment Becomes Readily Available

Coffee

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.

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