Oil prices jumped to five-month highs this week, pushed higher by a bullish cocktail of supply outages, geopolitical unrest and a sputtering shale sector.
Libya Mining News
Glencore lost exclusivity on Messla and Sarir.
But companies do not need to go too far, say experts, as there are plenty of opportunities inside Africa.
Suncor Energy Inc. (NYSE:SU), Canada's largest energy company, announced third quarter record earnings of $1.287 billion or 82 cents per share. Operating earnings almost tripled to a record $1.789 billion or $1.14 per common share. On the news, which was announced on Thursday, the company's shares were up 1.8% to $31.88. Production from oil sands was a bright spot for the company with an increase from 306,600 to 326,600 barrels a day; however cash costs increased $3.30 a barrel.
Libya has declared gold reserves worth more than $6bn at current prices, thought to be held largely at home. The reserves are substantial, ranking in the global top 25, according to International Monetary Fund (IMF) data.
Friday was a lackluster day until almost the end of the day. Through the weekend and on Asia’s Monday we saw gold take off.
Buyers seek safe-haven in bullion as violence spreads in Libya. Spot gold to test 3 January high of $1,423.57 per ounce, says Reuters market analyst.
Libya is one of the worlds major oil exporters so the concern about the outcome of the current civil unrest is most certainly warranted.