Spain stopped importing Iranian oil “at the end of February” because of the imposition of a gradual European Union embargo, the foreign ministry said Tuesday. “We haven’t imported Iranian oil since the end of February as businesses have diversified their buying because of European sanctions,” a ministry spokesman said. “This is the logical fallout of Spain’s... 

Wolrd oil prices rebounded today as traders shrugged off mixed US energy inventories to focus on a report that the Federal Reserve is weighing a potential new stimulus measure for the US economy. New York’s main contract, West Texas Intermediate (WTI) or light sweet crude for April, gained $US1.46 to close at $US106.16 a barrel ($1.38 to close at $100.24). In London trade, Brent North Sea crude... 

World oil prices drifted higher on Thursday in low trading volumes due to the Thanksgiving holiday in the United States, analysts said. In late afternoon trade, Brent North Sea crude for delivery in January was up 58 cents to $107.60 a barrel. New York’s main contract, light sweet crude for January, added 69 cents to $96.86. “We still see some consolidation here with the market pausing... 

US oil giant Exxon Mobil Corp discovered hydrocarbons in August off the coast of Da Nang, in central Vietnam, the company said on Thursday. The Financial Times had reported that ExxonMobil has made a potentially significant gas discovery off the coast of central Vietnam. “We can confirm ExxonMobil Exploration and Production Vietnam Limited drilled its second exploration well offshore Da Nang... 

Oil was higher in Asian trade on Thursday ahead of a speech by US Federal Reserve chief Ben Bernanke, analysts said. Oil markets were also underpinned by the ongoing Libya unrest as it became increasingly apparent that the North African country will take longer than expected to get its crude production facilities back to pre-crisis levels. New York’s main contract, West Texas Intermediate light... 

Stock index futures fell on Monday as a delay in emergency loans to Greece and a possible downgrade of Italy’s credit rating rekindled fears about the euro zone debt crisis, pushing investors out of riskier assets. The euro zone finance ministers delayed their decision on extending 12 billion euros ($17 billion) in emergency loans to Greece, saying Athens would first have to introduce austerity... 

The domestic retail price of petrol and oil would remain unchanged for the time being, despite the fact the global price fell last month, said Dam Thi Huyen, deputy general director of the Vietnam National Petroleum Corporation (Petrolimex). She said the world prices of petrol and oil fell in May, relieving pressure on the local market. In May, the average price on the Singapore market, the main source... 

The Vietnam Steel Association (VSA) has objected to a plan by the Ministry of Industry and Trade asking steel producers to stock construction steel by at least 10% of their monthly sales and steel ingots by at least 3-5%. “I think there is no need to force the producers to stock steel because domestic producers are always having a stockpiled amount of some 500,000 tons of steel products and some... 

The oil market sank on Thursday as the International Energy Agency warned that high prices could threaten global economic growth and called for increased output to tackle the problem. Oil also fell after news that Japan’s economy plunged back into recession in January-March, contracting sharply after the nation’s biggest recorded earthquake, a tsunami and a nuclear crisis. Brent North... 

Local automakers and auto importers are aiming to bring small size and energy-saving cars to the local market to suit new conditions of higher oil prices and more crowded urban areas. Petroleum price continuing to increase, and big cities like HCMC, Hanoi, Haiphong and Danang having become narrower for drivers are parts of reasons why auto firms now start to focus on small and energy-saving cars,...