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Overnight headlines 26/07/2012

Published Thursday, July 26th, 2012

Good morning, 07:30 am London time

Sep Brent: 104.21 (-0.17)

Sep WTI 88.82 (-0.22)

Aug Gasoil: 897.75 (11.00)

£/$: 1.5475

Euro/$ 1.2137

World News:

-Asian stocks rise this morning as bad US new home sales data fuels hopes of a new QE.

-US government forecast a food price spike during 2012 and 2013 as the worst drought in 50 years prepares to take its toll.

-Lloyds announced they expect a flat UK economy in 2H 2012 and a progressive recovery in 2013.

-Nomura holdings is said to have named Nagai as CEO, succeeding Watanabe after his resignation due to leaks of insider information.

Oil News:

-Brent rose yesterday, reversing earlier losses on the hopes of speculation that the EFSF will receive a license to tackle debt crisis.

-Colombia’s Ecopetrol has reduced 2012 oil production target by 2.5% after rebel attacks on infrastructure.

-Caltex Australia will close their 124,500 bpd refinery in Sydney converting it into an import terminal.

-Flint Hills Resources said their Corpus Christi refinery alkylation unit was in operation after snag on Tuesday that stopped full production.

Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.