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Overnight headlines 27/07/2012

Published Friday, July 27th, 2012

Good morning, 07:30 am London time

Sep Brent: 106.11 (0.92)

Sep WTI 90.01 (0.62)

Aug Gasoil: 911.00 (5.50)

£/$: 1.5670

Euro/$ 1.2276

World News:

-Asian stocks rise this morning after Draghi’s remarks that the euro will be saved and Chinese factory profit falls less than expected.

-Barclays profit is seen at more than 4 billion pounds for first half of 2012.

-Gold holds above $1,600, might see biggest gain in a month after ECB remarks.

-Obama is seen to be moving cautiously towards greater support of Syrian rebels, after suggesting Asad should step down.

-The Chinese-Canadian deal is worrying the US, as Democratic Senator Charles Schumer will tell Timothy Geithner today.

Oil News:

-Brent and WTI trade near weekly highs after ECB pledge that the euro will survive and good data from US and China.

-South Korea may resume Iranian crude imports after having cut off all imports from Iran in July due to the EU embargo.

-China’s CNOOC has asked the US to review its takeover bid of Nexen as 10% of the company’s assets lie in the US.

-Valero’s 144,000 bpd refinery in Benicia, California has reported a sulphur dioxide release.

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.