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Overnight headlines and news 24/07/2012

Published Tuesday, July 24th, 2012

Good morning, 07:30 am London time

Sep Brent: 103.64 (0.38)

Sep WTI 88.47 (0.33)

Aug Gasoil: 894.25 (-0.50)

£/$: 1.5656

Euro/$ 1.2295

World News:

-Troika members visit Greece today to decide if the nation will be kept with the 130 billion euro bailout plan or to let Greece exit Eurozone.

-Moody’s placed a negative outlook on Germany, Netherlands and Luxembourg, as Eurozone crisis continues.

-China’s flash factory PMI rose in July due to signs of improvement in exports and good output.

-Spain is due to sell short term debt today amidst little trading due to summer holidays and worries about the country’s situation.

Oil News:

-Brent jumped over $104 this morning as positive Chinese data sparked hopes of economic improvement, though fear of Spanish bailout capped gains.

-China’s oil demand rose 0.5% year on year to 9.04M bpd.

-CNOOC have agreed to buy Nexen Inc. for $15.1 billion in the biggest takeover by a Chinese company.

-Valero’s 292,000 bpd Port Arthur refinery in Texas has reported a SRU to be offline after release of material.

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.