Oil prices climbed on Monday, pushing futures to their highest levels in more than a month, as expectations grow for an extension to the OPEC-led production cut agreement into the first quarter of next year.
June West Texas Intermediate crude tacked on 32 cents, or 0.6%, at $50.64 a barrel.
The contract expires at the session’s end, with July crude which traded at $51.04, up 37 cents, or 0.7%, set to become the front-month contract. July Brent crude LCON7, +0.65% the global benchmark, rose 24 cents, or 0.5%, to $53.85 a barrel.
British oil giant BP rebounded back into net profit in the first quarter, energised by deep cost-cutting and rising crude prices, the group revealed on Tuesday (May 2).
Earnings after taxation stood at US$1.45 billion (€1.33 billion) in the first three months of 2017, which contrasted with a net loss of US$583 million during the first quarter of 2016.
Benchmark oil contract Brent North Sea crude averaged US$54.61 in the first quarter, up 55 per cent year-on-year.
State-owned oil company, Petrotrin says it is working with established centres to rehabilitate birds impacted by the oil spill.
Petrotrin says anyone with information about affected wildlife, should contact its 24-hour emergency hotline.
The following is a statement by Petrotrin.
"Petrotrin continues an appeal to members of the public to share information to support its efforts to rescue birds and wildlife possibly impacted by the spill that occurred on one of its tanks on Sunday, 2017 April 23.
State-oil company, Petrotrin has said that clean-up operations have revealed that 300 barrels of oil have entered the sea from Sunday's oil spill.
Petrotrin says it continues to spearhead efforts to contain and recover oil from the spill.
Petrotrin issued the following statement today:
"Petrotrin continues its ongoing activities to contain and recover the oil spilled from its Pointe-aPierre operations.
Aerial surveys and monitoring continued this morning alongside other clean-up and recovery activities.
Petrotrin has activated its emergency response plan after a leak was detected at one of its storage tanks.
According to a release issued by Petrotrin, the discovery was made at the Pointe-a-Pierre refinery on Sunday evening.
Initial estimates suggest that approximately 20 barrels of oil escaped the company's containment.
Demand for oil is expected to slow for the second year in a row, the International Energy Agency has said.
The forecast comes after years of excess supply, which last year prompted major oil producers to agree to cuts in output.
The IEA said the oil market was now "very close to balance."
But the organisation predicted supply would grow in coming months, with US oil-producing firms driving the increase.
Oil prices spiked after the U.S. launched a missile strike on a Syrian government target.
U.S. crude futures jumped more than 2% in early Friday trading after President Trump ordered the first direct American military action against the regime of Syrian President Bashar al-Assad. They pared those gains later.
The strike, in which U.S. warships fired 59 Tomahawk cruise missiles at a Syrian government airbase, ramps up uncertainty in the oil-rich and politically unstable Middle East.
Several residents of Point Fortin, including school children, have been forced to undergo medical treatment due to strong odours believed to have stemmed from an oil spill.
Petrotrin has issued a statement saying officials are currently investigating reports of strong hydrocarbon odours in the Techier Village and Mahaica communities neighbouring its Point Fortin operations.
Petrotrin says that upon receiving initial reports earlier today, the company’s emergency responders visited the identified areas and commenced investigations.
Guyana could send future oil production to Trinidad and Tobago or Suriname for refining, a government official said on Thursday.
Exxon Mobil Corp and partner companies say they have found between 800 million and 1.4 billion barrels of oil off the coast of Guyana, with production expected for 2020.
"We recently had some overtures made by the government of Trinidad and Tobago ... they are operating right now below optimum and they are importing oil from Nigeria," Natural Resources Minister Raphael Trotman told reporters.